In January, UBS hired Aneliya Crawford from law firm Schulte Roth & Zabel LLP to co-head its activism defense group. may have to write down more of its loan portfolio in the fourth quarter as a feeble economy and growing credit crisis continue to rattle some of financial industry's biggest. There has also been movement among bankers in the last months. Several firms have nominated directors to boards at companies ranging from Exxon Mobil to OneSpan. JPMorgan's 1.3 billion write-down sent its net income. Morgan’s other lines of business, including its asset-management and card-services divisions, helped offset the markdown. NEW YORK JPMorgan Chase said Wednesday that its fourth-quarter profit fell 34 percent after it wrote off 1.3 billion in mortgage losses. Morgan Chase trudged through the third quarter to post a 2 percent increase in earnings, even though its investment banking unit was ravaged by this. While the COVID-19 pandemic tamped down activist campaigns last year, the pace is picking up now with a number of investment firms pressing for strategic reviews to consider M&A and demanding board refreshments. Morgan said it took a 1.3 billion writedown in the quarter, net of fees, related to its leveraged lending business, which includes making loans to fund private equity deals. JP Morgan had restructured its shareholder advisory business several months ago with David Freedman, a veteran dealmaker, who was tapped to lead the global shareholder engagement and M&A capital markets group.Īctivism defense has become a major franchise for investment banks, as hedge funds such as Elliott Management, Starboard Value and Third Point push for changes at companies. Benjamin Wilson, who had been responsible for North America, left in February to join another firm, and Kirshlen Moodley, who had been head of the practice in Europe, Middle East and Africa, left in late 2020. also slashed estimates on JPMorgan Chase by 25 cents for the third quarter to 42 cents a share and by 30 cents this year to 2.30. The move comes after two executives working on activism defense left the bank. JPMorgan Sinks on Writedown, Analyst Notes. resulting in a write-down of the portfolio to the estimated fair value at. JP Morgan did not immediately respond to a request for comment. Refer to the Glossary of Terms and Acronyms on pages 283289 of JPMorgan Chase.
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He is a lawyer and began his career at Cleary Gottlieb. 'The investment bank continues to be negatively affected by the disruption in the credit and. Porretti was previously head of Shareholder Advisory at independent investment bank Greenhill & Co and before that worked at Morgan Stanley on the bank's shareholder activism and corporate defense team. The writedowns would exceed the 1.1 billion in writedowns reported in the second quarter, it added.