ICBC Not So Horny for Goldman Sachs
In news that surely made the boys on Broad Street go limp, Industrial & Commercial Bank of China announced that Merrill Lynch, Credit Suisse and Deutsche Bank would get to split the spoils of the biggest underwriting in six years. The banks are expected to reap $300 million in fees when they float the $10 billion offering towards the end of the year. The news is considered a particular slap in the face given the fact that Goldman ponied up $2.58 billion last month for a 7 percent stake in ICBC. Ouch!
Goldman Sachs Misses $10bn Float [London Times]
The More the Merrier for CS Stock Retention Plan
MarketWatch, via The Deal Book, reports that Credit Suisse is aggressively pursuing its executive retention effort by broadening the number of managing directors eligible for the “deferred stock units” from an elite 100 to a positively proletarian 900. To cash in, the bankers have to stick around a minimum of five years, a virtual lifetime on Wall Street. Of course, if CS stock tanks, it won’t matter if 9,000 employees are included.
CS Spreads Stock-Bonus Love [Deal Book]
Morgan Stanley Loses Two Newly-Minted MDs
Lehman Brothers brought the number of poached Morgan Stanley bankers to five with its recent hiring of Petter Sternby in Europe. Sternby, who was recently promoted to managing director, had been the top dog in Morgan’s Nordic investment banking business. Sternby’s departure comes on the heels of Titus Leung’s leaving to joined Joseph Perella’s new shop. And so the brain drain continues.
Two MDs Quit Morgan Stanley [Financial News]
Homo-Gate at HSBC
Peter Lewis, the former global head of equity trading at HSBC in London, is suing his ex-employer for five million pounds on the grounds that he was discriminated against for being gay. The suit follows Lewis’ dismissal after another employee complained that he had been sexually harrassed by Lewis. Homophobia on Wall Street? What a shocker! In our experience, guys who work on Wall Street are among the most tolerant, open-minded people we know. NOT! Of course, for all we know, Lewis grabbed the guy’s package.
Gay Banker Sues HSBC [Finfacts]
