DrKW - Dressed To Kill
last updated: 12 May 2006
They say that investment banking is a dog-eat-dog world, and most bankers eat what they kill. Well, those bankers at DrKW have joined the 'smartly-dressed' club. The firm's leaders have decided that, in the brave new world (DrKW has just moved into flashy premises in Gresham Street), employees will think smart, act smart and look smart too! With immediate effect, smart casual dress will only be allowed on Fridays. Suits and ties are back in vogue the rest of the week.
In the meantime, Allianz's first-quarter figures are out, and the headline numbers for the corporate & investment banking division, which includes DrKW, look good. Operating revenues are up 29%, with operating profit coming in at $338m - an increase of 145% on the same period last year. The firm's cost income ratio also improved from 80.3% to 76.3%.
The interim report, published today, reveals that revenues from M&A and IPO business more than doubled, with 'substantial' growth in equity and FX activities. Structured finance also put in a strong performance in the period.