Santander cancels appointment of Orcel over compensation January 15, 2019 Banco Santander stunned the banking world this evening by announcing the reversal of its decision to appoint Andrea Orcel as its new chief executive because of the cost of compensating him for leaving his previous role. The bank had announced the high profile appointment of Orcel, former head of investment banking at UBS, in September. [...]
CapitaLand to buy real estate group in Asian mega-deal January 14, 2019 Plans to create Asia’s largest real estate investment manager were revealed today after Singapore’s CapitaLand said it will pay $8bn (£6.2bn) to buy logistics and industrial assets from Temasek. The Singaporean developer is purchasing the holding companies for a combination of cash and stock from the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate [...]
Deutsche Bank chairman denies merger talks after turbulent year, claims turnaround already bearing fruit December 30, 2018 Crisis-stricken Deutsche Bank is strong and is already benefiting from a turnaround plan, according to chairman Paul Achleitner. The loss making German bank’s boss was quick to play down rumours that the bank needed state aid, or that a merger was on the cars in an interview published this morning. Achleitner told German language newspaper [...]
Jury fails to reach majority verdict in UBS insider trading case December 12, 2018 An insider trading trial has collapsed after a jury failed to reach a majority verdict in the case against a former UBS compliance office and her day-trader friend. Former UBS compliance officer Fabiana Abdel-Malek, 36, and day-trader Walid Anis Choucair, 39, were accused of making up to £1.4m through tip-offs, the Financial Times reported. Both were [...]
Deutsche Bank boss dismisses takeover talk following Panama Papers raids December 2, 2018 The boss of Deutsche Bank said the beleaguered German lender is not at risk of a takeover, after its shares hit a record low on Friday following a two-day police raid prompted by money-laundering allegations. Christian Sewing said he saw no “indication” of a possible merger, following speculation that Deutsche could be looking at a [...]
Former UBS rogue trader Kweku Adoboli accuses Home Office of ‘state violence’ following his deportation to Ghana November 27, 2018 Six years to the month since he was sentenced at Southwark Crown Court, Kweku Adoboli – the man responsible for the biggest unauthorised trading loss in UK history – is travelling along Ghana’s coast towards an idyllic seaside retreat known for its turtles and palm trees. Adoboli’s journey, however, has been far from leisurely. Earlier this [...]
Hilary Ineomo-Marcus detained near Heathrow following Kweku Adoboli deportation – surely it’s time for the Home Office to re-think its approach November 20, 2018 Former rogue trader Kweku Adoboli was deported last week, the Home Office insisting on removing the man who sensationally lost UBS £1.8bn between 2008 and 2011. Two days earlier, City A.M. argued that his case, alongside that of a south Londoner named Hilary Ineomo-Marcus, demonstrated flaws in the government's blunt approach to the deportation of foreign [...]
JP Morgan makes senior hire from Deutsche Bank November 13, 2018 JP Morgan has hired a senior banker from Deutsche Bank amid the German lender’s restructuring of its investment bank. Claire Brooksby has joined JP Morgan’s UK financial institutions coverage team in London as a managing director. She spent eight years at Deutsche, most recently leading the bank’s financial institutions group in the UK. Prior to [...]
Not all foreign criminals should be deported – the case of Kweku Adoboli reveals a system that is too draconian November 12, 2018 Foreign criminals should be deported when they have served their sentences – this is effectively the government’s position, and one that remains popular with voters. On the face of it, the policy seems entirely reasonable; why should the UK show clemency to people who arrive on these shores and commit crimes against our citizens? And [...]
Swiss bank UBS ahead of market expectations in third quarter results October 25, 2018 Swiss banking giant UBS unveiled net profit of 1.246bn Swiss francs (£970m) for the third quarter of 2018, beating analysts expectations. The results amounted to a 32 per cent jump in third quarter earnings, beating the consensus expectation of 993m Swiss francs. Read more: Former UBS trader Adoboli nears deportation as judge denies judicial review [...]