Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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The U.S. venture capitalist is worried about cash-burning startups that grow accustomed to easy fundraising and high valuations. Berlin-based Rocket, the tech company incubator set to go public with a 6.7 bln euro market cap, exhibits some of the warning signs.
Baudouin Prot is resigning as the French bank’s chairman. His likely successor is technocrat Jean Lemierre. As an adviser to Prot he’s hardly an outsider. But that’s less vital than a readiness to refresh BNP’s board following its mega-fine from U.S. regulators.
Established lenders worldwide are fighting to upgrade snarled and creaking IT platforms. It won’t get easier: smartphone payments are adding complexity, regulators are cracking down and costs are up. Systems fail more often. If banks don’t act, Amazon et al may eat their lunch.
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- SAP's biggest takeover is hard to Concur with
- ASOS's fashion-victim tale is warning to peers
- Banks risk provoking EU with bonus get-arounds
- Credit Suisse/Baer tie-up would have weak logic
- Equity research revolution fails cost-benefit test
- Infineon's $3 bln buy relies on profit margin hike