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CEO’s departure comes ahead of business’s full integration into German bank
Reorganisation changes reporting lines
With a top quality management team now able to focus on growth, Wells Fargo could shake up the pecking order in investment banking
Financial institutions dealmaking is at an 18 year high but banking consolidation is elusive
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John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations. -
The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.
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Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.
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Dubai's biggest bank, Emirates NBD, has completed its acquisition of Turkey's DenizBank from Sberbank as the binge of bank mergers in the Gulf continues.
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Banca Carige has plans to convert its tier two bonds into equity and raise €900m of fresh capital, as it looks to turn itself around and avoid the need for a bail-out from the Italian state.
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HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.
