Finding Religion with Jefferies & Co

Three out, one in. That’s the summary of the ebb and flow of investment bankers into and out of shipping in recent years. Outbound bankers include Hamish Norton of Lazards, Ed Lincoln of Paine Webber and Regg Jones of Goldman Sachs, none of whom have been replaced. The lone inbound IB is Jefferies and Co.

Now we at Marine Money are generally skeptical when new investment banks come into shipping. Perhaps we are too protective, but when we see investment banks like CSFB enter business, we just assume they are doing so to skim the cream off of an irrationally exuberant market before sacking their staff and moving on when the deal flow dries-up.

This is only an excerpt of Finding Religion with Jefferies & Co

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