Market Maker

BlackRock the world's largest asset manager announced a $12bn M&A deal alongside its Assets Under Management (AUM) topping $10 trillion again. J.P. Morgan reported its best-ever annual profit, while Citigroup saw the most positive share price response to its earnings despite losing some $1.8 billion in Q4, as investors embrace the turnaround strategy that will see them eliminate 20,000 jobs. A...

Last week it was announced that China's BYD had overtaken Tesla to become the world's leading electric vehicle (EV) seller. In this episode, we take a deep dive into the business model of Tesla and examine why, despite selling fewer vehicles, it is worth some 10 times more than its Chinese competitor. We examine the bull and the bear arguments culminating in our Director of Corporate Finance Steph...

Is the market right to price in six rate cuts from the Fed? Will the magnificent seven be seen as growth stocks or defensive plays? Will bonds and stocks be correlated in 2024? Piers breaks down the themes that matter. Also, the world's biggest hedge funds have revealed their 2023 performance. In this conversion, we explain what the following terms mean: Systematic and discretionary strategies Mac...

Stephen Barnett, our Director of Corporate Finance recaps the pivotal trends that have reshaped the banking landscape this year. In the second episode of this two-part podcast series, we dive into a countdown of the most defining moments of the year, from 5 to number 1. From the rise in private credit and partial re-opening of the IPO market to how inflation and interest rates impacted M&A act...

Stephen Barnett, our Director of Corporate Finance recaps the pivotal trends that have reshaped the banking landscape this year. In the first of this two-part podcast series, we dive into a countdown of the year's defining moments, starting with trends 10 through 6. From Saudi money to mega deals in the oil & gas sector and a sprinkle of generative AI. Don't let the year end without being in t...

In the final episode of The Trading Floor series for 2023, co-founder Piers Curran breaks down the difference between the central bank announcements from the Federal Reserve, Bank of England, and European Central Bank this week. Find out how markets reacted, what to expect from them in 2024, and what Fed Chairman Jerome Powell has to do with a bottle of vodka! Thank you for listening to the show t...

The singer Enrique Iglesias has closed a deal to sell his catalog of songs and his image rights in a reported nine-figure deal. So what is it that makes music such an attractive alternative investment? Elsewhere, a sharp reset in private market valuations has stripped numerous so-called unicorns of their status and Swiss drugmaker Roche has agreed to acquire Carmot, the west-coast-based biote...

Google unveiled its long-awaited rival to ChatGPT this week but is it as good the the viral “what the quack” hands-on demonstration would have you believe? We explain the upgrade to multimodal AI and look at the broader context of its application but also examine whether it's better to be first or the best with new technologies. Meanwhile, the latest US jobs report unexpectedly strengthened in Nov...

In this podcast episode, we explore the world of sovereign wealth funds: who they are, why they exist, and how they operate, as well as understand the fascination of Norway's largest fund with private equity firms. Additionally, we delve into the recent announcement that the Saudi Public Investment Fund (PIF) and the European private equity heavyweight Ardian are set to purchase a 25% stake in Hea...

In this podcast episode, we take stock on the past month when the S&P 500 finished up 8.9%, for its second-best November since 1980. We explain what was behind the move higher, who the big winners were, and what major Wall Street banks think will come next. In other news, Elon Musk publicly tells advertisers to 'go f*** yourselves', but what's behind the latest outburst from the world's riches...

In the final episode of this 4-part mini-series, we use Hotel Chocolat, Mars, McDonald's, Broadcom, and VMware to bring some classic M&A theory to life! From buy-to-build strategies and vertical integrations to buying back core assets in the private equity world, if you are looking to pursue a career in banking this is the episode for you. Join our next free M&A Finance Accelerator simulat...

It's been a remarkable week at Open AI! In a series of unforeseen events, the founder was fired, took a brief stint at Microsoft, and then made a dramatic return to the helm of the company he originally created.  This whirlwind of changes begs several questions: What were the reasons behind his initial termination? Who is currently in charge of OpenAI's board of directors? And can we dismiss...

It's the end of the week, so time to catch up on some of the major themes in focus: Why US and UK inflation has fallen, how markets reacted, and why Morgan Stanely and Goldman Sachs disagree on what comes next! Infamous hedge fund manager Michael Burry of the 'Big Short' takes a new bet on the decline of semiconductors and what's going on with Warren Buffett's portfolio Thoughts on the meeting bet...

In the third episode of this four-part mini-series on M&A, we take a look at ESG through the lens of the latest Glencore deal to buy the coal division of Canada’s Teck, grab a quick Joe & the Juice as private equity money looks to cash in and explore why Germany are looking to acquire Dutch owned Tennet to sure up their national security. Take our free M&A Finance Accelerator simulatio...

In the second episode of this four-part series, we look at the different reasons that drive the decision to acquire another company. Whether it be to gain political influence, or to make the most of potential revenue and cost synergies, we'll examine each scenario incorporating real-life examples so it's super easy to understand! Register for the next M&A Finance Accelerator simulation www.amp...

Last week, the price of Bitcoin reached $35,000, its highest level since May 2022. So why has the cryptocurrency woken from its slumber and how far can this recent rally go? Also, in this week's podcast episode: FTX founder Sam Bankman-Fried has been convicted of fraud and money laundering by a New York jury and is set to face up to 110 years in prison! Apple's latest earnings disappoint but why c...

Over the next four episodes, we will use the latest deal announcements to better understand why M&A happens.  We will look at textbook (and non-textbook) deal rationale for acquiring, and selling, which will help you nail interviews and assessment centres. Each week we will look at three key reasons why a company might go on the hunt for acquisitions, and one reason why a company might be...

In this podcast episode, we take a deep dive into the numbers of Microsoft and Alphabet (Google) who had a mixed reception on Wall Street as the AI battle rages and Cloud competition remains fierce. The conversation then pivots to more mega-deals in the US energy sector as Chevron looks to buy US oil and gas producer Hess Corporation in a $53bn all-stock deal. Find out why a little country in Sout...

Are you eyeing a future in investment banking, but puzzled about which sector to choose?  Join us in this podcast episode as Anthony Cheung and Silvia Magni guide you through the maze of sector selection and explain its impact on your Investment Banking application. Get insights on: Understanding the diverse sector teams Exploring the nuances of tech, natural resources, and financial sectors...

A special podcast episode to help everyone who is currently in the midst of applications! I'm joined by Gauri Duhan, a final-year PPE student at LSE who interned at J.P. Morgan this summer and secured a return offer to join their UK M&A team in the investment banking division. In this conversation, we cover: How to handle applications (quality vs quantity) Tackling online tests (numerical) Adv...

This week we delve deep into the single, most essential trait that has proven vital across diverse fields - be it trade, academics, internships, or entrepreneurship.  It's the one characteristic that unites successful traders, top-achieving graduates, and savvy business owners.  What is it? You'll need to listen to find out! Free daily newsletter https://bit.ly/3Oeu4Wk Free Finance Accel...

Goldman Sachs reported a 36% drop in third-quarter profits, the bank’s eighth straight quarter of falling earnings BUT eked out a year-on-year increase in investment banking revenues for the first time in almost two years. Should DJ Sol be hanging up more than his decks? Or is this an effective pivot from the US investment bank which is now over the worst? Meanwhile, shares in Manchester United sl...

Everything you need to know about today's earnings from J.P. Morgan, BlackRock, Citi and Wells Fargo On The Trading Floor podcast series this week we unpack the first of the major investment banks to report Q3 earnings. If you're in the process of applying to these firms, don't miss out on this episode. A "must-listen" to significantly enhance your applications! Free daily newsletter https://bit.l...

In The Deal Room this week the team discuss: Citi's decision to sell its $3.6bn China consumer wealth portfolio to HSBC. Find out the strategy behind the deal and what might come next for the UK-listed bank. ExxonMobil is embarking on one of the biggest M&A deals of the year. The acquisition represents the first big move of an oil Supermajor in the Permian Basin, the USA’s largest oil-producin...

World's biggest bond market hits a wave of selling Global bonds at the mercy of Treasuries in an echo of 2020 debt sell-off Treasury-bond collapse ranks among the worst crashes in history Bloomberg has reported losses on Treasury bonds with maturities of 10 years or more had notched 46% since March 2020, while the 30-year bond had plunged 53%.  Those losses are nearly in line with stock-marke...