Italy’s UniCredit to cut 5,000 jobs November 14, 2011 Italian bank UniCredit is to axe 5,000 staff while preparing a 7.5bn euro (£6.4bn) rights issue in an attempt to dig it out of trouble. The bank reported a 10.6bn euro loss in the three months to September, triggered by debt writedowns in the Eurozone. UniCredit holds 38bn euros of Italian government bonds and its [...]
EURO CRISIS BACK AS SPAIN FEELS THE HEAT July 23, 2012 Spanish 10-year yields soar above 7.5 per cent Moody’s puts Germany rating on negative outlook Short-selling bans fail to impress rattled markets THE EUROZONE crisis flared back up yesterday as Spanish and Italian government borrowing costs soared to levels not seen since the start of the year, while Germany and other safe haven nations came [...]
Meissner hires co-heads for BofAML Europe June 25, 2012 CHRISTIAN Meissner, the global corporate and investment banking head at Bank of America Merrill Lynch, has appointed two of his former charges to become co-heads of the bank’s investment banking arm for Europe, the Middle East and Africa. Meissner is hiring Diego de Giorgi from Goldman Sachs and is promoting Bob Elfring, with whom he [...]
Moody’s cuts ratings on string of German and Austrian banks June 6, 2012 Moody’s Investors Service cut the credit ratings of six German banking groups and Austria’s three largest banks on Wednesday, saying they face risks if the eurozone crisis deepens. The downgrades are part of a broad review of banks in the region that has had investors on edge but were mild compared to cuts for banks [...]
Shares in LSE group fall after major Italian banks cash out May 23, 2012 SHARES in the London Stock Exchange sank seven per cent yesterday after two Italian banks sold their stakes at the bottom end of the price range offered. UniCredit and Intesa Sanpaolo, the third and fourth-largest shareholders respectively, sold a combined 11.5 per cent stake at 960p a share, just days after they were downgraded by [...]
Investors rightly fear over-optimism more than big rights issues May 27, 2012 NEAR the end of last year, I spoke to a banker involved in UniCredit’s €7bn rights issue, which had generated huge scepticism in the markets. How on earth was he going to convince investors to put so much money into Italy’s biggest lender with every sign that the Eurozone crisis remained unresolved? His answer was [...]
Credit Suisse braced for a further reduction in costs June 11, 2012 THERE was some positive news for Credit Suisse yesterday as the investment bank announced its role as joint lead manager of one of the larger share issues in Europe this year. Along with UBS, its arch rival, Credit Suisse is joint global co-ordinator and joint bookrunner for Deutsche Wohnen’s €475m (£383m) rights issue to help [...]
Stricken Bankia was urged to raise more cash May 27, 2012 SHARES in bailed-out Spanish lender Bankia are expected to plunge today as new questions emerge about warnings it received in the run-up to its share issue last year. The bank, rescued over the weekend with €23.5bn (£18.78bn) from the Spanish government, was told last year it needed more cash when it raised €3.1bn in July, [...]
WHO’S SWITCHING JOBS April 30, 2012 BNY Mellon The financial services firm has appointed Peter Hazou as head of market management for treasury services, Europe, Middle East and Africa. He will report to Susan Skerritt, global head of business strategy and market solutions. Hazou joins from UniCredit, where he served as head of strategy and business development, global transaction banking. While [...]
Top US banks shut out of Unicredit deal November 14, 2011 UNICREDIT, one of the most weakly capitalised of Europe’s big banks, has surprisingly left two of the biggest investment banks in the world off the banking syndicate managing its €7.5bn (£6.4bn) rights issue, accusing them of being too demanding in negotiating the terms of the deal. Until last week Goldman Sachs and Morgan Stanley were [...]