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Ed Welsh will join HSBC in November as global head of business services, although his work is expected to be heavily centred around the UK, as the bank ramps up efforts to gain market share among the country’s biggest listed firms. -
Alastair Blackman, formerly a top media investment banker at Deutsche Bank, will be developing relationships with the heads of UK firms on behalf of Barclays from next month.
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Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.
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Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.
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Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.
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Credit Suisse's head of Greater China debt capital markets has quit the bank, according to sources.
