The Banking and Strategy Initiative

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Rainmakers leave JP Morgan , Goldman Sachs | Banking insight

Detractors probably look for something deeper and insiders just walk on thinking the changes to be a matter of course but Ian Hannam from JP Morgan and Yaoul Zaoui from Goldman Sachs could mean a significant change in the deal landscape on the continent. Yaoul Zaoui for example led the $57 bln acquisition of elf by Total and the $137 bln acquisition bid of Mannesman made by Air Touch.

Ian Hannam on the other hand was instrumental in brining the BILLTON PLC mining conglomerate to IPO along with many other from the still  rich resources sector , making London an important Deal center.

Europe has been an important reason why Deal traffic in 2012 is the worst ever including IPO and M&A deal making.

However, Advisory income has been managing to stay level during the three years of the crisis , despite the ups and downs of the global Economic roller coaster lending a dash of respectable profits to the banks. Bank of America lost its remaining dealmaker on the continent last month, Andrea Orcel leaving for UBS last month leading the 80% US Treasury owned bank to restart internationalization efforts virtually from scratch.

Goldman Sachs and JP Morgan have been making efforts to increase income from European opportunities this year in 2012. However opportunities of credit products remain limited even in slightly liquid leveraged and High Yield debt markets, virtually non existent in Equities and the fresh paucity of Capital is likely oto hit business in the second half even as Secodary Equity tradingin EMEA remains a strong business motive and Barclays’ CEO Bob Diamond stands up to flak from investor ABI for his GBP 19 mln package including bonuses and a GBP 5 mln additional tax compensation package for his relocation from US to the UK



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