News & Events
market
intelligence
briefing
January 23, 2019
Commercial Banking
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Jan 11 -
Deutsche Bank will outsource roughly 60 accounting positions from Jacksonville to Mumbai as part of an expanding initiative that previously involved “nearshoring” staff to more cost-efficient cities across the U.S. The bank plans to continue to shift more jobs to India during 2019.
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Jan 10 -
Bank of America has appointed Jiro Seguchi and Jin Su as co-presidents for the Asia-Pacific region. Seguchi, serving as country head of Japan and head of regional corporate and investment banking, and Su, serving as co-head of regional fixed income, currencies and commodities, will remain in their respective roles. Seguchi and Su will replace Matthew Koder, who became the company's global head of corporate and investment banking.
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Jan 9 -
Wells Fargo named Saul Van Beurden, a JPMorgan executive, Head of Technology effective in April. Beurden will report to Tim Sloan, overseeing technology, cyber and information security.
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Real Estate Finance
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Jan 10 -
Brooks Brothers has purchased 11 East 44th St. from Aion Partners for $105.8 million. Brooks Brothers will occupy over 40,000 of the property’s total 135,000-square-feet.
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Jan 10 -
Optimum Development, a subsidiary of Luxembourg-based Optimum Asset Management Group, received a $55 million construction loan from Och-Ziff Capital Management Group as it prepares to sell Monaco Yacht Club & Residences in Miami Beach. The planned 11-story, 39-unit luxury condo development project will be situated at 6800 Indian Creek Drive and will be designed by Arquitectonica and Piero Lissoni. The units will range from 918-square-feet to over 5,000-square-feet, pricing from $1.1 million to over $8 million. Fortune International Group will handle sales and marketing.
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Jan 11 -
Ponte Gadea, the investment arm of Amancio Ortega, has bought a 401,000-square-foot office building located at 1501 K St. NW from a joint venture of JP Morgan and JBG Smith for $385.4 million. Greenberg Traurig represented Ponte Gadea in the purchase. The property is 92% leased and lists Sidley Austin as its anchor.
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Commercial Bankruptcy
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Jan 10 -
Children’s clothing company Gymboree will file for its second Chapter 11 protection, after emerging from bankruptcy less than a year and a half prior. The company previously shed over $900 million in debt during its previous bankruptcy, but ongoing trading challenges posed difficulties for the company’s recovery. Over the past month, Gymboree’s parent company, Bain Capital, has been reviewing “strategic options” for its Gymboree, Crazy 8 and Janie and Jack brands and plans to reduce its physical locations significantly.
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Jan 9 -
Trustees representing holders of $297 million notes issued by LBI Media objected to the company’s Chapter 11 bankruptcy disclosure statement, concerning potentially inadequate review time and undisclosed details about company sale plans. U.S. Bank, as an indenture trustee, urged the court to reject the current disclosure as proposed, as it lacks details regarding possible changes to the value or terms of equity under the existing plan.
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Jan 9 -
Gigi’s, which operates 18 states, has filed for Chapter 11. The company lists its assets and liabilities between $1 million and $10 million. Gigi’s closed several unprofitable stores, which the company determined as the primary cause of its financial strain. Litigation and other legacy liabilities inherited from Gigi’s acquisition three years ago also contributed to the filing.
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