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Ex-Goldman banker Thornton steps down from HSBC board

Thomson ReutersMay 20, 2013 10:46

LONDON (Reuters) - John Thornton, the former Goldman Sachs <GS.N> president who specializes in Chinese affairs, is stepping down from the board of HSBC <HSBA.L> to spend more time on his other business interests, Europe's biggest bank said on Monday. Thornton, who heads HSBC's remuneration committee, will not seek re-election to the bank's board at its annual shareholder meeting on Friday in view of "recent expanded responsibilities within his other business interests," HSBC said.

Initial public offerings scheduled to debut next week

The Canadian PressMay 17, 2013 14:02

NEW YORK, N.Y. - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings. Week of May 20 Alcobra Ltd. - Tel Aviv, Israel, 2.275 million ordinary shares, priced $10 to $12, managed by Aegis Capital. Proposed Nasdaq symbol ADHD. Business: Israeli drug company developing a non-stimulant ADHD treatment.

Multi-million losses forced out top BNP trader

Agence France-PresseMay 16, 2013 19:16

A senior trader with BNP Paribas left the French bank last year after his US-based unit traded losses of over $10 million, the Financial Times reported late Thursday on its website. Lionel Crassier, US head of equities at the time, was ordered back from New York in March after he lost the bank between $10 million (7.7 million euros) and $25 million, according to sources cited by the newspaper. "We decided in March 2012 to transfer a member of staff from New York to Paris who demonstrated poor trading judgment," the bank told the FT. He subsequently left the bank.

Hong Kong stocks end 0.17% higher

Agence France-PresseMay 15, 2013 22:00

Hong Kong shares finished 0.17 percent higher on Thursday after Wall Street brushed off gloomy data from the eurozone to hit another record high. The benchmark Hang Seng Index added 38.44 points to 23,082.68 on turnover of HK$60.80 billion ($7.83 billion). "The market remains in a consolidation phase. Whether it can break out the consolidation range around 23,000 next week hinges on China stocks," said Jackson Wong, vice president at Tanrich Securities.

SocGen CEO's 2012 bonus rises 75 percent

Thomson ReutersMay 13, 2013 14:16

PARIS (Reuters) - Societe Generale <SOGN.PA> Chief Executive Frederic Oudea's bonus rose 75 percent last year to 1.2 million euros ($1.56 million), even as France's No. 2 bank moved to cut costs and sell assets. The disclosure follows a rise in pay for Jean-Laurent Bonnafe, the head of larger rival BNP Paribas <BNPP.PA>, whose bonus rose more than 40 percent to 1.68 million euros in 2012 - his first full year as CEO of France's biggest listed bank.

Hong Kong shares end 1.42% lower

Agence France-PresseMay 13, 2013 05:00

Hong Kong shares finished 1.42 percent lower in cautious trade Monday as a series of Chinese data highlighted a sluggish recovery in the world's second largest economy. The benchmark Hang Seng Index lost 331.41 points to end at 22,989.81 on turnover of HK$59.24 billion ($7.63 billion). Traders digested the latest batch of Chinese economic data for April including industrial output which rose 9.3 percent year-on-year, up from 8.9 percent in March but below market expectations.

Brazil needs more than tax cuts to grow: BTG's Esteves

Thomson ReutersMay 11, 2013 17:07

SAO PAULO (Reuters) - Brazil's government should pursue reforms aimed at making the country a more attractive place to do business, instead of simply cutting taxes or interest rates to improve returns, billionaire financier André Esteves said on Tuesday. Even though the country needs a softer tax burden on companies similar to that of peer emerging market nations, the emergence of a new middle class is demanding other reforms, Esteves, the chief executive officer of BTG Pactual Group <BBTG11.SA>, said at an event in São Paulo.

Credit Suisse names UK banker vice chair of EMEA investment banking

Thomson ReutersMay 11, 2013 17:03

(Reuters) - Credit Suisse <CSGN.VX> investment banker Sebastian Grigg has been appointed vice chairman of the bank's EMEA investment banking department after having spent six years at the helm of the company's UK investment banking team. Grigg's appointment takes effect immediately and his new role will focus on "existing clients and the further development of our client franchise," according to an internal Credit Suisse memo announcing the appointment and seen by Reuters.

Morgan Stanley legal costs knock penny per share off profits

Thomson ReutersMay 11, 2013 17:02

NEW YORK (Reuters) - Morgan Stanley <MS.N> investors received a penny less in profit per share last quarter due to legal expenses that were booked between the company's earnings press release on April 18 and the time it made its quarterly regulatory filing on Tuesday. The bank originally reported earnings attributable to common shareholders of $958 million, or 49 cents per share, but revised that to $936 million, or 48 cents per share, according to Morgan Stanley's 10-Q filing with the U.S. Securities and Exchange Commission.

Costs centre stage for HSBC, French bank results

Thomson ReutersMay 7, 2013 13:47

By Steve Slater and Lionel Laurent LONDON/PARIS (Reuters) - HSBC <HSBA.L> is expected to almost double first quarter profits to about $8 billion on Tuesday helped by a fall in costs and bad debts and showing the benefits of a three-year restructuring that is nearly complete. The results will keep HSBC as one of the most profitable and most strongly capitalized banks in the world although Europe's biggest bank still has more to do on costs.