New UBS boss Ermotti set to cut more jobs November 15, 2011 SERGIO Ermotti is expected to swing the axe at UBS’s investment bank after being named chief executive of the group. Analysts said the appointment of Ermotti, and the decision to replace chairman Kaspar Villiger with former Bundesbank president Axel Weber in May, a year earlier than expected, would reassure investors in the aftermath of the [...]
Bank’s fate rests on stylish Swiss Sergio November 15, 2011 SUAVE, smooth and Swiss, Sergio Ermotti was seen by many – but not all – as the man to restore the fortunes of UBS. The former deputy head of UniCredit spent most of his early career at Merrill Lynch, where he rose to become co-head of global equity markets. The well-dressed executive is seen as [...]
Credit Suisse to integrate Leu November 15, 2011 Credit Suisse Group AG will fully integrate private bank Clariden Leu into its organisation, ending the 250 year-old Leu brand and cutting jobs to achieve SwF200m (£138m) in annual cost savings. Credit Suisse said the step was part of plans announced earlier this month to increase the contribution of its private bank to group pretax [...]
Altium closes securities arm November 15, 2011 CITY investment bank Altium is to close its securities division with the loss of 30 jobs, it said yesterday. Altium has started a 90-day consultation but said the freeze in capital markets left it unable to operate. The closure will leave highly regarded staff such as head of research Greg Feehely facing an uncertain future. [...]
Growth spurt ends as GDP set to shrink November 15, 2011 GDP GROWTH across the Eurozone slowed in the third quarter and although France and Germany both posted healthy figures yesterday, economists expect contraction to take hold from the last three months of 2011. The Eurozone grew by 0.2 per cent over the three months to September, which amounts to growth of 1.4 per cent when [...]
CITY VIEWS: NOW THE NEW YORK PROTESTERS ARE BEING EVICTED, IS IT TIME FOR OCCUPYLSX TO MOVE ON? November 15, 2011 DUNCAN MACKAY | MARLIN HAWK “Yes, I definitely think that the protesters in London need to be moved. It would be a different story if they had a real solution or agenda but there is no time line to see them go or make any real difference to their cause.” JAMIE WILSON | DEUTSCHE BANK [...]
Sino-Forest hits back after panel finds no evidence of mass fraud November 15, 2011 SINO-FOREST, the Chinese firm accused of misleading investors, claims an independent panel found no evidence it was perpetrating a massive investor fraud, but the forestry company’s chief accuser has said the probe lacked credibility. Sino said yesterday the panel, commissioned in June, found no basis for a short-seller’s allegations that the company was operating a [...]
EU puts off controversial ratings ban November 15, 2011 EUROPEAN regulators have stepped back from proposing controversial reforms that would ban ratings agencies from publishing views on struggling sovereigns. The European Commission (EC) also shelved plans for a public EU ratings agency on the grounds of cost, saying it would require some €300-€500m (£256-£527m) to set up, money not yet available from Brussels’ ballooning [...]
Goldman warns LSE may lose out on Italy income November 15, 2011 SHARES in the London Stock Exchange fell more than five per cent in trading yesterday after Goldman Sachs analysts cut it to a sell rating over its exposure to Italy. The LSE, which updates the market on its trading today, owns Italian clearing house CC&G and makes up to 38 per cent of its earnings [...]
Europe to vote on short-selling November 15, 2011 THE EUROPEAN Parliament has passed a law placing restrictions on short-selling and trading of instruments linked to EU sovereign bonds, despite evidence similar temporary bans have had little effect on price performance. The ban on “naked” trading of credit default swaps (CDS) will prevent investors from buying the instruments if they don’t own the bonds [...]
