• 23 May 2014 at 12:42 PM

Deutsche Bank Clarifies Its Business Plan

Deutsche Bank is determined to remain among the top five investment banks in the world, its co-chief executives told shareholders on Thursday at a typically raucous annual meeting, even as other European lenders cut back their profitable but risky trading activities. […] “There will be winners and losers in the banking world,” said Mr. Jain, a native of India who delivered a prepared text in competent German. “We want to position Deutsche Bank systematically as a winner.” [Dealbook]

At the meeting, management discussed the bank’s recent $4 billion error in calculating capital needs. Chief Executive Brian Moynihan called the mistake “disappointing” and Chairman Chad Holliday said the bank’s “goal is zero errors all the time.” [Reuters via Lauren LaCapra]

Applying for a internship with one of Wall Street’s storied investment bank’s this summer? Think you’ve got a pretty good chance of landing the gig? Confident that you stack up to everyone else in the pool? Not if you’re going head to head with this guy,[1] whose qualifications speak for themselves:

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  • 05 Mar 2013 at 1:41 PM

Mike Corbat Has A Dream

Mike Corbat, the new chief executive officer of Citigroup, said the company’s profit goal for 2015 is earn at least a 10 percent return on the company’s tangible common equity. The target was posted on the company’s website on Tuesday in slides Corbat planned to use a few minutes later in a speech at an investor conference. The slides also showed a goal of earning a return on assets of 0.9 percent to 1.1 percent. In 2012, the company earned 7.9 percent on tangible common equity and 0.91 percent on assets, after adjustments for items. [Reuters]

Citadel, the Chicago-based fund manager, trumpeted “an exceptional year” at its two main hedge funds, announcing annual returns of about 25 per cent in a letter to investors. Ken Griffin, Citadel’s founder and chief executive, said flagship funds Wellington and Kensington made a net return of 25.9 per cent and 24.9 per cent for 2012…The 2012 results follow a turbulent 2011 when Mr Griffin scaled back his ambition to build a more diversified financial institution to take on the likes of Goldman Sachs in investment banking. He set out three priorities for 2013: “to be highly profitable, to improve our productivity and to strengthen our teams.” [FT]

  • 10 May 2011 at 2:15 PM

UBS Has A Dream

UBS AG, which has lost at least 50 dealmakers from its U.S. investment bank since 2009, remains committed to the unit and aims to reach a top-five rank, said Matthew Grounds, the division’s global co-head. “I’m only interested in getting our market position in the Americas to where it needs to be,” Grounds, 41, said in an interview yesterday at the firm’s New York office. The bank has dedicated capital for hiring, he said, declining to elaborate. Given the company’s global size, “I want to be top five.” [Bloomberg]

  • 15 Sep 2010 at 10:17 AM

Ken Griffin Wants A Piece Of You

A very wise man once said, “Risk is what you make of it.” Whether it was walking over a chasm without the proper gear, being leveraged 40 to 1 in October 2008 or getting in the car to drive hundreds of miles for a milkshake when you know full well your wife said NO DAIRY, this part-time philosopher has long known there’s potential rewards to taking a big leap. And now he wants to take another one– on you. Read more »