Management & Leadership

Boomerang UBS boss ticks several important boxes

29 Mar 2023

Sergio Ermotti is returning as CEO after less than three years. The suboptimal governance move highlights a dearth of senior banking talent. But Ermotti’s record of shrinking an investment bank – and his Swiss passport – will be vital in the tricky integration of Credit Suisse.

Capital Calls: Syngenta IPO delay

28 Mar 2023

Concise views on global finance: The Shanghai Stock Exchange has canceled a hearing to review the agrichemicals group's listing plans, leaving investors fearing the worst in China.

Capital Calls: Saudi and Credit Suisse, EU patents

27 Mar 2023

Concise views on global finance: The resignation of the chairman of Saudi National Bank, Credit Suisse’s largest shareholder, may prompt a quiet period for other investors; big companies want Europe’s new system for registering intellectual property to cover more countries.

Bayer’s sunk boss leaves high water mark

21 Mar 2023

In one of his last acts before bowing to activist pressure, Werner Baumann is pledging the $60 bln drugs-to-seeds company will slash rice’s H2O needs by 25%. Leaving aside his legacy as the architect of the Monsanto deal, his ambition is worth emulating.

Capital Calls: FedEx delivers, for now

17 Mar 2023

Concise views on global finance: Shares in the delivery company shot up over 10% on Friday, as cost-cutting measures pay off. Those benefits could easily dwindle.

Bolloré buyback delays possible Vivendi M&A action

15 Mar 2023

The French tycoon’s eponymous holding company is buying back 10% of its shares, potentially boosting the family’s control. The outlay drains cash that could have been used to boost its stake in media group Vivendi. But that’s still a logical endpoint for Bolloré and his children.

Capital Calls: Ritchie Bros founder regret

13 Mar 2023

Concise views on global finance: The industrial equipment auction company’s $7 bln deal for scrap-yard operator IAA has drawn one last opponent: the company’s own co-founder.

Clinging to Richemont is Rupert’s smartest bet

9 Mar 2023

At 72, billionaire Johann Rupert may face questions over the future of his Cartier-to-Piaget empire. Merging the $81 bln bling group with a large rival would be fiddly, and he could lose clout. Hidden value suggests holding onto it while grooming a successor is a better plan.

Female entrepreneurs’ glass ceiling is intact

8 Mar 2023

Two decades after boardroom quotas were first introduced, women have advanced at listed firms. Yet despite making up 40% of US business founders, female entrepreneurs capture just 2% of venture capital cash. Governments and asset managers can help raise that proportion.

Transatlantic valuation gap is mostly illusory

7 Mar 2023

Arm, CRH and Flutter may pursue US listings, while Shell mulled one. Since European stocks trade at a discount to the S&P 500, they might be hoping for a higher price. But the value chasm doesn’t hold for all sectors, and can be largely explained by differing growth rates.

Capital Calls: Carlsberg CEO exit

7 Mar 2023

Concise views on global finance: Asia will be a key battleground for the $21 bln Danish brewer’s next boss.

Buying WWE calls for intense financial contortions

3 Mar 2023

After making a dramatic return to the ring, founder Vince McMahon is eyeing a possible sale of his worldwide wrestling empire. Potential contenders for the $6.2 bln company include UFC owner Endeavor. The numbers and ownership structure, however, make a deal hard to stack up.

Capital Calls: TD Bank’s $13 bln cliffhanger

2 Mar 2023

Concise views on global finance: The Canadian bank’s acquisition of U.S. peer First Horizon will be delayed beyond its May 27 drop-dead date, but there are reasons to think it will still get done.

Goldman doubles down on the wealthy, as it should

28 Feb 2023

The $120 bln bank is boosting its alternative-investment unit, which may soon be half the size of Blackstone. Add in banking and shareholders effectively get the rest for free. It highlights the upside for Goldman’s value, and makes CEO David Solomon’s consumer push look worse.

IAG takeoff weighed down by debt dilemma

24 Feb 2023

With net debt above its market value, the $9 bln British Airways owner could use a rights issue. But it’s also back in the black after a painful pandemic, and deals may yield cost savings. Boss Luis Gallego has to work out which path is likely to annoy long-term investors least.

Capital Calls: World Bank, Bumble, Wood Group

23 Feb 2023

Concise views on global finance: The U.S. picks ex-Mastercard boss Ajay Banga to run the multilateral development bank; while the dating app’s shares are down, private equity owner Blackstone is still in the money; the UK oil services group has turned down three bids from Apollo.

Capital Calls: Starbucks

21 Feb 2023

Concise views on global finance: The $123 billion coffee chain’s new patent filing speaks to popular TikTok campaigns for more bespoke beverages – and other labor challenges. 

Returning pharma CEO has one prescription: M&A

16 Feb 2023

Brent Saunders ran three major drugmakers, and ultimately sold them all – one of them twice. He’s back in the corner office at $7 bln Bausch + Lomb again. The company’s earlier wheeling and dealing complicates matters, but history suggests finding a new owner is a likely outcome.

Missing China bank boss is the wrong big deal

17 Feb 2023

Bao Fan's disappearance wiped 30% off China Renaissance’s stock. But his boutique investment bank had already shrunk as work from clients like Didi vanished. The broader blow is to financiers waiting for new business to offset Beijing’s common-prosperity and anti-corruption push.

YouTube CEO exit is an unlucky break

16 Feb 2023

Veteran Susan Wojcicki is leaving the helm of the video service at a critical time for parent Alphabet. Advertising is under duress from rivals and regulators want to unwind past acquisitions. Executives come and go, but the last thing Google needs is turmoil from within.