Deutsche Bank blown off course by euro troubles October 4, 2011 DEUTSCHE Bank yesterday blamed the European debt crisis for the scrapping of its annual profit targets as struggling UBS said it would stay in the black in the third quarter despite its “rogue” trading losses. Shares in Deutsche Bank fell nearly four per cent after it said its €10bn (£8.62bn) pre-tax profit target is no [...]
CITY MOVES | WHO’S SWITCHING JOBS November 30, 2011 Thomas Eggar The law firm has announced the appointment of James Letchford to its London property team as a senior associate. Letchford trained and qualified at Ashurst before spending six years at Nabarro, and will join Thomas Eggar’s London team, led by property partner Chris Baker. He has particular experience in sales, acquisitions, development, leasing [...]
Don’t let IPO row endanger London December 15, 2011 GRAFF Diamonds, one of the most famous jewellers in the world, is based in New Bond Street, Mayfair. Its headline web-page promotes London as a sign of its class. And yet its forthcoming flotation, in which it hopes to raise $1bn, is all going on in Hong Kong. There isn’t even a secondary listing in [...]
CITY MOVES | WHO’S SWITCHING JOBS November 27, 2011 Mayer Brown The global law firm has hired Bernd Bohr as a partner in the corporate and securities practice. Bohr is relocating from the New York office of Allen & Overy to support the expansion of Mayer Brown’s US M&A and capital markets practice in Europe. He specialises in SEC-registered securities offerings, public and private [...]
TRADER | OF THE YEAR September 21, 2011 MICHAEL HINTZE CQS CQS founder Michael Hintze emerged as the star trader this year. Not only did his hedge fund make strong returns, but in January Hintze donated £2m of his personal wealth to the National Gallery. COMMENDED Stephen Roth, Man Group SHORTLIST Alex Beard, Glencore Richard Evans, Morgan Stanley David Hitchens, Unicredit
Banks need billions – from where? October 13, 2011 EUROPEAN bank analysts are now fully immersed in a game of spot the weakest link, a game that is getting bank chiefs rather hot under the collar. Josef Ackermann, chief of Deutsche Bank, is so incensed that he slammed the EU’s bank recapitalisation plan publicly yesterday. “It’s not the capital resources of banks that are [...]
E.ON looks to sell gas transport business August 15, 2011 E.ON is considering selling its natural gas transport network, a company source said, as Germany’s decision to abandon nuclear power forces the group to shed assets and jobs. The group may decide to sell Open Grid Europe, a subsidiary of E.ON’s Ruhrgas unit, which operates a 12,000km network and employs about 1,800 people. “They’ve been [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 12, 2011 FINANCIAL TIMES UNICREDIT CHIEF SIGNALS RIGHTS ISSUE TO INCREASE CAPITAL LEVELS UniCredit has given its clearest signal yet that it will seek to raise its capital buffers as market turmoil continues to hit European bank shares. In his first big interview since becoming chief a year ago Federico Ghizzoni told the Financial Times that details [...]
Europe to hit bans with tougher capital tests October 11, 2011 Europe’s banks will have to achieve a significantly stronger capital position under a quick-fire regulatory health check and may need to raise some €100bn (£87bn), banking and regulatory sources said. The European Banking Authority (EBA) wants banks to hold a minimum core Tier One ratio of seven per cent under a recession scenario, and those [...]
UBS shake-up may take three years September 25, 2011 THE SHAKE-UP of the investment bank at UBS will take two to three years to complete, its chairman said yesterday after the resignation of Oswald Gruebel. Kaspar Villiger has asked interim chief executive Sergio Ermotti to quicken a scaling back of the investment bank so details can be revealed at the bank’s investor day on [...]