CITY DIARY

Click to follow
The Independent Online
The Right Honourable Rupert Soames, Hanson's young businessman of the year 1994 and managing director of Avery Berkel, gave a rousing and unexpected speech on Tuesday at the Lord Mayor of London's dinner for young executives.

He took the opportunity to try to persuade the young execs to resign from their "financial" jobs to join him in industry - reminding them that it's not all about flat caps and muck these days but more about brass. Churning out widgets and gadgets was far more rewarding than spread betting on the markets, he said. Although the rousing ovation suggested a good reception, no resignation letters scribbled on napkins were forthcoming.

If Commerzbank ever bags Smith New Court it will do so without the expertise of its executive vice-president and co-head of the North American business, Dr Lutz Raettig.

Dr Raettig has been recruited by Morgan Stanley, along with Naneen Neubohn, managing director of Morgan Stanley in London, to head the bank's German operation.

The duo should prove a formidable pair to mastermind Morgan Stanley's big push into Germany. Dr Raettig has been responsible for Commerzbank's relationships with large multinationals while Mr Neubhon has worked in corporate finance capital markets and mergers and acquisitions.

A spot of salt and shake at PepsiCo Foods International as Peter Thompson, formerly president of Walkers Snack Foods, jumps into the hot seat as president and chief executive of Snack Ventures Europe, the joint venture with General Mills covering Continental and eastern Europe.

Michael Dolan, who led the venture since its inception in 1992, is returning to the US to take up new, as yet unnamed, PepsiCo responsibilities. Tony Illsley, previously commercial vice-president of Walkers, becomes president and chief executive of Walkers Snack Food, whose brands include Walkers, Quavers and Monster Munch's.

Now ex-Chancellor Norman Lamont is not a campaign manager any more he has had to find other things to do.

Jupiter Asset Management has recruited him as chairman of its food fund, launched in association with the European Bank for Reconstruction and Development and Commerzbank. This might not be the cherry on an ex-Chancellor's cake but at least it could offer a few crumbs of comfort.

Disaffected staff at Deutsche Bank's Frankfurt headquarters have hit back at the rise and rise of their colleagues at Morgan Grenfell. Piqued at the decision to allow the British subsidiary to lead its investment banking business from London, where the new Deutsche Morgan Grenfell is being established, research staff have produced a spoof investment report on what irks them most.

According to the missive, reproduced in today's European, British financiers eat overcooked steak and kidney pie, wear pinstripe suits woven from artificial fibres, work 15 hours a day, play bridge and keep a sleeping bag and toothbrush in the office. But at least we have a sense of humour.

Comments