Achtung Baby! Deutsche stole client, gets sued for nearly $11M
Never mind that some deals get so complicated that partners change faster than you can do-si-do in a square dance. Ferris Bueller, oops sorry - that’s Ferris Baker Watts Inc. says financial giant Deutsche Bank Securities swooped in and stole an underwriting deal from the homegrown firm—and Ferris wants Deutsche to cough it up the dough they lost.
Over $10 million worth. Fat chance, baby..
Ferris Baker Watts says Deutsche ‘stole’ client, sues for nearly $11M[Baltimore Business Journal]
Dimon in the Rough World of Brokerage
Ted Dimon stuck around at Citigroup for eight years after his son, Jamie Dimon got canned by Sandy Weill. Money talks, though, and so a couple weeks ago the senior Diamond walked across the street (alright, took the IRT) to Merrill Lynch with three other Smith Barnery broker buddies. It’s a pretty big guess that Ted’s bringing at least one bog client with him, as he still manages Jamie’s portfolio. Odds are a little lower that another prominent client will move his account. The guy’s name is Chuck Prince.
Jamie Dimon’s Dad Leaves Citi for Merrill [Easy Bourse]
No Freebies for Some Goldman Traders in London
Goldman Sachs’ head of equity derivatives is raining on his traders’ parade just as the busy summer sports season, including this year’s World Cup, are starting to ramp up. Group head Peter Selman didn’t leave a lot of room for misinterpretation when he banned traders from accepting gifts or entertainment from brokers at other firms. The policy is more severe that the one in place firm-wide and elsewhere on the street. Something tells us these guys will still be able to addord their own tickets.
Goldman Sachs Traders Face Gift Ban [Financial News Online]
Merrill and JP Turn in Similar Results. Sort Of.
36 is the magic number this quarter. Yesterday, JPMorgan announced that its earnings rose 36 percent in Q1 while Merrill Lynch announced that its profit would have been up 36 percent had it not been for a pesky one-time accounting charge that resulted in reported earnings falling 61 percent. Merrill did manage to add another 190 brokers, bringing that total to 15,350, and to attract another $16.9 billion in assets under management. Meanwhile over at JPMorgan, investment banking fees jumped 19% and equity trading remained strong.
JP Morgan’s Profit Rises 36% [Wall Street Journal]
Merrill Net Sinks Due to Charge [Wall Street Journal]
