![]() ![]() Harkness previously worked at Piper Jaffray, now called Piper Sandler Cos., and Raymond James Financial Inc., according to his LinkedIn profile. Representatives for Barclays and Nomura declined to comment. Harkness will be a managing director at Barclays and will remain based in San Francisco, the people said, asking not to be identified because the matter is private. focused on internet investment banking, according to people familiar with the matter. “It’s this exact confluence of forces with where they’re coming from and where we are.(Bloomberg) - Barclays Plc has hired Jason Harkness, who was a managing director at Nomura Holdings Inc. “We’re pointing to what our capabilities are, they’re pointing to theirs,” Richert said. He can’t say who will win the coveted role of lead advisor. The day he spoke to CNBC, Richert says that a $5 billion company had narrowed its search to Goldman and J.P. He is considering adding senior bankers in Los Angeles and the Southeast.ĭespite being proud of his victories, he is taking nothing for granted. Morgan will move a group of analysts - the title given the most junior of investment bankers - there to better support the region’s dealmakers. In the meantime, Richert’s focus is building out the bank’s West Coast team. “Our bread and butter are deals in the $300 million to $500 million range and those deals tend to hold up a little better than the megadeals” during a downturn, he said. Still, he thinks his specialty will do better than those dependent on big deals. When that happens, plunging stock prices and lower consumer demand tend to put a damper on mergers, and banks typically pare head count. Morgan economists, an economic slowdown is possible as early as 2020. In banking circles, there’s a joke about what it means when the big banks make a play for regional business: The deals market has already peaked. ![]() ![]() It has lured at least 16 partners from outside the company since 2017, including senior J.P. The firm rarely hired outsiders, especially at the top level of partner, but its struggles have forced it to open up. Goldman has been forced to dig deeper for revenue because of a multiyear slump in trading revenue. “We worked hard to make sure that the clients that are sitting in these regions now have access to the local coverage but also we marry that up with industry group coverage, so the client’s getting the best of both worlds,” said Matt Gibson, co-head of Goldman’s global investment banking services. The bank opened or expanded offices in Seattle, Atlanta, Dallas and Toronto last year, placing a partner in each location. Goldman’s pitch: As the world’s top merger advisor by value of announced deals and arguably the best brand in this space, it now has a local presence in addition to top sector experts back in New York. Morgan in that its local bankers cover both midsize and huge companies. At the time, the company typically assigned bankers who were past their prime to try and drum up business with the division’s clients. Morgan’s effort started in 2012, when Chief Executive Officer Jamie Dimon decided that the bank wasn’t getting its share of investment banking fees from commercial bank clients. Among the top three banks in mergers, only Morgan Stanley doesn’t have a publicly disclosed initiative in this market, according to a spokeswoman. In the past year, BofA has almost doubled its regional team to more than 20 bankers, according to a spokesman. Historically the domain of smaller investment banks like William Blair and Piper Jaffray, big banks have pumped resources into the regional advisory business as revenue growth from trading desks has proved elusive.Īpart from Goldman, Wells Fargo and Bank of America have both said they are pursuing the market. “But if you can hop into a car and drive there in two hours, you’re more likely to see that person and develop that relationship.” “What the world forgets is that there’s a lot of small towns with a lot of really big companies that are hard to get to unless you fly around in a private jet,” Richert says. ![]()
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