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Sugrue specialised in covering the insurance and reinsurance sectors
Executive is moving to more senior role
Crédit Agricole reorganises loans business amid busy hires and promotions in industry
‘New kid on the block’ disrupts established order with lead role on Schroders takeover
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Sergio Ermotti, appointed this week as UBS’s new group chief executive, announced on Thursday afternoon a big reduction in the scope and scale of UBS’s investment bank. Speaking at the firm’s investor day, hosted in New York, Ermotti outlined a halving of risk weighted assets in the investment bank and the exiting of business lines that are inefficient users of capital.
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Eamonn Price, head of Royal Bank of Scotland’s EMEA financial institutions group, is one of the high profile casualties of the bank’s round of job cuts concluded this week, with some market participants saying redundancies amounted to as much as 40% of some units.
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Commerzbank booked big impairments on its peripheral European sovereign debt positions in the third quarter, reporting a loss of €798m relating to Greek sovereign bonds last Friday. The positions now stand at just 48% of face value.
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Jefferies was this week forced to defend itself against speculation about its exposure to eurozone sovereign debt — as well as to failed derivatives broker MF Global, which it had considered buying last weekend before rejecting a deal as too risky.
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JP Morgan has reshuffled its capital markets management structure in a move that bankers at the firm said reflected an increasing need for an integrated global product approach to clients’ needs.