Firm's Shares Rise As It Confirms Takeover Talks

Reuters reports that shares in Tullett Prebon rose over 15% Wednesday, after the firm confirmed that it was in preliminary takeover talks.

And speculation mounted about who the likely buyer was, with Bank of China and Australia's Macquarie Bank thought to be in the frame. Bank of China, however, has since come out with a denial that it is involved in a bid, and analysts question whether Macquarie, which is busy building up its investment banking franchise, would be interested in acquiring a broker dealer at this time.

In the meantime, The New York Post reports that Bank of America CEO Brian Moynihan has made hiring a new CFO one of his top priorities. The newspaper says that the BofA boss is looking both internally and externally to replace Joe Price, who has moved to become head of consumer banking.

And The Guardian reports that Malcolm Calvert, the former Cazenove partner, has been found guilty on five counts of insider trading. He will be sentenced Thursday, and could get as much as 7 years jail time.

Bloomberg reports that private equity firms like Blackstone and KKR have a cash mountain of some $503bn and that, at the current rate of investment, it will take until 2021 to spend the money!

Finally, The Wall Street Journal reports that 'international momentum is building for stricter oversight of derivatives trading'. The newspaper says that EU leaders have been calling for a ban on 'speculative bets against government debt', and that US Commodity Futures Trading Commission Chairman Gary Gensler has recommended restrictions on the use of derivative products.

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