Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge. Follow Richard on Twitter @richardbeales1
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Big U.S. lenders scarcely mentioned the risk in their annual meeting documents in 2014. Since then, though, Jamie Dimon’s firm was hacked and cybersecurity has surged up the agenda. Wells Fargo and Citi said more in this year’s proxies, but JPMorgan could set a new standard.
The Velveeta cheese maker’s stock jumped a third – making the company worth nearly $50 bln – on news of its sale to the ketchup giant, which 3G Capital and Warren Buffett took private in 2013. The math works if Heinz can repeat its margin magic and leap hurdles to scaling Kraft.
Tad Smith has been selling Madison Square Garden hot dogs, not Jeff Koons Balloon Dogs. Time at McKinsey and beyond, though, suggests generalist skills. With activist investors, art collectors and online upheaval among varied challenges, the hire looks logical, at least on paper.
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