There is not much tech involved, but Ex-bankers from Goldman Sachs and JPMorgan are hanging out shingles to challenge their old employers on turf once thought impenetrable: the $7 billion-a-year business of handling complex stock-related transactions.advise companies on securities offerings.
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Upstarts Crash Wall Street’s $7 Billion Capital-Markets Party
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When Twitter was looking to raise $1 billion from investors earlier this month, it put out the usual calls to Wall Street banks. The social-media company also called Vijay Culas, who works out of rented office space on a busy stretch of highway in San Mateo, Calif. A former Goldman Sachs Group Inc. banker who hung out a shingle in 2014, Mr. Culas helped Twitter negotiate with its banks and ultimately sell a type of hybrid bond for a 1% fee, one of the cheapest offerings in recent memory. Mr. Culas is among a handful of upstart advisers who are challenging investment banks on turf once thought impenetrable: the $7 billion-a-year business of handling complex stock-related transactions.
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