News & Events

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intelligence
briefing


January 16, 2018


Commercial Banking

  • Deutsche Bank CEO says fewer than 4,000 jobs will be moved out of London post-Brexit


    Jan 14 -
    Deutsche Bank CEO John Cryan expects to move fewer than 4,000 jobs to Frankfurt following Brexit. The bank, which is based in Frankfurt, has never specified how many jobs will move from London once the U.K. leaves the bloc but earlier in the year a senior official indicated up to 4,000 could be relocated. “Mainly bankers, technology experts and traders work in London and they want to stay there,” said Cryan. “The booking center will move for sure, but that affects less jobs than many think.”

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  • Goldman Sachs, JPMorgan, Morgan Stanley boosting hiring efforts in Frankfurt in preparation for Brexit


    Jan 11 -
    Goldman Sachs, JPMorgan and Morgan Stanley are on a hiring spree in Frankfurt as they work to establish headquarters in the EU as Brexit nears. Most Wall Street firms started advertising for dozens of staff including risk managers, compliance officers and information-technology specialists. The firms are looking to fill as many positions as possible locally to limit disruption caused by relocating London-based employees and their families.

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  • BNP Paribas makes trio of appointments in EMEA corporate and institutional banking division


    Jan 11 -
    BNP Paribas made a trio of appointments in its EMEA corporate and institutional banking division. Yannick Jung was promoted to head of global banking. Yung was previously head of corporate clients financing and advisory. George Hoist was named vice chairman of corporate executive sponsorship board. He joins from JPMorgan where he most recently served as global head of retail investment banking. Eirik Winter was named CEO for BNP Paribas Group Nordic Region as well as head of CIB Nordics. He joins from Citigroup, where he was chairman for the Nordic Region and head of investment banking. Both Hoist and Winter will report to Jung.

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Real Estate Finance

  • Fortress venture seeking $1.3B in financing for redevelopment in New York


    Jan 13 -
    Fortress Investment Group, Maefield Development and L&L Holding Company are looking for a $1.3-billion construction loan for their redevelopment of the Palace Theatre in Times Square, N.Y. HFF was hired to find an investment partner and construction lender the project. They’re also looking for an investment partner to contribute $500 million toward the project’s $1.1 billion worth of equity.

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  • Meridian Capital secures $48M loan for New York office


    Jan 11 -
    Meridian Capital Group arranged $48 million in CMBS financing for an office building in Manhattan. The property currently houses 10 tenants. The borrower was not disclosed.

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  • Hertz family pays $46M for multifamily portfolio in Brooklyn


    Jan 11 -
    A group of investors led by Harry Jeremias sold a three-building, 145-unit, multifamily package in Brooklyn, N.Y., to the Hertz family for $46 million. The properties collectively span 160,500 square-feet. Meridian Capital Group represented both sides in the deal. GFI Realty Services also served as advisers on the deal.

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Commercial Bankruptcy

  • Bon-Ton holding discussions with creditors in preparation of potential bankruptcy filing


    Jan 12 -
    Retailer Bon-Ton Stores is holding discussions with its debtholders in preparation for a likely bankruptcy filing. The company and bondholders are working to sign a forbearance agreement through the end of January, which could be extended beyond if necessary. Bon-Ton is trying to convince debtholders there are private equity firms willing to invest to save the company. However, if no investors can be found, bondholders may consider liquidation as part of a bankruptcy filing as the preferred option.

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  • Hobbico files for bankruptcy, plans sale


    Jan 10 -
    Hobby and toy company Hobbico filed for bankruptcy protection, with plans to sell the company. According to court papers, Hobbico reported between $10 million and $50 million in assets and $100 million to $500 million in liabilities. The company plans to continue operations throughout the bankruptcy process.

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  • A'Gaci files for bankruptcy, plans to reorganize debt


    Jan 10 -
    Women’s clothing retailer A’Gaci filed for bankruptcy protection, with plans to reorganize its $62 million in debt. The company cites poor financial performance and failed attempts to expand as the primary reasons for the filing. The retailer is also seeking court approval to close 49 of 78 stores across the U.S.

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