The noughties are definitely becoming the age of the joint venture. At one time, banks only took a percentage stake if legislation prevented them from taking more, and large banks definitely did not do joint ventures because they had the clout to own 100%. But now, CEOs who 10 years ago would have been strict control freaks are entertaining the idea of having half of something if it is the only sensible way to get it.
Risk management in financial institutions should take a single view of risk and return, rather than be fragmented across the organisation. This was the topic of a round table hosted by The Banker in New York last month, and summarised here by Michael Imeson.
In the current market environment, not every bank chief executive feels relaxed talking to the press unless it is part of a public relations strategy to calm frayed nerves among investors. But Stan O’Neal, chairman and CEO of Merrill Lynch, was happy to talk to The Banker’s editor Brian Caplen about the volatility in the markets and the firm’s longer-term strategic positioning as well as social issues arising from globalisation, such as inequality.
With increased competition, fragmentation and diversity in asset classes, the job of exchanges and regulators around the world in surveying their markets is becoming increasingly difficult. Serious investment is required to stay ahead of the fraudsters. Alan Duerden explains.