Posts Tagged ‘Global Head’

Chicago: Trading firm Getco cuts 40 workers

June 13th, 2012 Before You Invest

Getco LLC, one of Chicago’s largest trading firms, last week cut about 40 employees globally, including at least one top manager, as the firm realigns its focus and operations under a new CEO, according to sources familiar with the reduction.
Among those cut was managing director Edward Boyle, 49, who was based in Chicago and had business development duties across the firm, the sources said. He had joined Getco in late 2010 from NYSE Euronext, where he had overseen that exchange company’s options business.
His departure follows the exit of several other senior managers in the past year, including David Babulak, who was also a managing director; Michael Rauchman, who was the company’s chief technology officer; Brian Nigito, who was a top manger in New York; and Patrick Tray, who was a trading manager for the firm in Chicago.
A Getco spokeswoman declined to comment.
Getco, a top electronic market-maker at the New York Stock Exchange that is active in 50 markets around the world, is restructuring the firm and its focus in the wake of promoting Daniel Coleman as CEO in February.
Mr. Coleman, who was previously the company’s global head of equities and client services, stepped up as the company’s Chicago co-founders, Stephen Schuler and Dan Tierney, stepped back. The company has said previously that it has about 400 employees.
While Mr. Schuler and Mr. Tierney still own part of the company, they started answering to an outside investor in the firm when Greenwich, Connecticut-based General Atlantic took a minority stake in 2007.
Getco is not only a market maker on the exchanges, it also own stakes in several electronic ones, including the Chicago-based Eris Exchange, Bats Exchange and NYSE Liffe U.S.
Getco was founded in 1999 and has 400 employees.
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Trading firm Getco names CEO

February 27th, 2012 Before You Invest

(Crain’s) — Trading firm Getco LLC today named Daniel Coleman CEO, effective immediately.

Mr. Coleman joined the Chicago-based firm in 2010. He previously was global head of equities at UBS.

“Daniel is perfectly aligned with our long-term vision of utilizing technology to transform how investors transfer risk,” Getco Co-founder Dan Tierney said in a statement Monday.

Mr. Tierney and co-founder Stephen Schuler will remain on Getco’s board; Mr. Schuler takes the newly created position of executive director.

“Stephen and Dan built an amazing firm that has been a catalyst for positive change in the financial markets for the last 12 years,” Mr. Coleman said in the statement

Getco was founded in 1999 and has 400 employees.

The Wall Street Journal reported Mr. Coleman’s appointment Sunday.

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Trading firm Getco names CEO

February 27th, 2012 Before You Invest

(Crain’s) — Trading firm Getco LLC today named Daniel Coleman CEO, effective immediately.

Mr. Coleman joined the Chicago-based firm in 2010. He previously was global head of equities at UBS.

“Daniel is perfectly aligned with our long-term vision of utilizing technology to transform how investors transfer risk,” Getco Co-founder Dan Tierney said in a statement Monday.

Mr. Tierney and co-founder Stephen Schuler will remain on Getco’s board; Mr. Schuler takes the newly created position of executive director.

“Stephen and Dan built an amazing firm that has been a catalyst for positive change in the financial markets for the last 12 years,” Mr. Coleman said in the statement

Getco was founded in 1999 and has 400 employees.

The Wall Street Journal reported Mr. Coleman’s appointment Sunday.

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Securities dealer Getco acquires Bank of America’s NYSE biz

December 1st, 2011 Before You Invest

Getco LLC, the Chicago-based trading firm, said it acquired the New York Stock Exchange market-making business of Bank of America Corp. Terms of the purchase were not disclosed.

The combination will make Getco the second-largest designated market-maker at the New York Stock Exchange. It will handle 650 company stocks and a total of 850 securities, the company said in a news release. It will take on its new responsibilities on a rolling basis through December.

“Many companies are looking for a way to navigate today’s complex marketplace and our global scale allows us to provide them with increased liquidity, better pricing and unique market insights,” said Daniel Coleman, the global head of Getco’s equities and client services.

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JPMorgan Ex-Structured Product CDO Head Llodra May Face SEC Suit

April 13th, 2011 Before You Invest

U.S. regulators notified a former JPMorgan Chase & Co. (JPM) executive whose unit packaged mortgage- linked investments that he may be sued for his role in selling the securities as the housing crisis worsened in 2007.

Michael Llodra, who was global head of structured-product collateralized debt obligations when he left JPMorgan, received a Wells notice from the Securities and Exchange Commission on Jan. 4 saying investigators planned to pursue civil claims against him related to the sale of a 2007 product, according to Llodra’s broker registration filings. The SEC also gave a Wells notice on Jan. 14 to Edward Steffelin, a former executive at a firm that helped manage JPMorgan’s 2007 “Squared” CDO, his brokerage records show.

The SEC has been probing whether JPMorgan, the second biggest U.S. bank by assets, and Steffelin’s former firm, GSC Group, misled investors about hedge-fund Magnetar Capital LLC’s possible role in selecting underlying assets in the $1.1 billion Squared deal, according to a person briefed on the matter who spoke on condition of anonymity because the probe isn’t public.

Magnetar has said it bought the junior-most slice of the Squared CDO as part of its strategy of investing in some mortgage-linked securities while betting against other housing debt, sometimes including bonds from the same deals. CDOs package assets such as mortgage bonds and buyout loans into new securities with varying risks.

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Kraft scraps ‘almost 75% of Cadbury jobs’

July 6th, 2010 Before You Invest

Food manufacturer Kraft Foods has scrapped almost three-quarters of the staff at British confectionery giant Cadbury’s headquarters, it has been reported.

The Independent has learned only 45 of the 165 senior managers at the Cadbury headquarters have been given new roles in Kraft’s expanded business.

Kraft, whose global headquarters is based in Chicago, US, has made the remaining 120 managers redundant.

“We always were clear that the global head office would be in Chicago and therefore that the UK-based head office employees would go into a consultation about redundancy,” the news provider reported a Kraft spokesperson as saying.

Kraft has received significant criticism from various UK organisations this year following its £11.9 billion takeover of Cadbury.

During the acquisition bid, Kraft said it would keep Cadbury’s Somerdale Curly Wurly factory, near Bristol, open.

However, after a deal was reached between itself and the British confectioner, it reneged on its pledge.

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Deutsche Bank and Saudi Investors Establish Shariah-Compliant Home Financing Company

April 13th, 2010 Before You Invest

Deutsche Bank AG announced today the formation of Deutsche Gulf Finance, a joint venture Shariah-compliant home financing company owned 40% by the Bank’s Riyadh Branch and 60% by a group of prominent Saudi-based investors, led by Fahad Abdullah Abdulaziz Al Rajhi.

Fahad Abdullah Al Rajhi said: “We are excited to partner with Deutsche Bank and benefit from its global experience in housing finance. Deutsche Gulf Finance will benchmark itself against international best practices and looks forward to contributing to the growth of home ownership in Saudi Arabia.”

The Company has an initial capitalization of approximately USD110 million, and at first will provide Shariah-compliant home financing for properties located in Saudi Arabia, with plans to expand its operations into Bahrain, Qatar and Kuwait over time. Deutsche Gulf Finance has commenced financing completed units as well as those under construction on individual lots or at real estate developments.

Doug Naidus, Managing Director and Global Head of Residential Mortgage Backed Securities Lending and Trading at Deutsche Bank, said: “We are very pleased to announce the formation of Deutsche Gulf Finance, as Saudi Arabia is a key country in our emerging markets strategy. Islamic home finance continues to be an important part of Deutsche Bank’s global mortgage platform. Deutsche Bank’s global expertise coupled with the Al Rajhi family’s local prominence and experience make this an ideal and complementary business relationship.”

Deutsche Gulf Finance maintains comprehensive and customized policies and procedures covering all major aspects of housing finance operations and incorporating global inputs from Deutsche Bank, applicable Saudi law and regulations, and the highest Shariah standards. Special attention has been paid to ensure proper risk controls and oversight levels are maintained.
Jamal Al-Kishi, Deutsche Bank’s Chief Country Officer in the Kingdom, added, “The establishment of Deutsche Gulf Finance is an important milestone for

Deutsche Bank’s presence in the Kingdom and signifies our commitment to broaden and deepen our presence in Saudi Arabia as well as our confidence that the Saudi home finance market will witness robust growth.”

The launch of Deutsche Gulf Finance comes at a pivotal time for consumer finance in Saudi Arabia. According to Deutsche Bank Research, the total outstanding home finance provided by the private sector in Saudi Arabia aggregates to less than 1% of GDP compared with well over 50% in most developed countries, and approximately 6% in Kuwait and 7% in the UAE.

Deutsche Bank Research projects Saudi Arabia will need 1.2 million additional housing units by 2015. In addition, based on market assumptions, it estimates that when the new Saudi mortgage law is enacted it will contribute to incremental demand of approximately 55,000 additional units per year.

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Global head of equities at UBS quits

March 24th, 2010 Before You Invest

Daniel Coleman, the global head of equities for UBS, has resigned from his post after 24 years with the Swiss bank, it has been reported.

News of his departure was circulated via an internal memo at UBS, which was then leaked to the media.

While Mr Coleman is to stay on at the bank “for the next few months” in an advisory capacity, his chief duties have been handed over to Neal Shear, global head of securities at UBS.

One unnamed executive at the Swiss firm told the Financial Times: “Clearly it is sad that Daniel is leaving but after such a long time it is understandable that he would like to move on.”

Last year was a difficult one for the company, in which it cut staff levels by 16 per cent in an attempt to return to profitability.

The job cuts eventually paid off, with UBS reporting a $1.1 billion profit in the final quarter of 2009.

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Golden Cross May Indicate Dollar Index Gain

February 18th, 2010 Before You Invest

(Bloomberg) — A “golden cross” of two moving price averages of the Dollar Index for the first time in 18 months indicates that the rally in the greenback may accelerate, Auerbach Grayson & Co. and Brown Brothers Harriman & Co. say.

The index, used by IntercontinentalExchange Inc. to track the dollar against the currencies of six major U.S. trading partners including the euro and yen, may rise to 84, the highest level since May, in three months as the 50-day moving average crossed above the 200-day mean, said Richard Ross, a global technical strategist at Auerbach in New York.

The gauge rallied 13 percent to the highest level in two and half years the last time it built a “golden cross” in September 2008, he said. “This time is very similar,” said Ross. “It has built a very nice base from healthy consolidation and now it’s time to climb up.”

The Dollar Index has gained 3.6 percent this year to 80.64 at 12:21 p.m. in New York. The measure slumped 4.2 percent last year.

It’s a “good sign” for medium-term investors in addition to the dollar’s long-term bullish trend, said Marc Chandler, global head of currency strategy at Brown Brothers in New York. “This is important for all fund managers as they may want to leave more money at home this year.”

The index could meet resistance at the 82 level, as it nears the 50 percent Fibonacci retracement of its move from the 2009 high of 89.11 to a low of 74.27 in the same year, Ross said. Fibonacci charts are based on the theory that securities tend to rise or fall by specific percentages after reaching a new high or low.

A moving average is a technical indicator that displays the mean value of a security over a certain time period. In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index.

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UK investment banks offering to double salaries

January 9th, 2010 Before You Invest

UK investment banks are doubling base salary levels in an attempt to win back staff shed during the height of the financial crisis, industry experts have claimed.

Robert Iati, global head of consulting at research firm TABB Group, told Bloomberg that many of the investment bankers who joined brokerages are being lured back to their original posts.

“We have begun to see a boomerang effect,” he stated.

“The larger banks are feeling a bit more secure in hiring back some of those traders from the smaller guys.”

His comments were backed up by Daryl Bowden, co-chief executive of the equities unit of London-based brokerage ICAP, who stated that salaries were being doubled and compensation offers lifted.

He said that was partly due to the fact that the banking sector in the UK was now operating with limited risk, making it more attractive to employees.

Last week, the Guardian reported that investment bankers at Barclays were in line for pay rises of up to 150 per cent.

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