chatrooms

A HSBC logo is seen above the entrance to a HSBC bank branch in New York CityHSBC bankers got a client’s son a job on Wall Street and then openly discussed how that favor would land them a lucrative deal, The Post has learned…In the 2013 chat, [senior banker Robert] Domanko, who heads HSBC’s institutional equity derivatives business, pushed his subordinates to improve the price of a deal by a few basis points, or 0.01 percentage points, according to a transcript of the conversation obtained by The Post. After one banker asks why they should give the client a better deal, Domanko spills the beans in an Instant Bloomberg chatroom. “to look competitive …maybe he gives it to us if we are close but not the best price..jenn spent 2months helping the clients son get an internship,” he wrote in the chatroom on Dec. 16, 2013. “chance he gives to us if close, but not best offer,” he went on. “so, even a few bps would help,” he said, referring to the basis points. The deal was a complex derivatives transaction known as a swap where the bank would allow the client to bet on the direction of an equity index , according to a person familiar with the deal. The swap transaction fell apart and was not completed. Other bankers in the chatroom were livid about Domanko’s loose lips. “Amazing,” one wrote. “are you kidding me on that helping the clients son get an internship?” wrote another. “How can you write that in an IB chat?” asked a third. “the internship wasn’t at hsbc,” Domanko replied. “she mentored him…” [NYP]

  • 21 Oct 2013 at 4:05 PM
  • Banks

Libor Manipulators Foiled By Ancient Internet Technology

Deep in the bowels of the Zwillingstürme, Deutsche Bank has found the secretive space where its rogue employees conspired to do terrible things to Libor. Read more »