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Regulators say coordination is a high priority, but under Dodd-Frank institutions of varying sizes and charters will face different regimes.
February 2 -
Recent increases in bank stock values and the investment bank's success last year make William Hickey "guardedly optimistic," he says.
January 17 -
Keefe, Bruyette & Woods, looking for momentum after a tough year, adds investment bankers James Harasimowicz and Joseph Gulash to its bank M&A team.
January 3
Big banks need healthy stocks and clarity on capital to coax them into doing more deals, says Frank S. Cicero, an investment banker in charge of the global financials group of Jefferies & Co. Inc.
Though bank stock prices are up this year, the largest banks are still waiting for the Federal Reserve to sign off on capital plans they submitted in early January, Cicero says.
"Confidence has increased," Cicero says. Better-performing stocks and capital certainty "should be the recipe for more deal activity."
Jefferies — and its rivals in the heated bank M&A sphere — has been anxiously waiting for banking to emerge from one of the deepest deal droughts in decades.
Cicero was global co-head of depositories at
Jefferies took advantage of the upheaval in U.S. banking as an opportunity to build a full-scale financial services practice, tapping Cicero to recruit in M&A, specialty finance, capital markets, fixed income and other segments.
In January, Jefferies hired Bank of America Merrill Lynch veteran Abbott Cooper, who has been named a managing director with a focus on broadening bank M&A coverage in the South and Midwest. Other key appointments have included Alexander Yavorsky, managing director in charge of balance sheet and funding strategies for financial services clients, and Casper Bentinck, managing director leading the debt capital markets practice for financial institutions.
Competition among bank M&A advisors has intensified. A dearth of big deals has prompted other global players to target community bank deals, an area long dominated by the boutiques
Cicero's bullish outlook on Jefferies' competitive prospects comes down to experience and financial health. Jefferies is relatively healthy, diverse and independent, he says. That means it is not bogged down by some of the problems facing boutique firms and investment banks that operate inside large bank holding companies.
Lehman was also among the most active bank M&A advisors, particularly in the Northeast, where Jefferies is well positioned. People's United Financial Inc. hired Jefferies as the advisor on
"We're benefiting from the health of Jefferies," Cicero says, adding that he would "not be surprised" if larger players scale back eventually. "I know we're going to stay committed."