IFR International - 28.07.2018

Who’s moving where...

BARCLAYS has hired

former JP Morgan

banker Rob Jeffries to

head its coverage and

advisory business for

chemicals in its

corporate and

investment bank,

based in New York.

Barclays said Jeffries

would join as a vice-

chairman and global

head of chemicals. He

is expected to start in

mid-September.

Jeffries was most

recently head of the

chemicals group at JP

Morgan, which he

joined in August 2009

after nine years at

Citigroup as head of

chemicals. He had

another stint with JP

Morgan before that,

focused on M&A.

MORGAN STANLEY

has hired Sigal Zarmi as

head of transformation,

a new position in its

technology division.

Zarmi joined the bank

from Pricewaterhouse

Coopers, where she was

network global chief

information officer. She

has also served in a

similar capacity at GE

Capital Americas. Zarmi

will report to Rob

Rooney, who was

tapped to oversee the

bank’s technology efforts

in May. Rooney

previously oversaw

technology and served

as the firm’s head of

Europe, Middle East and

Africa.

h4HISûISûOURû#ROATIAûMOMENTû2IGHTûNOW ûWEûAREû

CONTENDERS ûNOTûFRONTRUNNERSv

UBS INVESTMENT BANK CHIEF ANDREA ORCEL, BELLWETHER P

Investment banking profits soar at UBS

!ûTIGHTûCONTROLûONûCOSTSûENABLEDûUBSSû
INVESTMENTûBANKûTOûINCREASEûPROlTSûBYûû
LASTûQUARTER ûASûAûSTRONGûSHOWINGûINûDEBTûANDû
EQUITIESûTRADINGûHELPEDûLIFTûTHEû3WISSûBANKSû
REVENUESûBYû
5"3ûSAIDûADJUSTEDûPRE
TAXûPROlTSûWEREû
3&RMû53M ûINûTHEû!PRIL
*UNEû
QUARTERû2EVENUESûROSEûTOû3&RBNûANDû
EXPENSESûWENTûUPûûTOû3&RBN ûMEANINGû
THEûADJUSTEDûRATIOûOFûCOSTSûTOûINCOMEû
DROPPEDûBYûûPERCENTAGEûPOINTSûTOû
4HEûlXEDûINCOME ûRATESûANDûCURRENCIESû
UNITûWASûRESPONSIBLEûFORûMOSTûOFûTHEûTOP
LINEûIMPROVEMENTûASûITSûREVENUESûJUMPEDû
ûTOû3&RMûONûANûADJUSTEDûBASIS û
OUTPERFORMINGûITSûRIVALSûWHOûHAVEûSOûFARû
REPORTEDû4HEûlGURESûFORûTHEûCOMPARABLEû
YEAR
EARLIERûQUARTERûINCLUDEDûANû3&RMû
GAINûFROMûTHEûSALEûOFûITSûSTAKEûINû)(3û
-ARKIT
h4HEûKEYûDIFFERENCEûWASûTHEûHIGHERûLEVELû
OFûVOLATILITYûSEEN ûPARTICULARLYûCOMPAREDûTOû
THEûLEVELSûSEENûTHROUGHOUTûLASTûSUMMER vû
SAIDûCHIEFûlNANCIALûOFlCERû+IRTû'ARDNER

5"3ûSAIDûITûWASûNOWûRECOGNISINGûDAY

ONEû

PROlTSûONûCERTAINûSTRUCTUREDûRATESûPRODUCTSûINû

THISûAREAûWHICHûHADûPREVIOUSLYûBEENûDEFERREDû

4HEûBANKûSAIDûSINCEûISSUINGû

YEARûBONDSûOFû

ITSûOWNûEARLIERûTHISûYEARûITûWASûNOWûABLEûTOû

DECLAREûPROlTSûMOREûQUICKLYûONûTHESEûNOTES

%VENûWITHOUTûTHEûADDITIONALû3&RMûFROMû

THISûACCOUNTINGûMEASUREûANDûTHEû-ARKITûSALEû

PROCEEDSû5"3Sû&2#ûREVENUESûWEREûUPûû

FROMûAûYEARûAGOû4HEûBANKûALSOûINTRODUCEDûANû

ELECTRONICûlXEDûINCOMEûTRADINGûPLATFORMûAû

YEARûAGOûWHICHûHADûALSOûBOLSTEREDûREVENUES

h4HEûBANKûHASûCAPTUREDûSHAREûANDûTHINKSûTHISû

CANûCONTINUEvûSAIDû#ITIGROUPûANALYSTû!NDREWû

#OOMBSû(EûHIGHLIGHTEDûhPOSITIVEûMOMENTUMû

xûDRIVENûBYûAûSLIGHTûIMPROVEMENTûINûINDUSTRYû

VOLATILITYvûASûWELLûASû5"3SûhINVESTMENTûINû

ELECTRONICûEXECUTIONûOVERûTHEûPASTûYEARv

EQUITIES CHEER

%QUITIESû5"3SûBIGGESTûINVESTMENTûBANKINGû

BUSINESSûALSOûPUTûINûAûGOODûPERFORMANCEû

WITHûREVENUESûUPûANûADJUSTEDûûYEAR

ON

YEARûTOû3&RBNû4HEûPERFORMANCEûWASû

DRIVENûBYûDERIVATIVESûANDûPRIMEûBROKERAGEû

WHEREû5"3ûAPPEARSûTOûHAVEûPICKEDûUPû

MARKETûSHAREûFROMû%UROPEANûRIVALS

%QUITYûDERIVATIVESûREVENUESûROSEûûTOû

3&RMûANDûlNANCINGûSERVICESûWHICHû

INCLUDESûPRIMEûBROKERAGEûWASûUPûûATû

3&RMû#ASHûEQUITIESûWASûmATûATû3&RMû

Macquarie names first female CEO

!USTRALIANûINVESTMENTûBANKûMACQUARIE GROUPûHASû
APPOINTEDûITSûlRSTûFEMALEû#%/ ûPROMOTINGûTHEû
HEADûOFûITSûFUNDSûUNITûShemara Wikramanayake to
THEûMOSTûSENIORûINVESTMENTûBANKINGûPOSITIONû
CURRENTLYûHELDûBYûAûWOMANûGLOBALLY
(ERûELEVATIONûALSOûMARKSûAûNEWûPHASEûFORûAû
lNANCIALûCONGLOMERATEûKNOWNûFORûITSûSTRONGû
RECORDûOFûBEATINGûPROlTûEXPECTATIONSûANDûTHEû
LARGEûPAYûPACKAGESûOFûITSûlERCELYûCOMPETITIVEû
STAFFû7IKRAMANAYAKESûPREDECESSORS û!LLANû
-OSSûANDû.ICHOLASû-OORE ûLEDû!USTRALIASûBIGGESTû
INVESTMENTûBANKûFORûAûDECADEûORûMOREûEACH
3HEûWILLûTAKEûTHEûREINSûFROMû-OOREûINû
.OVEMBERûATûAûTIMEûOFûINTENSEûREGULATORYû

ANDûECONOMICûHEADWINDSûFORûlNANCIALû

COMPANIES

h)TSûALWAYSûAûCHALLENGINGûDECISIONûBUTûAFTERû

ûYEARSûITûFELTûLIKEûTHEûTIMEûISûRIGHTvû-OOREûSAIDû

ONûANûANALYSTûCALLûBEFOREûTHEûBANKSûANNUALû

MEETINGûREFERRINGûTOûHISûSTEPPINGûDOWN

h7ITHû3HEMARAûWEûHAVEûAûREALLYû

OUTSTANDINGûSUCCESSORv

-ACQUARIEûCOUPLEDûITSûANNOUNCEMENTûOFû

-OORESûDEPARTUREûWITHûAûFORECASTûOFûAûPROlTû

INûLINEûWITHûTHEûPREVIOUSûYEAR

4HEûBANKSûSHARESûHAVEûSURGEDûûOVERû

THEûûYEARSûUNDERû-OORESûLEADERSHIPûASûITû

REGULARLYûGREWûPROlTSûANDûBEATûFORECASTS

7IKRAMANAYAKESûUNITûDELIVERSûABOUTûAû

THIRDûOFûTHEûBANKSûPROlTû"YûHELPINGûSETûUPû

ANDûGROWûTHEûASSETûMANAGEMENTûUNITûINTOû

-ACQUARIESûMOSTûSUCCESSFULûDIVISIONû

7IKRAMANAYAKEûûHASûBEENûCENTRALûTOûITSû

STRATEGYûOFûOFFSETTINGûTHEûHIGHûVOLATILITYûOFû

TRADITIONALûINVESTMENTûBANKINGûANDûCAPITALû

MARKETSûBUSINESSESûWITHûMOREûSTABLEûUNITSû

SUCHûASûFUNDSûMANAGEMENT

MALE-DOMINATED INDUSTRY

7IKRAMANAYAKESûAPPOINTMENTûMAKESûHERûAû

LONELYûlGUREûINûTHEûTOPûRANKSûOFûWORLDû

INVESTMENTûBANKINGûAûMALE

DOMINATEDû

INDUSTRYû*0û-ORGANSûCHIEFûlNANCIALûOFlCERû

-ARIANNEû,AKEûISûONEûOFûSEVERALûCONTENDERSû

TOûREPLACEû*AMIEû$IMONûMAKINGûHERûTHEû

Source: Company results, IFR calculations

-1 0

0

10

20

30

40

US big 5 UBS Deutsche Bank

banks average

 FICC  Equities  Advisory/underwriting

UBS: BUOYANT Q2 TRADING

Q2 REVENUE CHANGE VS Q2 2017, IN %