26 April 2012
Net revenues at the private clients and asset management arm of Deutsche Bank, Germany’s largest bank, fell to €3. 4 billion (around $4 . 49 billion) in the first three months of this year compared with €4.
3 April 2012
Michael O'Neill was selected to take over from Richard Parsons as chairman of the board at Citi Private Bank, after Parsons said he would not seek re-election. Parsons had been chairman of the board since 2009 . Citi also appointed Mark Hewson as director and foreign exchange investment specialist and Maggie Osorio as director and law firm group private banker, based in San Francisco, CA, and Houston, TX, respectively.
20 March 2012
Deutsche Bank’s management board has expanded its group executive committee from 12 to 18 members, with effect from 1 June, as part of a move increasing the influence of the German firm’s investment bankers. The changes come as the bank looks to replace the outgoing chief executive of its Americas business, Seth Waugh . Along with his duties as CEO, Waugh’s replacement will take up his spot on the GEC.
8 March 2012
Germany’s biggest bank is shaking up some of its top management positions as part of changes ahead of Josef Ackerman's departure as chief executive in May, media reports said, citing unnamed sources.
28 February 2012
Seth Waugh has stepped down from his role as head of Deutsche Bank Americas, the Frankfurt/New York-listed firm announced today. The bank will announce a successor “in due course,” and Waugh will remain in place during the selection and transition process, after which he will work with the firm in an advisory capacity . The bank declined to give any further details.
15 November 2011
The chairman of the board of UBS, Kaspar Villiger, will step down earlier than expected, to be succeeded by Axel Weber at the bank's annual general meeting next year, hastening the change of the guard at the bank in the wake of a $2. 3 billion rogue trader loss . Renowned Swiss businessman and politician Villiger has opted to accelerate the leadership change at UBS by not standing for re-election to the board of directors at the AGM on 3 May 2012, according to a statement from the bank today.
15 November 2011
Josef Ackermann, chairman of the management board and the group executive committee of Deutsche Bank, Germany’s largest bank which has substantial operations in the US, will not be a candidate for the supervisory board after he steps down from the management board in 2012. Ackermann has been chairman of the management board since 2002 . Earlier this year, Jürgen Fitschen and Anshu Jain were named co-chief executives.
30 September 2011
UBS has recruited a headhunter to find a permanent chief executive although the Zurich-listed banking group has not contacted any external candidates, Reuters reported. The bank did not comment on rumours that Egon Zehnder International, a recruiter, had been appointed to examine potential candidates . UBS did not respond to requests for comments from Family Wealth Reportat the time of going to press.
2 June 2009
UK Lloyds TSB Private Banking confirmed the departure of its chief executive, Mark Cheshire, who had led the business since 2005. Mr Cheshire, who had been with Lloyds for 29 years, left to pursue other opportunities . London investment firm Jonathan Fry & Co recruited structured product and investment specialist James Scott from Citigroup.
News and Features
Comment and Analysis
Zürcher Kantonalbank, the biggest Swiss cantonal bank, expects to pay a fine to US authorities as part of a deferred prosecution agreement for its alleged role in helping US citizens evade taxes, media reports said.
24 May 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013