IFR International - 21.07.2018

(Martin Jones) #1

0EOPLE


&-ARKETS


SOCIETE GENERALE
has hired Claire
Calmejane from Lloyds
Banking Group as its
chief innovation officer,
tasked with leading
digital innovation and
automation efforts.
Calmejane will take up
the role on September
3 and will report to
CEO Frederic Oudea.
Calmejane was most

recently risk
transformation director
at Lloyds. She is an IT
engineer who began
her career in 2006 at
Capgemini Consulting
and joined Lloyds in


  1. She is a member
    of the World Economic
    Forum’s “Future of AI
    and financial services
    automation” project.


Bruce Fletcher has
joined ROYAL BANK
OF SCOTLAND from
HSBC as chief risk
officer, following the
planned departure of
David Stephen.
Fletcher, 58, is CRO for
HSBC’s global retail
banking and wealth
management business
and was previously
CRO of its European

banking arm and its
UK banking unit. He
previously spent 17
years at Citigroup,
including as senior
credit officer, after
starting his career at
Irving Trust Bank in
New York. Stephen is
moving to Australia’s
Westpac to head its
risk operations after a
handover period.

0LEASEûCONTACTûUSûIFûYOUûHAVEûINFORMATIONûABOUTûJOBûMOVES [email protected]


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three years ago.
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Philip Scipio


jumbo trades earlier this year.
It was global coordinator on a US$2.26bn
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ONLINEûPAYMENTSûPROVIDERSû53BNû
FOLLOW
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HEALTHCAREûPROVIDERû(APVIDA
'OLDMANûISûNOTûONLYûLEVERAGINGûITSû
DISTRIBUTIONûSTRENGTHSûAMONGûINVESTORSû
following sectors such as tech and
HEALTHCAREûACROSSûTHEûGLOBE ûBUTûITûISûALSOû
trying to win business among names
TYPICALLYûCOVEREDûBYû"RAZILIANûLENDERS
Distribution capabilities are seen as a
SELLINGûPOINTûAMONGûSUCHûISSUERS ûWHOûWISHû
to broaden their reach amid an increasingly
VOLATILEûBACKDROPûFORûEMERGINGûMARKETS
h)SSUERSûAREûNOWûPUSHINGûBANKSûTOûHAVEû
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THEûSAMEûNAMES vûSAIDû6AZQUEZ
Paul Kilby


Deutsche halts revenue crash


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QUARTERûNETûPROlTûWELLûAHEADûOFûFORECASTS ûAû
RAREûPIECEûOFûGOODûNEWSûASû'ERMANYSû
largest lender cuts jobs and costs to try to
RESTOREûPROlTABILITY
4HEûBANKûSAIDûNETûPROlTûWOULDûBEûABOUTû
õMû53M ûINûTHEûTHREEûMONTHSûTOû
*UNEû ûMOREûTHANûDOUBLEûAûCONSENSUSû
FORECASTûOFûõMûBUTûSTILLûBELOWûTHEû
õMûREPORTEDûINûTHEûSECONDûQUARTERûOFû
2017.
The bank also halted a steep decline in
REVENUESû)TûSAIDûREVENUESûWEREûABOUTû
õBN ûAHEADûOFûEXPECTATIONSûOFûõBNû
ANDûmATûTOûTHEûSAMEûQUARTERûINû ûWHENû
they fell 10% from 2016.
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INVESTMENTûBANKûAREûEXPECTEDûTOûBEû
õBN ûCOMPAREDûWITHûAûCONSENSUSû
FORECASTûOFûõBNû4HOSEûREVENUESû
include €100m from a gain on an asset sale
ANDûDEBTûVALUATIONûADJUSTMENTSûDUEûTOûAû
WIDENINGûOFû$EUTSCHEû"ANKSûCREDITû
SPREADSûDURINGûTHEûQUARTER
Deutsche said its sales and trading
REVENUESûINûTHEûSECONDûQUARTERûAREû
EXPECTEDûTOûBEûDOWNûABOUTûûFROMûAû
year earlier. That would indicate a worse-
THAN
EXPECTEDûTRADINGûPERFORMANCEûSALESû
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forecast by analysts.
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h-ANAGEMENTûBELIEVESûTHATûTHESEûRESULTSû
DEMONSTRATEûTHEûRESILIENCEûOFûTHEûFRANCHISE vû

$EUTSCHEû"ANKûSAIDûINûANûUNEXPECTEDû
summary of earnings. It is due to release full
RESULTSûONû*ULYû

COSTS DOWN, CAPITAL UP
#OSTSûINûTHEûSECONDûQUARTERûAREûEXPECTEDû
TOûBEûõBN ûCOMPAREDûWITHûESTIMATESû
OFûõBN û$EUTSCHEûSAIDû)TSûCOMMONû
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TOûBEûûATûTHEûENDûOFû*UNE ûHIGHER
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ESTIMATE ûWHICHûANALYSTSûSAIDûMAYû
show it has made good progress in
cutting risk-weighted assets.
Deutsche Bank shares jumped after the
RELEASE ûANDûGAINEDûTHROUGHûLASTûWEEK
Analysts at UBS said the bounce on
-ONDAYûWASûUNDERSTANDABLEûFOLLOWINGû
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v7EûEXPECTû$"ûTOûCONTINUEûTOûLOSEû
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Daniele Brupbacher said in a note.
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SHAREûPRICE ûWEûUNDERSTANDûTHEûPOSITIVEû
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)TûHASûBEENûDOGGEDûBYûAûRUNûOFûNEGATIVEû
NEWS ûANDûHASûPOSTEDûTHREEûCONSECUTIVEû
years of losses and had an abrupt
MANAGEMENTûRESHUFmEûEARLIERûTHISûYEAR
The bank has made progress in reducing
STAFF ûWITHûHEADCOUNTûDOWNûBYûABOUTû û
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Steve Slater
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