Wells Fargo searching for rainmaker in bid to boost dealmaking franchise (Reuters)
Wells Fargo & Co (WFC.N), in a bid to boost its dealmaking franchise, is hunting for a new head of mergers and acquisitions, according to people familiar with the matter. The bank's existing head of mergers, John Laughlin, has moved to a vice chairman role, a spokeswoman said. Wells is looking for a senior dealmaker who can help the bank win roles on high-profile transactions in which it has not historically been a part, the sources said.
Credit Suisse Wealth-Management Head Has a Tough Task (WSJ)
Mr. Khan’s territory includes all of Credit Suisse’s wealth management operations outside of Switzerland and Asia. To make his mark, Mr. Khan, who recently turned 40, is forging back into emerging markets once written off by Credit Suisse. He is hiring hundreds of new bankers, pressing clients with undeclared assets to come clean and rebuilding a business in Western Europe recently drained by regional tax-evasion crackdowns.
Billionaire's Investment Banking Foray Bets on Egypt Revival (Bloomberg)
Sawiris, in an interview in Cairo on Sunday, said he will complete the purchase of CI Capital Holding this month to create Egypt’s second-biggest investment bank. The 924 million Egyptian-pound deal ($118 million) is in "execution mode" after the share-purchase agreement was signed, he said, adding that he sees no regulatory objections. Shares of Orascom Telecom Media & Technology, Sawiris’ investment arm, advanced the most in six weeks.
Brandeis’ students beat Ivy schools at M&A contest (NYP)
Perhaps the biggest Wall Street investment banks should be recruiting at Brandeis International Business School in Waltham, Mass., instead of the Ivy League schools. The Post’s Josh Kosman reports that Brandeis students took the top three spots in the week-long online M&A college competition called “Legends in the M&Aking.” Students from Columbia, Penn’s Wharton and Yale’s business schools all competed and fell short.
Dog spotted behind the wheel in rolling semi crash (UPI)
Mankato Public Safety told KEYC News the semi was parked and idling before being put into gear. It crashed into a tree in front of a Kwik Trip gas station around 2 p.m. An onlooker found a labrador retriever in the truck's cab while entering the out of control vehicle to place it in park. Witness David Stegora told the Mankato Free Press he saw the car crash into the tree before noticing the dog in the front seat. "I heard the tree snap and I thought somebody decided to turn around, but then it just kept going forward," he said. State patrol took an accident report, but it was unclear whether the dog played a factor in the crash.
China’s Leaders Put Economy on Bubble Watch (WSJ)
The government’s announcement of a 6.5% to 7% growth target for 2016 at the start of the National People’s Congress over the weekend came with subtle acknowledgment that some of its efforts to jump-start a persistently decelerating economy have misfired, failing to steer stimulus to the most productive sectors.
Investors Fret as ECB Looks Poised to Get More Negative (WSJ)
Analysts and investors say the ECB’s action likely will drive down government-bond yields, further reducing borrowing costs that are already near record lows in many nations...Yet many investors warn that trading will likely be volatile and that markets could be roiled if the ECB provides less stimulus than expected.
Russian Entrepreneurs Set Sights Closer to Home (WSJ)
A growing number of Russian entrepreneurs are eschewing Silicon Valley and even Moscow, drawing instead on often-remote towns, including Russia’s network of Soviet-era hubs of scientific research. Ruslan Fazlyev launched his first startup to impress his future wife—when he was nearly broke and living in Ulyanovsk, a town more than 500 miles east of Moscow, known for producing cars and as the birthplace of Vladimir Lenin. More than a decade later, the 35-year-old’s second startup, Ecwid, has a second office in San Diego and boasts clients in 150 countries. “Today Ulyanovsk is a little town with a lot of [information technology] talent,” said Mr. Fazlyev.
Man, 18, conceived at N.Y. 'K-Rock' concert seeks biological father via Facebook (UPI)
Jette Collins, 18, shared a photo of himself holding a sign claiming that his mother met his biological father at the first ever "K-Rockathon" concert in 1996. "I am looking for a man by the name of Jason that lived in Syracuse, NY in 1996," the sign read. "He went to the first K-Rockathon in 1996 and met a girl named Diana Collins. I am the product of that night. I am not asking for anything. Just would like to meet my biological father." Collins added that while his expectations weren't high, he hoped that the photo could gain enough traction to help him meet his father.