Lazard poaches BOFA FSG head
Adam Cady to Lazard, who had been head of FSG at BOFA which is a relatively strong group.
Is the downfall of BOFA continuing?
Big moves for Lazard.
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lol this isn’t going to affect anything major. BAML leads with their balance sheet, so they will remain relatively strong in a group like FSG. Much bigger deal if an industrials/TMT/HC etc group head leaves
Banks are losing the leverage they had with balance sheets to private credit, although recently some banks are winning bank deals from PC funds. Interesting times we live in rn.
super overblown PC loans are still more expensive right now but the advantage is the terms are more flexible. also, unless you’re BX or KKR, you can’t get 10 billion of financing from PC. Basel III could change the above but as of now it’s fine
Don't expect much. Sponsors need a wide range of services and balance sheet banks will always lead the pack.
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