Old Mutual, the UK-listed financial services group, announced on Friday that Jim Sutcliffe, head of ...
Old Mutual, the UK-listed financial services group, announced on Friday that Jim Sutcliffe, head of its life assurance business, would take over as chief executive in November when it splits the roles of chairman and chief executive. Mike Levett will remain chairman of the group, the FT reports this morning.
Sutcliffe, 45, is a former chief executive of UK life insurer Prudential, and also has extensive experience in the US, which has become the focus of Old Mutual's acquisition spree over the past two years since the South African-focused company secured a London stock exchange listing.
Credit Suisse First Boston's new chief executive on Thursday pledged a shake-up in the management and controls of the investment bank, one of the world's largest, which US regulators are investigating, the FT adds.
John Mack, the former Morgan Stanley executive who was appointed following the dramatic ousting of Allen Wheat, told investors: "I want to make sure the firm has the right procedures in place. There has got to be more of a team approach and a level playing field to serve our clients with."
Baltimore Technologies, the struggling Internet security group once capitalised at more than £6.5 billion and currently valued at just £135 million, yesterday admitted that it had received a takeover approach from Chantilley Corporation, a privately owned UK technology company, says the Times.
Baltimore, which so far this year has issued three profits warnings, said that representatives from Chantilley had requested a meeting to discuss a possible offer.
Creditors seeking millions of pounds compensation for losses stemming from the collapse of Independent Insurance attacked the Financial Services Authority yesterday after it emerged that the regulator learned of serious concerns about the company eight months ago,the Daily Telegraph reports.
Action group, Creditors of Independent Insurance Group, said it is considering suing the FSA for failing to pass on the concerns while Labour MP Barry Gardiner called for an inquiry into the regulator's handling of the collapse.
Stephen Alexander, a partner in law firm Class Law, which is advising CIIG, said: "The problem at Independent Insurance did not just emerge overnight. There was a black hole which perhaps started as a little spot and grew and grew and grew.
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch