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On your mind: Goldman Sachs has promoted Gregg Lemkau and Marc Nachmann as co-heads of its investment banking division, a move the Wall Street Journal calls one of the “biggest changes in a decade for leaders in its investment banking division. investment bank”. Lemkau and Nachmann join John Waldron at the head of the unit. Richard Gnodde, Waldron’s counterpart in London, will now oversee Goldman’s international activities. Goldman also promoted Francois-Xavier de Mallmann to a managerial position in London.
“The promotions stem from a larger reshuffle at the top of Goldman last year,” the newspaper noted, including former President Gary Cohn leaving the company to take a leadership role in the Trump administration. He was replaced by CFO Harvey Schwartz and David Solomon, a senior investment banker. the Wall Street newspaper, Financial Time
the Wall Street newspaper
SOS: The chief financial officers of 18 US regional banks want the Trump administration to fight for them against a new accounting rule that would force them to recognize losses on bad loans more quickly, “potentially paving the way for a clash between the Department of Treasury and Securities. and the Foreign Exchange Commission. ”The banks asked Treasury Secretary Steven Mnuchin to conduct an analysis of the long-term effects of the rule, which the banks said“ could hurt the economy ”by cutting lending and making borrow more expensive. The rule was published last year and is expected to come into effect as early as 2019.
Desperate for profit: Online lender On Deck Capital said it was avoiding growth and focus on profitability after seven quarterly losses since its IPO in December 2014. The company, which specializes in online lending to small businesses, announced the new strategy because it reported a loss of $ 11.6 million in the first quarter. The title was down sharply following the news.
“Fundamentally, investors are finally realizing that On Deck is more of a niche financial company than a breakthrough technology platform,” the newspaper commented.
Growing ant: Ant Financial, the financial services unit of Alibaba Group, has reached an agreement with First Data that will allow Chinese visitors to the United States to use Alipay to make purchases on their smartphones from First Data’s four million merchant customers.
Deleted: Miami federal jury dismissed civil actions brought by the Securities and Exchange Commission against former BankAtlantic executive Alan Levan. The agency alleged that Levan misled investors in 2007 about problems in the bank’s loan portfolio and that the bank manipulated the value of some loans. The jury ruled in favor of Levan and BBX Capital, as the bank is now known, on both points.
Real support: Bill Gates, Jeff Bezos, Michael Bloomberg and Peter G. Peterson Donate $ 10 Million to Help Yale University Create Online Platform That Will Provide Real-Time Support to Government Officials deal with financial crises.
Exclude: A report by software provider Accuity says households and small businesses around the world are being excluded from the global financial system because big banks cut ties with small banks in order to avoid the possibility of regulatory sanctions. “Many banks have reduced their networks of relationships with banks in other countries, fearing that loopholes in the controls of their partners will cause them trouble, ”notes the newspaper. The Accuity report indicates that the number of correspondent banking relationships has fallen by more than 25% over the past seven years.
Direction exits: The number of financial services companies warning they could move jobs or business out of the UK due to Brexit “is growing and faster than ever,” the newspaper reports. A report says more than a quarter of the 222 largest UK financial services firms it follows plan to move country or change headquarters, an increase of 50% in the past four months.
Buffalo News: Three vice-presidents – Rene F. Jones, Richard S. Gold and Kevin J. Pearson – are considered possible successors to longtime M&T Bank Corp. President and CEO Robert G. Wilmers, reports the Buffalo News. “Their career development reflects an approach Wilmers brought to the bank after he arrived in 1983: to create leaders who are immersed in the way M&T does, experienced in different lines of business,” the newspaper said.
“You do not have climb the ladder at M&T without a great deal of knowledge in your field and an understanding of numbers. This is from Wilmers. These are the people who are promoted. – John Wilcox, professor of economics and finance at SUNY Buffalo State