CHANGE at the top at HSBC. The Capitalist has learned that rising star Maged Latif, who joined the bank from Goldman Sachs two years ago, has been fast-tracked from deputy head of M&A to co-head of global financial institutions group (FIG) advisory.
Latif, who made his mark advising the government on taking Northern Rock into public ownership while at Goldman, will now focus on even larger and more complex M&A deals, working alongside fellow co-head of global FIG advisory Andrew Zeissink, who retains his role as leader of HSBC’s FIG practice in Asia.
The Capitalist hears the top-level reshuffle – which also sees Alistair Hill move back to London from Europe to become managing director, group M&A – is part of the bank’s strategy to boost its traditionally weaker reputation for M&A work by engendering a new spirit of co-operation between its M&A and global banking and markets teams.
Of course, the promotion also provides an incentive for Latif – the banker described as “a high-quality financial engineer” by an admirer – to enjoy a long career at the bank, which has hardly attracted star dealmakers since the defection of John Studzinski, who moved on from HSBC to Blackstone, and Robin Osmond, who left to work at JP Morgan.
“Having failed to make their high-profile investment banking acquisitions stay the trip in recent years, perhaps Latif is the key to HSBC becoming a global investment banking force,” speculated the mole.
WHEN an advertising firm displeased Mumsnet with its “Career Women Make Bad Mothers” ad, the parenting site’s retribution was deadly, with Mumsnetters threatening to leave dirty nappies outside the boss of the firm’s office.
So what can News International chief executive Rebekah Brooks (right) expect to find on her doorstep following the parenting site’s members “completely unanimous and very forthright” response to the Milly Dowler phone hacking scandal?
A lot worse than unwashed nappies, judging by Mumsnet postings that the News of the World is “despicable” and “rotten to the core”. “Phone hacking wasn’t a big discussion thread on the site before,” said chief exec Justine Roberts, who yesterday turned down £30,000 of advertising money from sister Murdoch firm Sky to placate her irate members. “But messing with the emotions of bereaved parents is beyond the pale.”
ON THE subject of the News of the World, one City observer has come up with a neat catchphrase to explain why the phone hacking scandal should be treated as a completely separate issue from Rupert Murdoch’s bid to own BSkyB outright. “The Sky bid is about plurality; the phone hacking saga is about morality,” said the source, providing The Capitalist’s catchphrase of the day. It has a nice, er, ring to it.
THE USUAL suspects were out in front in the Stock Exchange Sailing Regatta on the Isle of Wight – namely Magnus Wheatley from Charles Stanley and his crew, who looked set fair to win the annual Kemyss Betty Trophy.
But just 100 yards from the finish, the wind shut down to leave Wheatley floundering in third place, after Sean Mylchreest from the Charles Stanley Isle of Wight office sailed past to finish first, followed by Tom Taylor-Jones of Investec Wealth. Meanwhile, the trophy for the biggest misdemeanour of the day went to Tony Dorkins, a crew member of JM Finn’s David Higham, who abandoned ship early to mix business and pleasure by visiting clients elsewhere on the island.