INSUBCONTINENT EXCLUSIVE:
of the most valuable banks in the world, has about 18 advisers who got credit for a fee pool of just over $1 million, according to people
Morgan Stanley and Bank of America Corp
will take the bulk of that pool while the rest will be paid just a token amount, they said, asking not to be identified as the information
is not public.The fee pool is disproportionately small as the board and executives of the companies led by Deepak Parekh, then chairman of
HDFC, drove the merger process, and the role of the advisers was limited, the people said
Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase - Co, and Jefferies Financial Group Inc., and leading domestic advisory firms like
paid more than others as they provided a fairness opinion on the valuation for the proposed transaction, while the rest of the advisers
in the first half of the year pushed them to embark on job cuts.
JPMorgan, Citigroup, Goldman Sachs, and Morgan Stanley are among those to
have started firings across their investment banking divisions globally this year
However, advisory units of overseas and local banks in the South Asian nation were left mostly unscathed as the team sizes were already
small and costs were in check.
