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Financial Services

Alexander Forbes CEO says 2 more executives resign amid exodus

Jan 16 2019 13:15

Alexander Forbes CEO of corporate and employee benefits Tony Powis and head of retail financial services Sugendhree Redd will leave by the end of this month, Alexander Forbes’ new chief, Dawie de Villiers, said in an interview in Johannesburg on Wednesday.

Financial Services

Alexander Forbes executives resign amid strategic review

Jan 10 2019 18:14

The company told Bloomberg that CEO at Alexander Forbes Investments Leon Greyling, group chief risk officer Vishnu Naicker and chief human resources officer Christian Schaub plan to pursue other business interests.

Financial Services

Saudis said to seek advisers for biggest bank merger since 2016

Jan 02 2019 19:04

National Commercial Bank and Riyad Bank are seeking advisers for a potential merger that would create the Gulf region’s third-biggest lender with $182bn in assets.

Financial Services

Banks stuck with $1.6bn of unsold loans amid market rout

Dec 22 2018 15:23

A rout in the once-hot market for risky corporate loans has some of Wall Street’s largest banks stuck with at least $1.6bn of unwanted leveraged buyout debt.

Financial Services

Merrill Lynch penalised $6m for IPO sales to insiders

Dec 20 2018 19:26

Bank of America’s Merrill Lynch unit agreed to pay about $6m to settle Financial Industry Regulatory Authority allegations that it improperly sold shares in initial public offerings to industry insiders, the industry-backed regulator said on Thursday.

Financial Services

Stanlib pays back performance fees to some investors after FSCA probe

Dec 20 2018 13:08

The asset manager says its breach was 'an administrative oversight' and it has paid back seven years' worth of performance fees to certain investors, after the regulator found legal documents did not make provision for them.

Financial Services

5 key takeaways from Bain's statement on SARS

Dec 18 2018 19:29

Global management consultancy Bain & Company – hired by former SARS commissioner Tom Moyane – has given its version of how the controversial R164m contract unfolded.

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World

Goldman Sachs faces first criminal charges in 1MDB scandal

Dec 17 2018 13:24

Malaysian authorities allege that Goldman misled investors when the bank knew that proceeds from 1MDB bond sales it arranged would be misappropriated.

Financial Services

The Sunday Read: KPMG on transformation, missing red flags and rebuilding a brand

Dec 16 2018 09:30

KPMG South Africa's executive chairman, Wiseman Nkuhlu, says enhanced audit reviews and stringent client selection are just some of the key strategies that the firm has since adopted to rebuild its tainted brand.

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