BofA Promotes Jeff Tannenbaum to Lead European Dealmakers
Bank of America Corp. named Jeff Tannenbaum the new head of corporate and investment banking across Europe, the Middle East and Africa as part of a slew of changes in the Wall Street bank's international division.
Tannenbaum is replacing Jim O'Neil, who is taking a role in the UK government, according to a memo to staff seen by Bloomberg. He will join the global corporate and investment banking and EMEA executive committees at the firm, the memo said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Poundland sold for £1 and set to shut shops in restructuring
Poundland is set to shut dozens of stores after being sold for £1 to investment firm Gordon Brothers. The discount chain, known for primarily selling products for £1, had been put on the market earlier this year after a sharp downturn in trading. Poland-based Pepco Group, which has owned Poundland since 2016, said on Thursday that it completed the sale of the business for a 'nominal' fee. Sources close to the process have said this was £1. Poundland's more-than-800 stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, which owns brands including Laura Ashley, as a result. However, as part of the deal, Poundland is set to undergo a restructuring plan, which will go through the high court. Poundland said the details will be communicated 'in due course'. It is understood that full details of the shake-up will be sent out company creditors in the coming days. The company is expected to seek around 100 store closures and a raft of rent reductions from landlords as part of the process. As part of the restructuring plan, Pepco is set to retain a minority stake in Poundland. Last month, Poundland reported that revenues dropped by 6.5% to 985 million euros (£830 million) for the six months to March, compared with a year earlier. The brand suffered 'challenges across all categories' and had 18 net store closures over the period. Pepco said the deal will help it shift away from food and drinks, improve its revenue growth and boost its profitability. Stephan Borchert, Pepco Group chief executive, said: 'This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business. 'Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition. 'We want to sincerely thank all the Poundland team for their ongoing commitment and contribution to the group and wish Barry Williams and his team all the best for the future.'
CNBC
20 minutes ago
- CNBC
U.S. uncertainty is handing Europe a huge opportunity
Europe is being urged to capitalize on the volatility of the Trump administration, as shifts in capital and private market flows suggest U.S. exceptionalism is waning and losing out to a resurgent Europe. The numbers tell part of the story, with Europe's Stoxx 600 up over 8% compared to a 5% jump for the S&P 500 since Nov. 1, 2024, just days ahead of the U.S. election. Bank of America said in a report dated June 5 that U.S. equities had seen outflows of $7.5 billion over the previous three weeks, while European stocks benefited from inflows of $2.6 billion over the same period. Earlier this year, meanwhile, data from Morningstar showed that investors withdrew 2.8 billion euros ($3.2 billion) from U.S. equity ETFs in the month to the middle of March, while shifting 14.6 billion euros into European ETFs. Goldman Sachs International Co-CEO Anthony Gutman told CNBC that the convergence in U.S. and European growth rates came about quickly this year and was a big factor prompting investors to shift money toward Europe. "In January, sentiment felt very strong in the U.S., it felt somewhat more muted in Europe. You roll the clock forward and now the picture has changed fairly dramatically, that's to the benefit of Europe in many cases. Europe is getting more capital inflows and there is more optimism in Europe," Gutman told CNBC's Annette Weisbach Wednesday on the sidelines of the Goldman Sachs European Financials Conference in Berlin. Meanwhile, in private markets, talk of the breakdown of U.S. exceptionalism dominated the Super Return forum in Berlin last week. Carlyle Group's Managing Director Mark Jenkins told CNBC that, "in Europe, we've seen a lot of great opportunity and think we can pick up greater returns here relative to the risk you're taking in the U.S." This sentiment was echoed by private equity giant Permira, which holds private equity funds and credit vehicles representing around 60 billion euros worth of capital under management. "If you look at Europe at the moment, firstly, capital is cheaper, if you look at the trend of where euro rates are going versus dollar rates are going, you can fund and finance things cheaper here. Secondly, valuations are cheaper, you can buy great companies for less," Permira Executive Chairman Kurt Björklund told CNBC's "Squawk Box Europe" on Tuesday. "Thirdly the innovation cycle is growing exponentially in Europe … there is an enormous number of highly innovative companies that are growing in a disruptive and global way," he added. All eyes are now on the potential for an EU-U.S. trade deal — which is proving trickier to pin down than with some other countries, including the U.K. Referencing the complexity of the behemoth that is the European Union, Siemens Energy Chairman Joe Kaeser told CNBC that the EU is "politically not ready to strike these types of deals." The White House hinted on Wednesday that a July 9 deadline for a deal may be movable, however, with Treasury Secretary Scott Bessent saying: "It is highly likely that for those countries that are negotiating — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the date forward to continue the good faith negotiation." French President Emmanuel Macron also struck an optimistic tone, telling CNBC's Karen Tso on Wednesday: "I'm sure that we will find, at the end of the day, a good solution." Unicredit CEO Andrea Orcel stressed that the opportunity for Europe's continued revival lies in its own hands, however. He explained that the 27-member European Union could galvanize amid the fracturing of Europe's relationship with the U.S., but warned that investors can also be fickle. The expectation is that "there will be convergence, there will be a banking union, there will be a capital markets union. There will be a lot of spend on infrastructure, on defense... That's exciting for the market, therefore money flowing in," Orcel told CNBC Wednesday. "But if, little by little, investors realize that this is lip service, but it doesn't really happen. Money will flow back in a nanosecond, and you will see [that] very quickly." Europe is faced with a "phenomenal opportunity," he added. "We have every reason to be ... on par with the U.S., but it's our fault if we don't do it."
Yahoo
22 minutes ago
- Yahoo
Sterling Weakens After U.K. GDP Contracts in April
Sterling fell to a one-month low against the euro after data showed the U.K. economy contracted more than expected, however XTB said the pound's decline could be temporary as the U.K. has fewer exports to the U.S. than many other countries and has sealed a trade deal.
