UBS cuts under way as Adoboli says he is sorry September 22, 2011 UBS is cutting its investment banking division as the trader accused of a $2.3bn (£1.5bn) fraud yesterday said he was “sorry beyond words”. The bank’s cull represents between five and 10 per cent of the posts within its advisory arm and is part of the 3,500 job cuts announced in August. It is not directly related [...]
BNP Paribas to cut jobs but denies seeking Qatari cash September 22, 2011 BNP Paribas is planning a “significant” round of job cuts across its corporate and investment bank, chief executive Baudouin Prot said yesterday. But he denied reports that the bank is seeking a capital injection from Qatar’s sovereign fund after rumours that it needs more equity swept through markets. Prot said the layoffs would come alongside [...]
Goldman gives new position to Gregg Lemkau September 22, 2011 GOLDMAN Sachs yesterday appointed Gregg Lemkau as the bank’s new head of mergers and acquisitions in the EMEA and Asia Pacific region. The role is a new one for the bank, employees were informed yesterday. Lemkau has been the co-head of the bank’s top-ranking global technology, media and telecom group (TMT), where he has acted [...]
Sage sells its health unit for $320m September 22, 2011 SAGE has agreed to sell its healthcare business to Vista Equity Partners for $320m (£207m). The software firm says it will return all of the proceeds to shareholders through a buyback scheme, adding that the move will enable it to focus on its core US customer base. It said yesterday it had reached a definitive [...]
Breedon to step down from Legal & General September 22, 2011 CHIEF executive Tim Breedon is retiring from Legal & General at the end of 2012, by which time he will have spent 25 years at the insurer. “With the company in excellent shape I feel that next year will be the right time to retire from the company. By giving notice of this now, the [...]
END OF AN ERA AS CITY SAYS FAREWELL TO TOP LINKLATERS PARTNER September 22, 2011 IT WAS “hangover central” in the City yesterday, said one mole, thanks to some enthusiastic networking at the City A.M. awards that continued into the early hours of Thursday morning in the basement nightclub in the Grange Hotel at St Paul’s. However, the retirement party for Linklaters senior partner David Cheyne on the same evening [...]
Omega gets a fresh merger proposition September 22, 2011 SHAREHOLDERS in the loss-making Omega insurance group were yesterday presented with a third takeover proposal for the group. Barbican Insurance, a private group backed by Carlson Capital, said yesterday that it was proposing to be bought by Omega in an initial all-share deal, with no acquisition premium to be paid out to Barbican’s shareholders. The [...]
Insurer needs to exploit bid interest September 22, 2011 YOU wait ages for a bus and then three come at once, or so the saying goes. Shareholders in Omega, the insurance group headed by Richard Pexton, must feel similarly. The loss-making group, which has been on the radar of Canopius for many months, now has three proposals to consider after rival Barbican yesterday confirmed [...]
FedEx pares outlook despite rise in profit September 22, 2011 FEDEX, the world’s second biggest package delivery company, last night reported a higher quarterly profit that slightly beat forecasts but pared its outlook for the full year, citing fuel prices and moderate global economic growth. Analysts had expected the company to lower its earnings guidance based on a tepid domestic economy and slower international trade [...]
Board moves to safeguard Molton Brown September 22, 2011 LUXURY skincare firm Molton Brown has moved to break off deals with key contractors who threaten to jeopardise its upmarket reputation. Parent company Kao Prestige has highlighted concerns over the behaviour of firms which could damage Molton Brown’s “brand value”. “This could be caused by poor quality products, poor customer service or inappropriate sales channel [...]
