Archegos, Greensill, Credit Suisse: Kokkie Kooyman, Steven Nathan on investment banking
Banking and insurance oracle Kokkie Kooyman and ex-investment banker and 10X founder Steven Nathan shared their differences on the BizNews Power Hour when it comes to the world of investment banking in light of the Archegos Capital Management collapse. Credit Suisse and Japanese investment bank Nomura were the two main casualties, although there were a number of investment banks involved. Recent reports have emerged that US investment banks Morgan Stanley and Goldman Sachs were the first to react, selling billions of Archegos stock in large block trades.
The situation that played out is frighteningly similar to the movie ‘Margin Call’ which explores capitalism and greed during the initial stages of the global financial crisis. When analysts conclude that mortgage-backed securities held by the investment bank are worthless, an emergency board meeting is held to discuss all possibilities. Sin
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Steven Nathan steps down as CEO of 10X Investments
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10X Investments founder and chief executive officer, Steven Nathan has resigned in order to pursue other interests, after 15 years at the helm.
In line with 10X’s succession plans, the company’s executive chairman, Henk Beets, will assume responsibility as acting CEO. A search for a permanent successor will be launched as soon as practicable and an appointment will be announced in due course, the group said in a statement.
Beets said: “I will work very closely with 10X’s strong and experienced management team to ensure that we continue to deliver on our promise of providing our clients with superior investment outcomes through our simple, low cost and transparent offering.”