HONG KONG, March 27 (Reuters) – ChemChina, which could soon
face the task of integrating Italian tyre-maker Pirelli
after its $7.7 billion bid, can take heart in the
knowledge that Chinese buyers have made a decent fist of growing
global brands in recent years.
Backed by cheap funding and a huge home market, an army of
mostly state-owned Chinese companies has marched beyond its
borders, snapping up assets in a decade-long $391 billion
HONG KONG/LONDON (Reuters) – Incoming Credit Suisse boss Tidjane Thiam is expected to focus on private banking in Asia while aggressively cutting jobs at its investment bank, as he aims to repeat the success in the region of his old employer, Prudential.
Thiam could slash 3,000 jobs from Credit Suisse’s investment bank, or 15 percent of staff globally, and cut 150 billion Swiss francs ($149 billion) of assets from the bank’s fixed income, commodities and currencies business as part of that shift, analysts at JPMorgan said.
ZURICH/HONG KONG (Reuters) – Long-standing Credit Suisse boss Brady Dougan is set to quit as chief executive of the Swiss bank as soon as Tuesday and will be replaced by Prudential head Tidjane Thiam, people familiar with the moves told Reuters.
Thiam, a former Ivory Coast government minister who has led Prudential since 2007, will become one of the few top insurance executives to transition into banking when he takes charge of Zurich-based Credit Suisse, a global lender reeling from U.S. penalties and under increasing regulatory scrutiny.