Shanks chief quits to work closer to home July 5, 2011 BRITISH waste management firm Shanks Group said yesterday that its chief executive Tom Drury had decided to leave the company by the end of October to pursue other interests. Drury will join Manchester-based private company, Arrow Global, as chief executive and will become a shareholder in that business, Shanks said. “Tom Drury has decided to [...]
BofA investors plot challenge over pay out July 5, 2011 A GROUP of bondholders in Bank of America plan to challenge the lender’s $8.5bn (£5.2bn) settlement with holders in soured mortgage-backed securities. Eleven companies, known together as Walnut Place, filed papers in the New York Supreme Court in a bid to overturn the payment. They say they have “serious concerns about the secret, non-adversarial, and [...]
Asian growth lifts Clifford Chance profit July 5, 2011 PROFITS per equity partner at magic circle law firm Clifford Chance passed the £1m mark last year for the first time since 2008, as revenues climbed two per cent to £1.2bn. Despite cost savings of just one per cent across the firm, favourable ratios mean profit growth outstripped the modest rise in revenue, jumping 10 [...]
London IPOs flagging behind rest of world July 5, 2011 THE LONDON market for new company share offers is lagging behind the rest of the world, a report out today by Ernst & Young claims. The total value of capital raised from initial public offerings (IPOs) in the second quarter of this year hit $64.6bn (£40.2bn), up 38 per cent on the same period a [...]
KEEP THE FAITH: TONY BLAIR PRAYS FOR GLOBALISATION WITH VALUES July 5, 2011 NEVER mind the JP Morgan advisory gig, Tony Blair’s real focus post-politics is his religious faith – despite being warned by former aide Alastair Campbell not to make a feature of his Christian beliefs. “We don’t do God,” Campbell growled to Blair, after the former Prime Minister’s Christian faith became the headline in one of [...]
HSBC cuts jobs in France July 5, 2011 HSBC set out sweeping cuts to headcount in its French business yesterday as part of a cost-cutting drive outlined by chief executive Stuart Gulliver. HSBC France said it would cut 672 employees from its 10,150-strong workforce by 2014 to create a leaner and faster-growing operation. The cuts would be through natural turnover without compulsory redundancies, [...]
Arden eyes growth as profits rise July 5, 2011 AIM BROKER Arden Partners returned to profit in the first half of 2011 as it cut expenses and saw trading profits surge, it said yesterday. Arden, which has 34 clients, made a £1.2m pre-tax profit in the six months to the end of April, up from an £0.2m loss in the same period in 2010. [...]
Allianz sells first insurer coco bonds July 5, 2011 GERMAN insurance group Allianz sold €500m (£451m) of so-called “coco” bonds to privately-owned Japanese insurer Nippon Life yesterday in the first use of such instruments in the sector. The contingent convertible bonds Allianz created can convert to common equity in the insurer within ten years of being issued, in the event of certain conditions it [...]
JP Morgan aims for Swiss market share July 5, 2011 JP MORGAN (Suisse) aims to expand its wealth management staff by 15-20 percent a year in the next three to five years, a vote of confidence for Swiss private banking in the face of numerous challenges to the industry. Managing director Andrea Tardy said his bank could take market share despite stiff competition and attacks [...]
Pimco wins inflation bet July 5, 2011 PIMCO, the world’s top bond fund manager, has gained about $50m (£31.1m) on an inflation-related trade that resulted in losses to the trade’s counterparty Morgan Stanley. Pimco, which was concerned about a pick-up in longer-term inflation, began buying 30-year Treasury Inflation Protected Securities, or TIPS, people familiar with the matter said. Morgan Stanley is thought [...]
