2006 proved to be the best year for M&A ever - deals hit an all-time high of around $3.7 trillion, surpassing the previous 2000 high of $3.4 trillion. Many thought that 2007 couldn't possibly be as good a year for M&A as last year, but there's been a recent surge in activity. M&A pipelines are strong, the appetite for deals shows no sign of letting up, and analysts and associates remain in big demand.
The debacle that is the sale of Dutch bank ABN AMRO descended into chaos Thursday, after a Dutch court ruled that the bank's board was in error for denying shareholders the right to vote on the sale of US retail business LaSalle to Bank of America. The judge said that the proposed disposal of LaSalle constituted a change of strategy and should therefore have been presented to investors for their views. The sale has been placed on ice.
Brady Dougan officially takes over as CEO of Credit Suisse Group today. He'll be a tad miffed, though, that one of his investment bankers has spoiled his big day by getting arrested and carted off to jail yesterday, charged with 25 counts of securities fraud and one count of conspiracy for his alleged involvement in an insider trading scam.
What a guy that Sandy Weill. With all those staff over at Citi losing their jobs in the recently-announced shake-out, Citigroup founder Sandy Weill is doing his bit to save on costs too.
Every year research firm Universum surveys MBA candidates for Fortune magazine on where they'd most like to work. Here's the Top 20:
The Wall Street Journal reports that UBS is to close down its Dillon Read Capital Management hedge fund, which was launched a couple of years back, after it sustained first quarter mortgage securities trading losses of around $150m.
Reuters reports that British activist hedge fund investor TCI has called on ABN AMRO's Supervisory Board to take over full responsibility for the sale of the Dutch bank and to fire CEO Rijkman Groenink.
A double whammy over at JPMorgan Chase this week.
Here's an example of a decent corporate ad - especially if you are into football. Not sure what they are on about exactly, but we get the general idea!
Private Equity International magazine has published a list of the most prolific fundraising private equity firms since February 2002.
Now this is a strange one.
In a recent meeting with investors, James Dimon raised the possibility that he might leave J.P. Morgan Chase if shareholders vote to separate his roles of CEO and Chairman, according to people who attended the private meeting at the bank's headquarters.
Wall Street bulls are raging mad at Bloomberg.