Switzerland’s two largest lenders are prepared to scale back their investment banking operations further if the country’s strict capital rules become even more onerous, their chairmen have said. UBS and Credit Suisse have made cuts of different magnitudes to their investment banks, but a heated political debate in their home market has left open the prospect of these businesses being hit by even stricter regulation in the future. “If there is a fundamental change of the regulatory rules then we would have another look at how to recalibrate the business,” Urs Rohner, Credit Suisse’s chairman, told the Financial Times. Panama Canal offers olive branch
The Panama Canal Authority has offered an olive branch to a European consortium threatening to suspend a $3.2bn contract to expand the globally strategic shipping route. Jorge Quijano, head of the Panama Canal Authority (ACP), said he was prepared to advance $100m to ease the cash crunch, provided the contractors withdrew their threat to suspend the project and contribute the same amount.
Goldman Sachs has shaken-up its prized technology investment banking team, which landed the lucrative and high-profile Twitter initial public offering but has seen some fractious relations between its bankers. THE TIMES
Permira’s cash opens door to law
An American internet law firm that sells online wills for a few dollars and arranges work visas automatically is to set up shop “aggressively” in Britain. LegalZoom is planning to make the leap across the Atlantic after it emerged that Permira will pay £122m for a controlling stake in the business. Mail splashes out after profits rise
The chairman of the company that owns the Daily Mail has been awarded a 17 per cent pay rise to £2.3m after the media group’s pre-tax profits increased by a tenth. The Daily Telegraph TCI has record year
TCI’s flagship $7.9bn (£4.8bn) Master Fund generated a staggering 47pc returns during 2013. The hedge fund manager, Chris Hohn, has made billions of dollars after a record year – but, for the first time since founding The Children’s Investment (TCI), his charity may not see a penny of the profit. Horlick closes restaurant
Nicola Horlick, the millionaire investment manager behind Bramdean Asset Management, has closed her Georgina’s restaurant in Barnes, West London, after complaining about the area’s “excessively high” fixed overheads. THE WALL STREET JOURNAL
Retailers condemn Cambodia
Seven major retailers including H&M and Gap called on all Cambodia’s government to reject violence following a deadly crackdown on garment-industry workers seeking better wages. Boeing faults damage Norwegian Air
Norwegian Air Shuttle is holding discussions with Boeing following a series of delays during the holidays caused by technical problems with its Dreamliner jetliners, further denting the airline’s reputation as a newcomer to the long-haul market.