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(Reuters) – As monetary establishments face elevated scrutiny, 10 client monetary companies attorneys have left U.S. legislation agency Stroock & Stroock & Lavan for Morgan, Lewis & Bockius in a number of cities, Morgan Lewis stated Wednesday.
The litigation and regulatory staff consists of three companions: Arjun Rao in Los Angeles, Brian Frontino in Miami and Allen Denson in Washington, D.C.
Seven non-partner legal professionals are primarily based in these three areas, in addition to Century Metropolis and New York, a agency spokesperson stated.
Morgan Lewis is a Philadelphia-founded legislation agency with about 2,200 legal professionals globally. Stroock, based in New York, has about 230 legal professionals.
The staff helps monetary companies and fintech purchasers defend in opposition to banking class actions and handle state and federal regulatory issues, the agency stated.
“The banking business is at a crossroad—from disrupters and new entrants to heightened regulation, litigation, and different financial challenges,” Morgan Lewis chair Jami McKeon stated in a press release.
The companions weren’t instantly accessible to remark.
A Stroock spokesperson stated its monetary companies litigation, regulation and enforcement group “stays a serious pressure,” and wished the departing legal professionals effectively.
Legislation corporations have just lately been pulled in to advise on high-profile monetary establishments issues, such because the collapses of Silicon Valley Financial institution and Signature Financial institution.
“In recent times, we have seen heightened consideration on the monetary business from lawmakers and regulators, and seen courts weigh in on business practices,” Frontino stated in an emailed assertion.
A number of different corporations have additionally just lately introduced on legal professionals that assist monetary establishments in regulatory enforcement.
Davis Polk & Wardwell final month employed financial institution regulatory companion David Portilla from rival Wall Avenue legislation agency Cravath, Swaine & Moore, whereas Gibson, Dunn & Crutcher added two Paul Hastings legal professionals who advise monetary companies and know-how purchasers on regulatory issues and transactions.
Orrick Herrington & Sutcliffe in February mixed with legislation agency Buckley in a bid to create a “monetary companies and fintech legislation powerhouse” and handle demand by firms and monetary establishments for regulatory and enforcement recommendation.
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What’s going on here?
From hostile takeovers to strategic acquisitions, major financial and industrial players are making bold moves to bolster their market positions. Spanish bank BBVA, Swiss private bank Julius Baer, and British IT services group Redcentric are all in high-stakes negotiations for potential mergers.
What does this mean?
BBVA’s €12.23 billion hostile takeover bid for Sabadell marks a major potential consolidation in the Spanish banking sector, despite opposition from Madrid. Julius Baer’s talks with EFG International highlighted competition in Swiss private banking, though discussions have ceased. In IT services, Redcentric’s negotiations with Milan-listed Wiit SpA could lead to a substantial acquisition. Additionally, private equity firm Carlyle is preparing to sell aerospace manufacturer Forgital, signaling increased activity in the aerospace sector. Also, Deutsche Bahn is advancing in the bidding process for its logistics subsidiary Schenker, with four contenders still vying for it.
Why should I care?
For markets: Strategic consolidations and divestments.
These moves reflect broader trends of consolidation and strategic realignment across industries. BBVA’s bold bid for Sabadell and Criteria’s acquisition of a 9.4% stake in ACS for €983 million signify aggressive strategies to capitalize on market opportunities. Carlyle’s plan to sell Forgital and Saudi Aramco’s in Repsol’s renewable energy division highlight the growing focus on portfolio diversification and sustainability.
The bigger picture: Global shifts in financial and industrial landscapes.
These developments indicate profound changes in the global financial and industrial sectors. KKR’s likely approval to acquire Telecom Italia’s fixed-line network without EU antitrust conditions signals a favorable regulatory climate for strategic deals. On the flip side, the Italian government’s decree for state broadcaster RAI to possibly merge its tower unit, RaiWay, with EI Towers shows the fluidity of managing national strategic assets. Meanwhile, Coventry Building Society’s £780 million purchase of Co-operative Bank underscores ongoing consolidation in the British banking sector.
Bengaluru: The Union Finance Ministry said on Friday that the ongoing geo-political upheavals and the resultant volatility in prices of commodities globally, continues to be a cause of concern on the economic front, but added that there are enough macro-economic buffers to navigate these challenges.
“The unrelenting geopolitical tensions and volatility in global commodity prices, especially of petroleum products, present substantial multi-frontal challenges,” the ministry said in its latest Monthly Economic Review (MER), for the month of April 2024.
Nonetheless, the expectation is that the macro-economic buffers nurtured and strengthened during the post-Covid management of the economy will help the India navigate these challenges reasonably smoothly, the MER stated.
India’s retail inflation for April declined to a 10-month low of 4.83%, the second consecutive month below the 5% level. This was primarily due to easing of core inflation, even as food prices remained elevated.
There has been a continued decline in retail inflation since December 2023. It has been within the Reserve Bank of India’s (RBI) tolerance range of 2-6 per cent for the seventh month in a row. However, it has been above the central bank’s medium-term target of 4 per cent for 54 consecutive months.
Primarily due to the ongoing conflict in the Middle-East, prices of the benchmark Brent crude have risen more than 6 per cent year-to date.
On Wednesday, the MER stated that as per all available high-frequency data, the strong performance of the Indian economy in 2023-24 has carried onto the current April-June quarter (Q1 of 2024-25).
“The Indian economy closed FY24 strongly with its growth surpassing market expectations, despite strong external headwinds. Early indications suggest a continuation of the economic momentum during the first quarter of FY25,” it stated.
It said that industrial activity is gaining momentum and fixed investment is gathering pace on the back of the focus the government’s capital spending. “The forward-looking surveys of the Reserve Bank also indicate improving consumer confidence and industrial outlook,” the report said.
Published 24 May 2024, 22:45 IST
LAWTON, Okla. (KSWO) – The City of Lawton has announced Rebecca Johnson as the city’s new Finance Director.
According to a press release from the city, Johnson’s experience includes service as a utility supervisor for the City of Norman, auditor for the Public Utility Division of the Oklahoma Corporation Commission, and most recently the Finance Director for the City of Duncan.
Johnson will begin her new role on June 3.
You can read the full press release here:
Copyright 2024 KSWO. All rights reserved.
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