Hello and welcome to the Fides Weekly Update, a breakdown of the week’s key news, moves and developments in legal and compliance.
This month’s blog explores the impact falling oil prices have had on global banks and the outlook this holds for the sector in the future.
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Featured Blog: Has the broken energy market injured global banks?
As results for Q1 2016 are gradually released by the major global banks and financial institutions, there is one question we are all asking: how much have they been affected by depressed oil prices?
Oil prices have been on a downward spiral, and oil producers and lenders alike are desperately seeking for ways to lift the price… Click here to read further
MOVERS & SHAKERS OF THE WEEK
Moves
Cleary Gottlieb picks up A&O finance regulation head
Allen & Overy’s head of non-contentious financial services regulation Bob Penn joins Cleary Gottlieb Steen & Hamilton.
Barclays Competition Head to join Baker & McKenzie
Baker & McKenzie makes a second high-profile hire from Barclays with MD and Head of Competition Nicola Northway.
Sidley Austin bolsters private equity team with Willkie hire
Leveraged finance partner James Crooks joins Sidley Austin from Willkie Farr & Gallagher
Ashurst capital markets partner to depart for White & Case
Ashurst ECM partner Jonathan Parry makes the move to White & Case
Pinsent Masons picks up former TMT practice head at Simmons
Andrew McMillan, who led the TMT practice at Simmons until 2015 joins Pinsent Masons as a partner within its advanced manufacturing and technology sector (AMT)
Freshfields bolsters US offering with hire of leading Department of Justice white-collar prosecutor
Deputy Chief of the USDoJ’s criminal fraud section Daniel Braun joins Freshfields Bruckhaus Deringer.
Mergers
Reed Smith and Pepper Hamilton call off merger talks
Reed Smith calls off merger talks with Philadelphia-based Pepper Hamilton.
Partner Promotions
Norton Rose Fulbright make up 39 partners globally, with two four in the firm’s London office
CMS promotes 31 to partnership with five in the UK
Eversheds make up 26 partners globally, with four in the firm’s London office
Stephenson Harwood promotes nine to partnership with five in London
Charles Russell Speechlys promotes nine to partnership with six in London
HFW make up 9 partners globally, with three in the firm’s London office
RPC promotes three to partnership in latest round
Irwin Mitchell promotes 13 to partnership with three in London