Investment Banking News
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Wells Fargo & Co., the largest U.S. home lender and the nation’s most valuable bank, closed at a record high yesterday as strength in the economy and housing markets spurred buyers.
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Ming Chao Zhao, a former Bank of Montreal analyst, admitted to engaging in insider trading over an 18-month period and agreed to pay about C$1.19 million ($1.16 million) to settle the case, according to the Ontario Securities Commission.
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The European Union is weighing how far to go in forcing a break up of large lenders as it seeks to prevent banks in the debt-laden bloc from being too big to fail.
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Former Citigroup Inc. Chief Executive Officer Vikram Pandit is buying a stake in India’s JM Financial Ltd. and taking a leadership role as it seeks to set up a bank, the Mumbai-based company said.
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Walter J. O’Brien III, head of equity sales and trading at BB&T Corp. and a mentor to finance-minded graduates of his alma mater, the University of Richmond in Virginia, has died. He was 46.
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Itau BBA, the wholesale arm of Latin America’s biggest bank by market value, said it expects investment-banking fees from Brazil to shrink to about 40 percent of the region’s total from 60 percent now.
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JPMorgan Chase & Co., the largest U.S. bank by assets, named Chris Ventresca and Hernan Cristerna as co-heads of global mergers and acquisitions.
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Rates for iron-ore carriers fell for a sixth day on speculation Chinese steel mills are drawing on stockpiles instead of imports, according to RS Platou Markets AS, the investment-banking unit of Norway’s largest shipbroker.
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Rates to ship liquefied natural gas fell to the lowest in almost two years as the opportunity to profit from shifting cargoes to Asia closed, curbing trading distances, according to Fearnley Securities AS.
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Highland Capital Management, a company formed by the government of China’s Yunnan province, will raise as much as 15 billion yuan ($2.4 billion) to invest in real estate and natural resources in Southeast Asia.
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