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✨ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨

✨ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨

✨LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES✨

These are the latest Global Financial News stories within the past month and the latest moves in the City over the past 7 days, this is the ONLY place to receive all of the latest market moves.

Michael Healy is starting a new position as Director, Healthcare Investment Banking at UBS

Pierre Madec is starting a new position as Credit Analyst at Banque de Luxembourg

Christian Deiss will replace Joseph Gallagher as head of mergers and acquisitions (M&A), who will stay in the bank as the Vice Chairman of Investment Banking and Capital Markets for the Asia Pacific

Health-care investment banker Mark Filenbaum is returning to Credit Suisse Group AG after nearly four years at Centerview Partners. Filenbaum will start with Credit Suisse in New York in November, focusing on health-care services investment banking

Marielle Beckman is starting a new position as Equity Salesperson at Kepler Cheuvreux

Goldman Sachs Group Inc. has named Denis P. Coleman III as Chief Financial Officer

Kevin Davies is joining Mizuho as co-head of health care from Cantor Fitzgerald LP and Atish Basu is joining as head of industrials from Lazard Ltd., and will be based in New York.

Iain Wilson is starting a new position as Equity Salesperson at Kepler Cheuvreux

Bruno Bilic is starting a new position as Equity Analyst at Stifel Nicolaus 

Dumas Maugile is starting a new position as Senior Sales Executive at ITIVITI GROUP AB

Arhant Sethia is starting a new position as Investment Banking Analyst at Evercore

Ashley Keep is starting a new position as CEEMEA Sales Trader at Goldman Sachs

Natasha Brilliant is starting a new position as Director - Equity Research - Head of EMEA Luxury Goods Research at Credit Suisse

Adam Robertson, CFA is starting a new position as Head of Sales & Distribution at Longspur Capital

Nanette Buziak is starting a new position as Co-Head of Institutional Sales and Market Structure at Stuart Frankel & Co. Inc.

Serhat Akkaya is starting a new position as Associate, IBD - Equity Capital Markets at Commerzbank AG

Breezy Thomas is starting a new position as Business Development at Balyasny Asset Management L.P.

Michał Pondel is starting a new position as Junior Trader at Allianz Global Investors

Adélie Giuglaris is starting a new position as Analyste Asset Management at Keys Asset Management

Daniel Petkov is starting a new position as Equity Analyst at Millennium

Jason Quinn is starting a new position as Director at Numis

These are the latest moves in the City over the past 7 days and this is the ONLY place to receive all of the latest market moves. If you would like to see your name, or your company's new hires featured on here, get in contact and let us know the details.

✨THE TOP NEWS STORIES✨

These are the latest Global Financial News stories within the past month

✨CREDIT SUISSE RESHAPES SENIOR MANAGEMENT✨

Credit Suisse, a Switzerland-based financial services firm, keeps strengthening its presence in the Asia Pacific (APAC) region by appointing a new head of mergers and acquisitions (M&A). According to Reuters, citing an internal memo, Christian Deiss will replace Joseph Gallagher in the role, who will stay in the bank as the Vice Chairman of Investment Banking and Capital Markets for the Asia Pacific.

Deiss’ LinkedIn profile notes that he has been on Credit Suisse since October 1998, serving as a Managing Director. His educational background including having earned a degree in Business Administration at the University of St. Gallen. Moreover, Deiss holds a Master in Business Administration from the Hautes Etudes Commerciales (HEC).

Reuters pointed out that a spokesperson from the Swiss financial services firm already confirmed the content of the internal memo. Also, such representative said that such changes come in the wake of 200 hires that Credit Suisse made in the APAC region during the first half of the year. With the new appointment, Sanjeev Chaurasia will lead the Industrials and Renewable Investment Banking department in the region. In fact, he worked together with Deiss as co-head of such an area.

In other executive moves, Credit Suisse also noted that Pankaj Goel will depart from the Swiss firm at the end of the year after spending over 17 years in the bank from the Southeast Asia region. Furthermore, the memo stated that Kuan-Ern Tan and Zi-Kuan Lim had been appointed as Co-Head of Investment Banking and Capital Markets and the Head of M&A for Southeast Asia, respectively.

Recently, the Swiss financial services firm issued an internal memo asking its unvaccinated employees in the United States to work from home. The measure started to take effect on September 7, as the COVID-19 Delta variant keeps spreading significantly across the country.

✨CREDIT SUISSE RE-HIRE TOP INVESTMENT BANKER✨

Health-care investment banker Mark Filenbaum is returning to Credit Suisse Group AG after nearly four years at Centerview Partners.

Filenbaum will start with Credit Suisse in New York in November, focusing on health-care services investment banking, according to a memo to staff seen by Bloomberg News.

He’ll report to David Kostel, who became sole global head of the health-care investment banking group in August after Rob Santangelo was appointed co-head of global energy and infrastructure as well as chair of ESG Advisory.

Filenbaum worked in Credit Suisse’s health-care group for four years before joining Centerview, where he covered health-care services. He’s advised companies including Versant Health, PPD Inc., Anthem Inc. as well as private equity firms like Carlyle Group Inc. and Advent International.

“Mark is an experienced banker with strong industry content, deep client relationships and a collaborative approach that will make him a great fit with our health-care franchise,” Kostel noted.

Credit Suisse’s health-care group has advised on deals this year including Iora Health Inc.’s sale to 1Life Healthcare’s One Medical, Aveanna Healthcare Holdings Inc.’s IPO and 23andMe Holding Co.’s merger with a SPAC.

✨GOLDMAN SACHS AQUIRE FINTECH GIANT GREENSKY✨

Goldman Sachs is acquiring fintech lender GreenSky for $2.24 billion as the investment bank pushes further into consumer finance.

The all-stock deal for GreenSky, called the biggest fintech platform for home improvement loans in a release announcing the transaction, is expected to close by the first quarter of 2022, the companies said on Wednesday. GreenSky shares surged 53%.

“We have been clear in our aspiration for Marcus to become the consumer banking platform of the future, and the acquisition of GreenSky advances this goal,” Goldman CEO David M. Solomon said in the release. “GreenSky and its talented team have built an impressive, cloud-native platform that will allow Marcus to reach a new and active set of merchants and customers.”

✨MORGAN STANLEY LAUNCH NEW CRYPTO TEAM✨

The financial services giant and investment bank Morgan Stanley announced a new crypto research team. In addition, the firm announced Sheen Shah as the head of that team.

Morgan Stanley said Sheena Shah will lead a new team that researches cryptocurrencies. This comes as many major Wall Street companies continue their push into the digital assets’ arena.

In their announcement, company representatives David Adelman, Juliet Estridge and Vishy Tirupattur said this step recognizes crypto’s growing presence. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.”

Shah’s role has her as the lead analyst for the new crypto research team. Their research will analyze the impact of cryptocurrencies on equities and fixed income around the world. The team plans a London headquarters and reports to James Faucette and locally to Adam Wood. Faucette and Wood both head fintech and payment research teams from Morgan Stanley in the U.S. and Europe.

In addition, Shah heads Group of 10, a foreign exchange strategy for Europe. Previously she conducted research on crypto for Morgan Stanley, so the news comes as an extra benefit to the partnership.

Rather than combating or denying new digital asset trends, the giants of traditional finance are on board with them. The partnerships created with traditional financial institutions create more tangible use cases for crypto and the mainstream masses.

Prior to the creation of their research team, Morgan Stanley dipped its toes in the crypto industry. Earlier this summer, SEC records revealed major holdings from Morgan Stanley in Grayscale Trust. According to the report, the investment bank firm holds 28,000 Grayscale bitcoin trust shares. Around the same time this news surfaced, the company also invested $48 million in the blockchain startup Securitize.

✨GOLDMAN SACHS ANNOUNCE NEW CFO✨

Goldman Sachs Group Inc. has named Denis P. Coleman III as chief financial officer, effective Jan. 1.

Coleman will hold the title of deputy chief financial officer, effective immediately, through the end of the year. Coleman will take over for Stephen Scherr who worked for Goldman Sachs for nearly 30 years, and spent the past three years as CFO. Scherr will become a senior director after he retires at the end of the year.

Coleman has worked for Goldman Sachs since 1996, serving as co-head of the global financing group in its investment banking unit for the past three years.

Goldman Sachs CEO David M. Solomon said Coleman "has consistently proven himself through his strong judgment and operational capability across roles of increasing responsibility."

✨PEEL HUNT SET TO LIST ON THE AIM MARKET✨

British mid and small-cap investment bank Peel Hunt said on Tuesday it plans to list on London's AIM market to raise money to expand its operations and technology as well as bolstering its capital position.

The company expects to be valued at between 270 million and 300 million pounds ($373.57 million-$415.08 million) after a placing of ordinary shares according to a source familiar with the matter.

Alongside its intention to float, Peel Hunt updated on its current trading and said it had posted full-year 2021 revenues of 196.8 million pounds ($272.15 million), up from 95.5 million in the previous year.

"Having expanded significantly over the last ten years, Peel Hunt is now well established as a leading UK mid and small-cap focused investment bank," Chief Executive Steven Fine said in a statement.

"The IPO represents an important milestone in our journey and allows us to accelerate our growth plans, building on the strong momentum in our business."

Peel Hunt was founded in 1989 and bought by Belgium's KBC in 2001 but is now majority-owned by current and former employees after a staff buyout in 2010.

The broker said it had appointed the former global head of equity capital markets at UBS (UBSG.S), Lucinda Riches, as a non-executive director with a view to her taking over as chairman from Simon Hayes who is due to step down next year.

✨CREDIT SUISSE LOSES NEW HEAD OF FIG✨

Credit Suisse Australia will split financial institution group investment banking responsibilities three ways after losing Anthony Rose to the merged QSuper/Sunsuper.

Credit Suisse Australia CEO, Richard Gibb, a popular leader and former global FIG boss at Deutsche Bank, Asia Pacific FIG banker Michael Tan and new recruit Brett Ryman are expected to share coverage of the major banks, insurers, wealth managers and the like, at least for the forseeable future.

The reshuffle was sparked by FIG boss Rose’s decision to head back to Queensland to be chief financial officer at the merged QSuper/Sunsuper, which will be a $200 billion asset manager. Rose joined Credit Suisse from Bank of Queensland late last year.

✨GOLDMAN SACHS LOSE TOP BANKER TO CITI✨

Goldman Sachs Group Inc.’s head of investment banking in Southeast Asia moved to Citigroup Inc., the second executive to do so in recent years.

Harry Naysmith will be vice chairman of banking, capital markets and advisory for Southeast Asia at Citi. Representatives at both banks declined to comment.

Naysmith worked in Southeast Asia for Goldman during a tumultuous time for the bank, which had to pay a record foreign bribery penalty in the U.S. last year for its involvement in the 1MBD investment fund scandal in Malaysia.

He follows Udhay Furtado, a 12-year Goldman veteran and former co-head of investment banking for Southeast Asia, who left in September 2018 to join Citi as co-head of equity capital markets at the bank.

Naysmith, who wasn’t immediately reachable, joined Goldman in 2013 and was based in Singapore. Prior to that, he spent five years at ABN Amro Bank NV.

✨MIZUHO HIRE TWO MANAGING DIRECTORS FROM CANTOR AND LAZARD✨

Mizuho Financial Group Inc.’s Americas arm has hired two managing directors from rival firms as part of a push to build out its U.S. investment banking bench.

Kevin Davies is joining the firm as co-head of health care from Cantor Fitzgerald LP and Atish Basu is joining as head of industrials from Lazard Ltd., and will be based in New York.

Mizuho has been on a hiring spree this year. It recruited technology banker Shar Aghili from Bank of America Corp., who started in July in San Francisco, according to his LinkedIn page. He will focus on enterprise software and infrastructure.

Also in July, Mizuho brought on Amit Mangal a managing director within its health-care investment-banking business from Truist Financial Corp.

The firm also hired a trio of power, utilities and infrastructure bankers in July from Bank of Montreal: Paul McNutt, Andriy Falenchuk and Rahul Shah.

Mizuho Americas is led by former Royal Bank of Canada banker Michal Katz.

✨STATE STREET AGREES TO BUY BROWN BROTHERS HARRIMAN✨

State Street Corp said it had agreed to buy investment bank Brown Brothers Harriman & Co’s (BBH) investor services business for $3.5 billion in cash, strengthening its hand in the battle to be the world’s biggest custodian bank.

The deal, which the companies said would include BBH’s custody, accounting, fund administration, global markets and technology services operations, comes less than a year after reports that State Street was looking to offload its other main business, asset manager State Street Global Advisors.

A custodian bank holds customers’ securities for safekeeping to prevent them from being stolen or lost.

Adding BBH’s $5.4 trillion in assets under custody to State Street’s $31.9 trillion portfolio will help the combined company challenge Bank of New York Mellon for supremacy as the market providing custodian and other administrative services to the banking sector.

✨CITI NAME NEW TRADING CO-HEADS✨

Citi has promoted two of its own to become its new co-heads of local markets trading, according to market reports.

Richard Lancaster and Jose Luis Yepez have been promoted as co-heads of the division after serving at Citi for 20 years and 37 years respectively.

Citi’s FX and local markets division offers services cross 83 countries and 130 currencies.

Lancaster has served across several roles during his tenure at the bank including head of Central and Eastern Europe Middle East and Africa (CEEMEA) frontier markets rates trading and co-head of the CEEMEA emerging markets credit trading desk.

Luis previously served in several roles across Citi’s local markets desks including head of rates and currencies trading for Asia-Pacific and head of Latin America FX and local markets (FXLM) trading.

“As co-heads, they [Lancaster and Luis] will be jointly responsible for the overall business but will naturally give more focus to their own specialties,” said Deirdre Dunn and Pedro Goldbaum, global co-heads of rates at Citi and authors of the memo.

The appointments mark the latest senior move at Citi which also saw its head of Futures, Clearing and FX prime brokerage (FXPB) in the US appointed as its new global head of clearing, after former co-heads of the division Sabrina Wilson and Christopher Perkins stepped down after less than a year in their roles.

The bank also saw its head of European market structure, James Baugh, depart for Cowen, and its former head of equity sales, Anita Tanna, depart for Barclays.

✨NEW YORK LEADS THE WAY FOR JUNIOR BANKING PAY✨

Younger London bankers chasing high salary in investment banking, find that working in New York is a better option. Investment banks in the UK have been hiking salaries over the last three months in a bid to stem an exodus of junior bankers as tough working weeks have stretched to 100 hours, leading to complaints from those on the lower rung of the career ladder.

But the shifts have favoured those working on Wall Street – the financial district of New York – more than analysts in the financial district of London – known as the ‘City’. Entry-level salaries at most big banks in New York are now 22 per cent higher than those in London, according to analysis of new pay figures in each city.

All London salaries could not be ascertained including those at Deutsche Bank and HSBC, which have both increased US-based entry-level salaries to $100,000. Credit Suisse has yet to unveil new junior salaries.

At other banks, the differential is even greater, Evermore now offers the highest salaries on Wall Street, with entry-level pay of $120,000 (£87,000) – at least $10,000 above its rivals. But in London, starting salaries at the bank are £63,000, people familiar with the matter have said, meaning US-based analysts are earning 38 per cent more.

The last major Wall Street bank to hike salaries for its juniors was Goldman Sachs but it trumped most of its rivals with $110,000 entry-level pay and $125,000 for those in their second year. In London, those numbers are £70,000 and £80,000 respectively, meaning New York based juniors earn 14 per cent more than their London counterparts. This is the same differential as at Perella Weinberg Partners and PJT Partners, the other banks to increase pay beyond rivals.

The nearest competitor to banks in the UK for graduate pay is the law sector, according to a 2021 report by research group High Fliers, offering £46,000 on average. But Magic Circle law firms are now offering entry-level salaries of £100,000 in London – essentially matching the $140,000 paid to graduates in the US.

In New York, senior and junior dealmakers argue that competition for talent is fiercer. Private equity firms pluck top young bankers out just six months into their careers, and the plethora of so-called exit options for juniors after a couple of years at the sharp end of investment banking are greater.

Meanwhile, the brutal hours expected of junior bankers are even harsher in the US, which remains by far the biggest market for fees.

✨GOLDMAN SACHS POACH SENIOR BANKERS FROM BANKING RIVALS, AGAIN!✨

Goldman Sachs Group Inc. is hiring bankers from rival firms Citigroup Inc. and HSBC Holdings Plc as the U.S. lender seeks to expand its business in the Middle East amid a surge in deals from the region.

Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment banking operations for the Middle East and North Africa. Also, Omar AlZaim, CFA is joining the bank as an executive director and the head of investment banking for Saudi Arabia.

The hirings come as deal activity picks up in the Middle East, fueled by governments and state-owned firms looking for new ways to raise money and diversify their economies after last year’s slump in revenue from oil sales.

Mergers and acquisitions activity in the Middle East and Africa region has more than doubled this year to about $125 billion, according to data compiled by Bloomberg, boosted by deals like a $12.4 billion stake in Saudi Aramco’s oil pipelines.

Goldman Sachs is also beginning to win new business in Abu Dhabi after it was sidelined by some of the emirate’s biggest firms about two years ago following a lawsuit by wealth fund Mubadala Investment Co. to recover losses from its dealings with Malaysia’s 1MDB fund.

✨NOMURA BANS ALL EMPLOYEES FROM SMOKING✨

One of Japan’s largest banks has become the latest company to clamp down on smoking culture, after it banned its staff from lighting up while working from home.

Nomura – the country’s largest investment bank – asked its staff to give up smoking entirely during the working day, regardless of whether they’re in the office or working remotely.

The company justified the move saying that it was designed to help improve employee health and create a more pleasant workplace, however others believe the true reason for the ban is to cut down on the amount of time workers spend outside on smoking breaks.

Under the new rules, staff will not be allowed to return to the office after taking a cigarette break for at least 45 minutes, effectively meaning they’ll have to wait to smoke during their lunch hour.

A spokesperson for the company told Japan Times that the rules would be enforced based on trust rather than the threat of punishment.

Nomura says that it hopes to help its workers quit smoking, with the company revealing it is targeting cutting the number of smokers in its ranks from 20% in March 2020 to 12% by 2025.

Unless many countries, Japan does not enforce a nationwide indoor smoking ban, with companies allowed to provide designated smoking rooms for their employees. However, in recent years some cities have begun tightening restrictions on smokers, with major cities like Tokyo and Kyoto having introduced designated outdoor smoking areas for residents, issuing fines for people caught smoking on certain public streets.

Nomura is one of several Japanese companies to have made moves to cut down on smoking during working hours, with major brands Calbee and SoftBank having also told staff they’re not allowed to smoke regardless of their location while at work.

✨JP MORGAN SETTLES FRENCH CRIMINAL INVESTIGATION FOR TAX FRAUD✨

JPMorgan Chase & Co. settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for €25 million.

The case relates to allegations of tax fraud seen to benefit former managers at investment firm Wendel, top financial prosecutor Jean-François Bohnert said at a Thursday court hearing in Paris. The bank’s involvement revolves mainly over financing provided by its Paris branch to the managers in 2007 to restructure their holdings in Wendel.

Paris judge Stéphane Nöel approved the settlement after a short presentation of the main facts of the case and of the deal.

The settlement comes just a few months after Chief Executive Officer Jamie Dimon said Paris had become JPMorgan’s main trading center in the European Union during the inauguration of the bank’s new headquarters in the city which was attended by French President Emmanuel Macron. The bank aims to have 800 staff in its Paris office by the end of 2022.

✨MORGAN STANLEY INCREASE JUNIOR STAFF PAY, AGAIN!✨

Morgan Stanley boosted salaries for the second time in a month, raising the stakes again in a Wall Street bidding war for new talent.

The firm bumped base pay for junior bankers to $110,000, a mark that will now also cover first-year staff in the trading division, a person familiar with the matter said, asking not to be identified discussing internal policies. The move comes just a month after the New York-based company raised the level to $100,000 to catch up with rivals who had made similar moves in the weeks before.

Junior bankers are benefiting from a bidding war on Wall Street that’s seen salaries at top-level firms surge. Goldman Sachs Group Inc. was among the first to boost entry-level pay to $110,000 after a presentation by a group of its first-year analysts detailed growing workloads from a banking boom spurred by the pandemic. Morgan Stanley, Citigroup Inc., Deutsche Bank AG, Bank of America Corp. and JPMorgan Chase & Co. are among other industry stalwarts hiking pay.

Young Wall Street analysts are benefitting from the war for talent among investment banks. Compensation has soared tens of thousands of dollars in recent months, with some firms now offering as much $120,000 a year. These numbers may seem outrageous for fresh-faced college graduates crunching spreadsheets, but they’re not.

✨JP MORGAN IS PREDICTING A HYDROGEN BOOM✨

JPMorgan’s Elaine Wu has predicted that hydrogen fuel cell vehicles (FCVs) will become a central figure in the Chinese commercial truck market.

“Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” said the firm’s head of Asia ex-Japan ESG and utilities research in a “Squawk Box Asia” report from CNBC. According to Wu, the rapid refueling time of only about 10 to 15 minutes for trucks makes this greenhouse gas emission-free option an appealing one in China’s commercial market.

Moreover, the range is substantially higher, at around 800 kilometers per refueling (about 500 miles), which is about 50 percent to 100 percent better than the current lithium battery electric vehicle range. Several automakers are already well into their FCV research, including Toyota, BMW and Honda.

“The [Chinese] government is promoting something, what we call ‘city clusters’ so that there could be demonstrative cities telling successful stories of how fuel cell vehicles are implemented in various parts of the country,” explained Wu. “This is also a policy that we saw implemented about a decade ago, when the central government was trying to produce lithium battery electric vehicles. And we saw how successful that was.”

According to announcements from Beijing, the country has set a 2025 goal by which one in five new cars sold will be new energy powered.

✨MORGAN STANLEY INVESTS HEAVILY IN BITCOIN TRUST✨

Investment banking giant Morgan Stanley is now the second-largest shareholder of the Grayscale Bitcoin Trust after ARK Investment Management.

According to recent SEC filings, Morgan Stanley owns over 6.5 million shares of GBTC worth over $240 million at the time of writing.

Cathie Wood’s ARK Invest funds currently own 9 million shares worth $350 million.

Morgan Stanley’s GBTC holdings are spread out across a series of funds, of which the Morgan Stanley Insight Fund holds close to 1 million shares.

The purchases over the past few months also demonstrate how significantly Morgan Stanley has increased its exposure to the leading digital asset.

At the end of June, the firm reported holding 28,000 shares of GBTC worth around $800,000 at the time.

The Grayscale Bitcoin Trust itself holds over $31.24 billion of Bitcoin according to a recent update of its assets under management.

The digital asset management firm had an overall AUM of over $43 billion at the time of writing, of which nearly $10 billion is held in the Grayscale Ethereum Trust.

Earlier this year, Grayscale revealed that it was 100% committed to converting its Bitcoin trust, which is currently the largest in the world, into an Exchange Traded Fund (ETF).

✨MAJOR INVESTMENT BANKS INCREASE PAY FOR ENTRY-LEVEL STAFF✨

Credit Suisse has increased salaries for first-year analysts to $100,000, making it the last major investment bank to offer six-figure entry-level salaries amid a bidding war for juniors.

The Swiss bank told analysts within its investment banking and capital markets units that it would pay $100,000 salaries for first year analysts, $105,000 for those in their second year and $110,000 for third years.

JP Morgan has recently joined Credit Suisse, with an announcement going out that first year associates joining via the MBA programme will be paid $175k, up from $150k last year. No announcement has yet been made about the rest of the associate program, but it’s hardly likely that second year associates will be paid much less than first-years, or that internally promoted ones will put up with less money than newly hired MBAs.

By the end of the year, it’s very likely that the entire top tier of investment banking will have seen the basic element of junior banker compensation go up by somewhat more than 15% across the board. Several firms have already bitten this bullet, with Deutsche, Barclays and UBS all raising salaries for associates at the same time as analysts.

✨ANOTHER BANK ENFORCES COVID VACCINATIONS TO ENTER THEIR OFFICES✨

Following the recent announcement from Goldman Sachs to enforce all employees to be vaccinated from Covid-19 to enter in to their US offices, Deutsche Bank AG is allowing only those employees fully vaccinated against Covid-19 onto its U.S. trading floors, joining a growing number of financial firms restricting access for staff who don’t get the shots.

The new policy, announced last week, applies to trading floors because social distancing is difficult on them, and not to other facilities used by the German bank in the U.S., a person with knowledge of the matter said. The policy is likely to impact few workers, as almost all employees have received the vaccine, the person said, asking not to be identified discussing private information.

Many of Deutsche Bank’s biggest U.S. competitors have instituted mandates that staffers get shots or don masks inside buildings. The Frankfurt-based bank is currently making a staggered move into new headquarters in New York, giving it more space at each of its offices to comply with social-distancing rules, said the person with knowledge of the matter.

✨GOLDMAN SACHS MAKE COVID-19 VACCINE COMPULSORY✨

In what could be considered to be a dangerous precedent, Goldman Sachs has made it compulsory for its staff to be fully vaccinated against coronavirus in order to work in its US offices.

The investment bank said from 7 September all employees, along with clients and visitors, would need to be doubled jabbed to enter its buildings.

Goldman said it would also introduce mandatory once-a-week testing from the same date for staff. Workers who are not fully vaccinated will be expected to work from home. Proof of vaccination status will be required via an app from October, it added.

A spokesperson said that from Wednesday face masks would also be required - regardless of vaccination status - in all common areas of its buildings, such as lobbies, lifts, hallways, restrooms and cafes, except while seated for eating and drinking.

The announcement comes after Pfizer's two-dose vaccine received full approval from the US Food and Drug Administration (FDA). The vaccine had initially only been given emergency use authorisation.

The approval is expected to set off more vaccine mandates by employers and organisations in the US at time when infections are rising and vaccine hesitancy remains high.

Last month, Goldman announced bankers returning to its London head office would be required to wear masks in the building, despite the easing of the UK government's coronavirus restrictions. Richard Gnodde, the head of Goldman Sachs International, said the bank would not insist on people being vaccinated, nor would it force people to return if they felt uncomfortable doing so. "[We will] continue to manage our exit from this in a cautious and appropriate way to make sure that our people feel comfortable," he said in a press report.

✨THE SEC APPOINTS DIVISION DEPUTY OF ENFORCEMENT✨

The Securities and Exchange Commission (SEC) appointed Sanjay Wadhwa as Deputy Director of the Division of Enforcement.

Wadhwa most recently served as the Senior Associate Director of the Division of Enforcement in the New York Regional Office (NYRO), where he managed more than 150 personnel in enforcing federal securities laws.

Wadhwa joined the SEC as a staff attorney in 2003. 

✨CREDIT SUISSE HIRE NEW GLOBAL HEAD OF INDUSTRIALS SECTOR BANKING✨

Credit Suisse Group AG has hired Emre Gunalp as global co-head of diversified industrials investment banking.

Gunalp will be based in New York and report to Douglas Pierson, head of the global industrials group, Americas. Gunalp will share coverage responsibilities with London-based Gregory Dalle, who also serves as co-head of the EMEA industrials & energy group, according to the memo from Pierson and fellow executives David Miller and Harold Bogle.

The hire comes as Credit Suisse has suffered several departures this year in the fallout from scandals surrounding Archegos Capital Management and Greensill Capital. Among those with a background in industrials who exited were Jason Wortendyke and William Young, who went to Citigroup Inc. and Bank of America Corp., respectively.

✨GOLDMAN SACHS BOOSTS PAY FOR FRONT OFFICE JUNIOR STAFF✨

Goldman Sachs Group Inc. is boosting the pay of junior staff in its sales, trading, research and asset management divisions as the wave of pay rises spreads beyond investment banking.

Goldman Sachs will pay starting salaries of $110,000 in these units, up from $85,000, while second years will receive $125,000. The boost applies largely only to front office staff.

Compensation changes are sweeping the industry, with firms across Wall Street raising pay in investment banking divisions this year after analysts at Goldman Sachs shone the spotlight on gruelling hours and sparked concern for the mental and physical welfare of juniors.

Goldman previously increased starting salaries in its investment banking division to $110,000. This boost was matched by other banks with Jefferies Financial Group Inc. and Guggenheim Partners offering the same amount and Evercore Inc. raising the stakes to $120,000 as the race for talent heats up.

Other banks such as JPMorgan Chase & Co. and Bank of America Corp. have already increased pay for analysts in sales, trading and research in line with their investment banking arm.

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