Exclusive: Goldman group set to buy message system as alternative to Bloomberg (Reuters)
Wall Street firms led by Goldman Sachs Group Inc are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman’s plans said. Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free. Several banks and asset managers are considering an investment in Perzo, including Morgan Stanley, JPMorgan Chase & Co, Bank of America Corp, Deutsche Bank AG, HSBC Holdings PLC, BlackRock Inc and the hedge fund Maverick Capital Ltd, said two sources briefed on the matter who declined to comment publicly…Goldman Sachs has been looking at alternatives to Bloomberg’s messaging program for years, and launched a project internally called “Babel” in early 2013 to develop a competitor, according to two sources. As that project was underway, the bank learned that reporters in Bloomberg’s news division had access to information about bank professionals that it assumed had been private, such as when an employee had last logged into his or her terminal, the sources said.
London Banker Jobs Decrease as Large Firms Slow Hiring (Bloomberg)
Job vacancies at London’s financial-services companies fell by 8 percent in July from the previous month as hiring by large securities firms slowed, according to a survey by a recruitment firm. The number of openings in the City and Canary Wharf financial districts decreased to 2,000 in July from 2,190 in June, London-based Astbury Marsden said in a statement today. However, smaller companies such as high-frequency and algorithmic trading firms, are “actively” creating new positions and adding employees, according to the recruiter.
TPG Is Said to Seek $12 Billion Fund After Boom-Era Busts (Bloomberg)
The total amount for TPG’s seventh buyout pool would include $2 billion the firm already obtained for a bridge fund, according to the people, who asked not to be identified because the information is private. The predecessor fund raised $19.8 billion in 2008, just before the bankruptcy of Lehman Brothers Holdings Inc. triggered a global financial meltdown. TPG gathered $15.4 billion for its fifth fund in 2006 at the peak of the buyout boom.
BofA’s 2 Hour Rosneft Trade Halt Shows Sanction Confusion (Bloomberg)
Bank of America Corp. and Nomura Holding Inc. (8604)’s electronic-trading unit Instinet temporarily banned trading in Russian energy stocks OAO Rosneft and OAO Novatek last month after the U.S. sanctioned the firms over Russia’s policy on Ukraine, four people with knowledge of the matter said. Bank of America suspended trading in both stocks for about two hours as a precautionary measure after the U.S. Treasury issued sanctions on July 16, said two people, who asked not to be identified because the information hasn’t be made public. Nomura placed a ban on both companies’ shares for 24 hours on July 28, one of the people said. “The first reaction for risk managers will be to cut trading when these sanctions occur,” Chris Weafer, a senior partner at Moscow-based consulting firm Macro Advisory and former chief strategist at Sberbank CIB, said in an interview. “We will see this trend of voluntary prohibitions repeated because there are no medals for bravery, and risk managers will err on the side of caution.”
German schoolboy drops phone on fishing trip, drains entire pond to look for it (Metro)
A boy enjoying a fishing trip with a group of friends accidentally dropped his iPhone over the side of the boat – so he decided to drain the entire pond. The 16-year-old took matters into his own hands after the angling club refused to let him use his diving suit to retrieve the device, sneaking back later that night armed with a powerful pump and two hoses. ‘I thought two pumps would drain enough of the water from the pond so I could find my cellphone,’ he told his local paper in Cologne. ‘I knew the phone was probably dead but wanted to get the data card back with the numbers, pictures and videos of my friends.’ The youngster thought that if he directed the water into the angling club toilet he may get away with his plan – but he failed to notice that the toilet wasn’t attached to a sewage system. When the owner arrived to a flooded car park he quickly found the cause and called police. The boy was ordered to pay for the damage for the toilet, the clean-up operation and the water to refill the pond. And though he didn’t recover his phone, he was unapologetic. ‘It almost worked,’ he insisted. Read more »