Some Hiring, Promotion & Other News
Reuters reports that Cantor Fitzgerald has bucked the trend and added nine senior capital markets hires to its fixed income and trading business in New York. The nine will focus on asset-backed securities, corporate bonds, mortgaged-backed securities and structured products.
Bloomberg reports that Credit Suisse has hired 8 traders into its commodities, oil, metals and power groups in London and New York. The recruits came from the likes of Barclays Capital, Citi and UBS.
The Wall Street Journal reports that Goldman Sachs has promoted Timothy Ingrassia to head up its M&A business in the Americas. Ingrassia, 43, is a 22-year Goldman veteran. The newspaper also reports that Deutsche Bank has hired a team of 6 private bankers from JPMorgan's Hong Kong office, including unit head Margaret Kwong.
Reuters reports that Morgan Stanley has reached agreement to purchase 20% of China's commodity futures trading firm Jinrui Futures. The financial terms have yet to be made public.
Finally, Bloomberg reports that French bank Societe Generale has confirmed that it has raised $8.5bn in a rights issue made to beef up its balance sheet after those $7.1bn rogue trading losses and $3.07bn of subprime lending-related asset writedowns.