DrKW was in the news again last week. Although the firm's third quarter net earnings were slightly off, mainly due to tough general market conditions, DrKW managed to put in an 8th consecutive quarter with a positive operating profit. Such has been the turnaround at Allianz's investment banking division, that rumours have been circulating in the German press that potential buyers have already expressed an interest in acquiring the firm.
HSBC Investment Bank is said to be intent on increasing its M&A business in Russia in the coming months. The firm is thought to want to close the gap on the likes of Citigroup and UBS, who do very nicely over there, and will be attempting to hire away key talent from rivals.
Frank Quattrone's defense lawyers have been trying to get hold of a copy of a letter a juror at Frank's second trial sent to the judge two days after the former CSFB banker was sentenced to 18 months in clink. So far the judge, who was regarded by the defense as somewhat less than friendly toward their man, has refused to play ball and claims that the letter is 'immaterial'. The New York Daily News quotes Joshua Cohn, a lawyer not involved in the case, who said that 'if the letter indicates some whiff of impropriety or bias, it gives stronger grounds to attack the conviction'.
Finally, at least four New York Stock Exchange traders were fired or suspended last week for actions which allegedly resulted in their firms profiting from trades at the expense of clients. Regulatory action is now expected to swiftly follow.
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