HALISTER: Bank of America Vice Chairman Patrick McDonough Leaving Firm

Bank of America Vice Chairman Patrick McDonough Leaving Firm

(Bloomberg) -- Patrick McDonough is leaving after 10 yrs at the investment bank, according to a memo obtained Friday by Bloomberg.
  • McDonough “informed me of his decision to retire from our company,” chairman of global corporate and investment banking Purna Saggurti wrote in memo to MDs
  • John Yiannacopoulos, a bank spokesman, confirmed contents of the memo; he declined further comment
  • Prior to Bank of America Merrill Lynch, McDonough worked at Morgan Stanley: Finra records
  • NOTE: May 25, BofA Loses Merrill Lynch Veterans Dan Cummings, Sam Chapin
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BAC US (Bank of America Corp)

People
John Yiannacopoulos (Bank of America Corp)
Patrick McDonough (Bank of America Corp)
Purna Saggurti (Merrill Lynch & Co Inc)
Dan Cummings
Samuel Chapin (Merrill Lynch & Co Inc)

Topics
Financial Firm Departures
Management Changes
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HALISTER: Apple Hit With Another China Setback in Beijing Patent Ruling

Apple Hit With Another China Setback in Beijing Patent Ruling

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)

People
Carl Icahn (Icahn Enterprises Holdings LP)
Kristin Huguet (Apple Inc)
Timothy Cook (Apple Inc)
Timothy Long (Bmo Capital Markets)

Topics
BGOV Tech/Telecomm

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UUID: 7947283

HALISTER: Jefferies Said to Shake Up U.S. Financial Sponsor Banking Group

Jefferies Said to Shake Up U.S. Financial Sponsor Banking Group

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JEF US (Jefferies Group LLC)
LAZ US (Lazard Ltd)
LUK US (Leucadia National Corp)

People
Adam Sokoloff (Jefferies LLC)
Christopher Ooten (Merrill Lynch & Co Inc)
Fotis Hasiotis (Lazard & Co Ltd)
James Seagrave (Jefferies International Ltd)
Jeffrey Greenip (Jefferies LLC)

Topics
Who's News - People

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UUID: 7947283

HALISTER1: Bullard Opens Debate on Dots; That Isn’t a ‘Bad Idea’: Jefferies

Bullard Opens Debate on Dots; That Isn’t a ‘Bad Idea’: Jefferies

(Bloomberg) -- St. Louis Fed Pres. James Bullard’s views on policy are creating well-deserved debate about significance of central bank’s rate forecasts, Jefferies economist Thomas Simons said in phone interview Fri.
  • “What the dots do now is create a lot more confusion and frustration than effective communication would”; “it’s doing a lot more harm than good at this point”
  • “The dots had really strong justification when the Fed was trying to tell markets that rates would be low for a long time. Now we’re relying on the Fed’s ability to forecast economic variables and how monetary policy fits into the context of the rest of the world, and it’s not good enough for this to be useful information”
    • “The world economy is very complex at this point, and the Fed is running monetary policy in a way that’s diverging from other major central banks. But more than anything, their forecasting ability is not strong enough to rely on a very detailed forecast like this”
  • “The general position he’s taking on, insofar as the way growth and inflation are likely to progress in the next couple of years, suggests a low fed funds rate is justified”
  • Still, “there may be some element of exaggeration to get his point across”
  • “The Fed needs a significant amount of introspection to examine the way it’s communicating with the market” and “has constrained its ability to make policy decisions based on market pricing”
  • “Obviously, the Fed cares about market expectations for policy. We saw that in the last few weeks”
    • “At what point are they going to hike again? And at what point are investors going to say, ‘I’m not going to make a play because the Fed keeps backing off’?”
    • “If that happens, the market is never going to show expectations that the Fed is going to hike. If Fed communications stay the way they are, the Fed is going to have to surprise markets and just hike”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
James Bullard (Federal Reserve Bank of St Louis/MO)
Thomas Simons (Jefferies LLC)

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