Maiden Lane III

Barclays Wins Euromoney's Best Global Debt, Best Investment Bank, And Best Global Flow House Of The Year Awards

Financial magazine Euromoney, which in addition to being a subscription-based publication appears to also rely on bank advertising, has just held its 2012 Awards for Excellence dinner event. And in the "you can't make this up" category we have Barclays winning the Best Global Debt House, Best Investment Bank, And Best Global Flow House Of The Year Awards. Specifically we learn that "the bank’s commitment to the US is exemplified by the addition of another global senior manager to the country – Tom Kalaris is now going to be splitting his time between New York and London as executive chairman of the Americas as well as overseeing wealth management. Jerry del Missier, who has overseen the corporate and investment bank through its Lehman integration and was recently appointed COO of the Barclays group, says the bank is well positioned. "We came out of the crisis in a stronger strategic position and that has allowed us to continue to win market share and build our franchise. Keep in mind that the US is the largest investment banking, wealth management, credit card and investment management market in the world, and in terms of fee share will remain the most dynamic economy in the world for many years. As a strong global, universal bank operating in a competitive environment that is undergoing significant retrenchment, we like our position." That said, with the Chairman, CEO and COO all now fired, just who was it who accepted the various award: the firm's LIBOR setting team? And if so, were they drinking Bollinger at the dinner?

Frontrunning: April 5

  • Portugal Says Some Town Halls May Need to Restructure Their Debt (Bloomberg)
  • Draghi Scotches ECB Exit Talk as Spain Keeps Crisis Alive (Bloomberg)
  • China PBOC Injects Net CNY25 Bln Into Money Market This Week (WSJ)
  • BoE warns on mortgage limits (FT)
  • Apple investigating new iPad WiFi issues, tells AppleCare to replace affected units (9to5Mac)
  • Juppé promises French hard line in EU (FT)
  • ECB liquidity fuels high stakes hedging (FT)
  • Fed’s Lacker Says Markets Saw Odds of Policy Easing as Too High (Bloomberg)
  • Japan minister to ask for nuclear reactor restart: media (Reuters)

AIG Takes Full Disclosure Route

Late Sunday, AIG, which all of a sudden "recognizes the importance of upholding a high degree of transparency with respect to the use of public funds", finally caved to pressure to disclose the full list of recipients benefiting from collateral payments after its repeated rescues. No major surprises among the bank recipients: the top 5 include Societe Generale, Deutsche Bank, Goldman Sachs, Merrill Lynch and Calyon. Additionally, of the top 20 beneficiaries, 14 banks are non-domestic!