StanChart head of FICC leaves November 24, 2011 STANDARD Chartered has lost its global head of fixed-income, currency and commodities as departures continue to rise in investment banking amid a worsening financial market. Singapore-based Remy Klammers, a high-profile hire from Lehman Brothers back in 2008, is expected to begin his own startup, two sources with knowledge of the move said. A bank spokesman [...]
Intesa chooses new chief exec November 24, 2011 INTESA Sanpaolo yesterday picked a top manager at insurance group Allianz as its new chief executive to steer Italy’s biggest retail bank through a worsening sovereign debt crisis that has reduced its access to funding. Enrico Cucchiani, head of Allianz’s Italian unit, succeeds Corrado Passera, who left the bank to join Italy’s new government. He [...]
Moulton gains strength in battle to buy Clarity November 24, 2011 PRIVATE equity icon Jon Moulton has moved closer to a takeover of software firm Clarity Commerce by winning backing from nearly half of its shareholders. Moulton’s Enigmatic Investments yesterday said it has gained the support of investors owning around 45 per cent of Clarity stock, despite directors holding out for more cash. It is the [...]
Santander bond swap flops November 24, 2011 Santander said yesterday only around a fifth of investors had accepted its offer to swap junior bonds into new debt, part of an exchange some of Europe’s biggest investors say will shut the Spanish bank out of future funding markets. The bank said just 23.8 per cent of bondholders had taken up its offer, making [...]
Raiffeisen may close some arms November 24, 2011 Austrian bank Raiffeisen could cut assets and reshuffle its capital structure to meet regulatory targets without curbing growth in its core emerging Europe markets, the region’s third-biggest lender said yesterday. The bank also said it might withdraw from some activities in central and eastern Europe due to tough new regulations and poor profitability. New rules [...]
Ryanair pushes Aer Lingus on EGM November 24, 2011 Irish airline Ryanair said yesterday it will pursue Aer Lingus directors for a breach of company law if the former state carrier refuses again to hold an extraordinary general meeting. Ryanair, Aer Lingus’s largest shareholder with a near 30 per cent stake, said it had the right to request a meeting at which it wanted [...]
Toyota to create 1,500 UK jobs November 24, 2011 Toyota will invest £228m in Europe to build the next generation of its Auris compact hatchback in the UK and a compact saloon in Turkey, adding up to 1,900 new jobs in total. Toyota said it expects to recruit up to 1,500 additional workers in the UK, with a first recruitment phase of around 500 [...]
Raymond Blanc chain expands November 24, 2011 Raymond Blanc’s restaurant chain has bought up eight Chez Gerard restaurants out of administration. The eight London-based outlets employ almost 250 people, and administrator Deloitte is ensuring trade continues at a further 24 sites while it looks for a buyer. The deal takes the total number of Brasserie Blanc branches to 19.
Why Lloyds is championing our appeal November 24, 2011 IF you’re looking for just one reason to back City A.M.’s Christmas charity appeal, try this from a banking executive who has been intimately involved with Opportunity International for the past seven years. “This is not a charity that gives away money. It enables people to realise their entrepreneurship and when you see how much [...]
£98,000 raised THIS WEEK November 24, 2011 CITY A.M. readers have demonstrated their outstanding generosity this week by pledging huge support for our Christmas appeal. Through your donations we have raised an impressive £98,000 in the past five days alone, with donations pouring in by phone, by text, and through our website. Every contribution, no matter how small, is very welcome and [...]
