Three-quarters of the staff and nearly all the senior managers at Royal Bank of Scotlands new division, which supports struggling businesses, previously worked at its controversial Global Restructuring Group, which has been accused of pushing firms into bankruptcy. The Treasury select committee, which last week published a full report into the GRG scandal, said 136…
General Electric nominated top aviation and industrial executives and an accounting expert to its board on Monday, as it seeks to restructure its business and restore investors’ confidence in one of the largest U.S. industrial conglomerates. The Boston-based multinational, which racked up a $10 billion loss in the fourth quarter, was the worst-performing stock on…
LITTLE ROCK, Ark.–(BUSINESS WIRE)–Stephens Inc., an independent financial services firm, today announced that Dallas-based Blackhill Partners (Blackhill) has joined the firm to lead its new North American restructuring advisory business. We have experienced a strong appetite for restructuring expertise in our Stephens Europe Limited operation, and the addition of Blackhill better positions us to service…
Laura Noonan, Investment Banking Correspondent February 26, 2018 Europes top four investment banks have begun to increase staff numbers for the first time since 2015 to capitalise on improving market conditions after years of restructuring. Credit Suisse, Deutsche Bank and UBS increased staff numbers in the second half of 2017, their full-year results show. Barclays, which reports staff numbers…
By Simbarashe Zishiri After three dark years, Zimbabwe’s biggest agricultural implements maker, Zimplow is back in the black, leaner and more efficient after taking the pain of restructuring and cost cuts. The company, which is also among the largest manufacturers and distributors of farming implements in sub-Saharan Africa region, operates through four divisions, namely, Barzem,…
Alex Ralph The company has been struggling since it attempted to restructure its doorstep lending businessALAMY The finance boss of Provident Financials consumer credit division has left the troubled company. An internal memo announcing the exit of Phillip McLelland was sent to managers a fortnight ago and was obtained by The Times. The nature of…
Columnists Sunday, February 25, 2018 22:00 By TEUTA KACANIKU | A lack of creditworthiness. Often, this is the most critical obstacle to implementing investment programmes. FILE PHOTO | NMG Sector reform is a familiar concept for anyone working in the energy sector, particularly in developing countries. Typically, it involves measures such as building an institutional…
State Bank of India (SBI) is set for a major restructuring of its business in the UK from April, Indias largest state-owned bank has said. SBI’s UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of…
Abraaj Groups founder Arif Naqvi will cede control of the fund management business in what he said was a planned restructuring of the private equity firm accelerated by reports of misused funds. The Middle Easts largest buyout company promoted Omar Lodhi and Selcuk Yorgancioglu as co-chief executive officers of Abraaj Investment Management Ltd., which will…
ARLINGTON, Va.–(BUSINESS WIRE)–Graham Holdings Company (NYSE:GHC) today reported net income attributable to common shares of $302.0 million ($53.89 per share) for the year ended December 31, 2017, compared to $168.6 million ($29.80 per share) for the year ended December 31, 2016. For the fourth quarter of 2017, the Company reported net income attributable to common shares of…