McKinsey’s next leader inherits a big project 26 Feb 2018 Kevin Sneader has been chosen to run the elite consultancy. He’s a traditional-looking candidate but a stint in Asia suggests growth markets are a priority. The challenge is to keep digital reinvention on track and avoid embarrassments like that recently suffered in South Africa.
Gulliver exits HSBC with nearly full scorecard 20 Feb 2018 The departing CEO largely achieved his goal of creating a “simpler, stronger” bank. Though return on equity was below 10 pct last year, higher interest rates and fewer fines will help HSBC hit that target too. Successor John Flint’s challenge is to identify new sources of growth.
Spain’s ECB victory is really a win for Germany 19 Feb 2018 The only person left in the race to become European Central Bank vice president is Spanish Finance Minister Luis de Guindos. It’s thus likely that the top job will go to a northern European in 2019. That will please Germans keen for an end to unorthodox monetary policies.
Bank of Japan’s Kuroda bags a tricky second term 16 Feb 2018 Continuity in Japan contrasts with a changing of the guard at U.S. and European central banks. Haruhiko Kuroda is unlikely to wind up asset-buying or ramp it up a lot. But he must handle the backdraft from policy changes elsewhere and has limited scope to fight the next crisis.
Swire wisely calls on family to steady the plane 9 Feb 2018 The venerable Anglo-Asian conglomerate named a family member as chairman of its flagship Hong Kong unit. That signals it is taking problems at Cathay Pacific Airways and in oilfield services seriously. This could be good news for long-suffering Swire Pacific investors.
Romer exit flags World Bank’s human capital limits 25 Jan 2018 The academic known for his work on economic growth is leaving the bank after just 15 months. The attempt to shake up a staid institution fits his theories’ emphasis on new ideas. But his brash manner shows how organisations can be less than the sum of their inputs.
Cox: Klaus Schwab remakes Davos as The Apprentice 22 Jan 2018 To ensure intrigue when world leaders and CEOs are locked in the Swiss mountain resort, the World Economic Forum mastermind is employing reality TV tricks that made Donald Trump a star. This year's gathering may rival the business show for ratings-boosting drama. But it's risky.
UBS executive reshuffle fires up succession race 14 Dec 2017 Martin Blessing has replaced Juerg Zeltner as head of the Swiss group’s private bank. The ex-Commerzbank boss has good timing: tax issues are mostly in the past. If he can fend off rivals in Asia and reignite European growth he boosts his chances of replacing CEO Sergio Ermotti.
Leonardo is a masterpiece of Saudi contradictions 7 Dec 2017 Crown Prince Mohammed bought the $450 mln “Salvator Mundi,” a report says. The heir to an absolute monarchy professes to be a reformer and corruption fighter, yet is spending with unseen extravagance. That may not go down well at home, or with potential investors in Aramco.
Wanda’s asset shuffle buys brief Beijing reprieve 5 Dec 2017 The indebted Chinese conglomerate is shuffling assets around, including a $470 million cash injection from its founder, as officials pressure firms to deleverage. The cash will help pay down $1.7 bln in offshore loans, but it will take more to escape the government penalty box.
Indian family writes its own philanthropic code 24 Nov 2017 The Bhartis are donating $1.1 bln to their own foundation. Though the sum pales next to other billionaire pledges, there's a creative twist. Money will be used to start a university to teach AI and robotics, free to poor kids. There's no global playbook when it comes to giving.
China’s autocracy puts end to reform illusions 25 Oct 2017 As China's Communist Party tightens its grip, Western hopes that rising incomes would produce more economic and political opening look like wishful thinking. Delusions about inevitable reform are best set aside. For foreign capital this "new era" looks riskier than the last.
Xi’s new stature can overawe China’s market forces 25 Oct 2017 The president emerges from a key party congress with his name in the constitution, no successors in sight, and a mandate to push his agenda faster. Xi Jinping still talks reform, but this intimidated system may become more responsive to his whim than supply and demand.
Hong Kong’s new leader clears first hurdle 11 Oct 2017 In her maiden policy address, Carrie Lam unveiled lower taxes for small firms and more affordable housing for the middle class. Her proposals mark a decent start for tackling the city’s economic divide. If she follows through, Lam could earn support tackling more divisive issues.
India will miss its top banking chief 4 Oct 2017 Arundhati Bhattacharya’s four years atop the country’s largest lender have seen bad debt rise and the shares underperform. But she has made State Bank of India the best of an ailing bunch and stood up to errant tycoons. She sets a high bar for any successor.
Rivals circle Taiwan’s TSMC in new chip era 3 Oct 2017 Morris Chang, father of Taiwan's chip sector, is retiring at 86. His successors were groomed for years to take over the $189 bln behemoth Chang founded three decades ago. They'll need to work hard to defend TSMC's dominance against Samsung and rising mainland competitors.
UK CEO pay cut exposes compensation guesswork 3 Aug 2017 The average boss of a FTSE 100 company took home 17 percent less last year despite buoyant markets. Paying corporate leaders less assuages public opinion but underscores the challenge of linking pay to performance. Besides, CEOs still benefit from higher share prices.
Jain’s low-key Cantor role pins hopes on upside 3 Jan 2017 Ex-Deutsche Bank boss Anshu Jain is joining scrappy capital markets firm Cantor Fitzgerald. Though not the high-profile job he might have coveted, the German lender's travails during his stint in charge suggest why. Privately-held Cantor can grow outside the limelight.
New Pemex boss is emblematic of company’s curse 9 Feb 2016 Jose Antonio Gonzalez is a Harvard-educated economist who knows cost cutting and pensions. Making him CEO, rather than an industry veteran, points to the nature of the Mexican giant’s deep-seated woes. Because it’s more than just an oil company, it’s also less than one.
StanChart’s board clearout is nearly complete 8 Jan 2016 Deputy CEO Mike Rees will step down from the emerging market lender in April. His long-anticipated departure removes a key figure from StanChart’s discredited former regime. Now the bank just needs to announce a replacement for outgoing Chairman John Peace.