Bonus conversations are said to be going down at Barclays Capital this afternoon, after the close. So, no details yet, but in the meantime, a few things to consider: Continue reading »
Barclays
The bonus is you get to keep your job: Continue reading »
As some of you may recall, last year in an interview with the Finanacial Times, Bob Diamond revealed the secret to Barclays success: “a no-jerks policy on hiring, taken seriously from the top executive suites on down.” Unfortunately, despite a rigorous interview process, some pricks still slip through. Deadly serious about not having time for these types, Diamond said last week that he does not hesitate to can their asses, in some cases boxing up their belongings himself. And yet. The numbers quoted by The Enforcer seem suspiciously high. Continue reading »
Last week Goldman and Morgan Stanley dropped sneaky hints about maybe changing their accounting so they could lend their way into more M&A deals. But this week we’re back to Barclays lending its way into more M&A deals, and Skip McGee got a little excited about it for DealBook:
“We’ve long had a big-boy M.& A. business,” Hugh E. McGee III, Barclays’ head of investment banking and a Lehman veteran, said in an interview. “And now we’ve got a big-boy checkbook.”
That’s a pleasingly straightforward take on the Barclays rises from Lehman’s ashes story, in which Lehman bankers find it quite congenial to be able to win deals by lending gobs of money to companies to pay for their mergers. Not that that’s how Barclays wins mandates or anything:
But Mr. McGee said the bank’s aim was not to rely on lending to get into deals. Barclays is less likely to make a giant loan commitment if it is not one of the lead advisers on a transaction, he said, and is being discerning about to whom it lends.
“We want to lead with our relationships and then use our balance sheet,” he said. “We don’t want to lead with our balance sheet.”
So is that working? Just for fun/to play with the Secret Dealbreaker Bloomberg/to make some charts, I made some charts. Continue reading »
Yesterday afternoon, the Securities and Exchange Commission announced that it had frozen the assets of “purported” Boston-based quant named Andrey C. Hicks. Purported because, was he actually a quant? Not so much! Other small inaccuracies in his story with which the regulator took issue, describing the total as Hicks’ “brazen web of lies”: Continue reading »
Only if your flight is under four hours, if you leave the office past ten, and if you’re working and hungry before 9PM but still- this hurts.
To: IBD EMEA
From: Richard Blackburn and Chris Winchenbaugh
Cc: IBD ExCo, IBD COO’s, Talent Management
Date: 3 October 2011
Subject: 4th Quarter Savings InitiativesWe have done a great job this year driving our business forward and delivering on revenue and market share. Importantly, our division has been vigilant on costs and we have been able to manage our overall cost structure aggressively. However, as you are all aware, we continue to operate in a difficult environment, and we have more to do on cost savings.
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Posted in:
Banks
Barclays Will Have To Hire A Helper Next Time It Plans To Maybe Hose A Sell-Side Client
By Matt Levine
A while back Del Monte Foods agreed to be bought by KKR, with Barclays advising Del Monte on the merger. After the deal was announced, Barclays ran a go-shop period for Del Monte, which found no better bidders. The thing about that was that Barclays was providing KKR’s financing for the deal – and that KKR was paying Barclays more than Del Monte was. Some people thought that was kind of shitty, they sued, a Delaware court agreed, it enjoined the deal, a boutique bank (Perella Weinberg) had to run a second go-shop, there was a lot of weeping and wailing and judges saying things like:
Barclays secretly and selfishly manipulated the sale process to engineer a transaction that would permit Barclays to obtain lucrative buy-side financing fees. On multiple occasions, Barclays protected its own interests by withholding information from the Board that could have led Del Monte to retain a different bank, pursue a different alternative, or deny Barclays a buy-side role. Barclays did not disclose the behind-the-scenes efforts of its Del Monte coverage officer to put Del Monte into play. Barclays did not disclose its explicit goal, harbored from the outset, of providing buy-side financing to the acquirer.
It was a thing.
The bank will continue what is started earlier this year. Continue reading »
