It may be a sign of the times, in economic terms, or perhaps simply the result of US banks having moved first to clear their balance sheets, but another of the City's oldest institutions - Hoare Govett - looks set to fall into US hands.
US investment bank Jefferies is close to buying Royal Bank of Scotland's corporate broking arm Hoare Govett, a person familiar with the matter said on Wednesday, according to a report in Bloomberg.
It is understood that a sale could be announced by Tuesday and would involve about 40 Hoare Govett staff and some other employees.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As well, Bloomberg reports that Jefferies will pay only a nominal amount to buy Hoare Govett and that RBS has offered to provide funds to cover some staff costs.
AB
-
How to boost your pension by £33,000 by paying it an annual Christmas bonusContributing an extra £400 into your pension pot this festive period will give the gift of compound interest and should make your retirement feel more jolly and bright
-
Japan’s medium-sized stocks provide shelter from trade warsNicholas Price, portfolio manager of Fidelity Japan Trust, tells us where to invest in Japan
