Comment: Rethink of strategy for SBC Warburg
Friday 16 May 1997
The acquisition is also a bit of a reversal in strategy on at least two fronts. Only recently the bank said it wasn't interested in big bolt-on acquisitions in the US. Furthermore, the idea under George Fieger, a McKinsey wonderkid, was to get away from old style relationship investment banking and restructure along sales and product lines. Dillon Read is very much a relationship corporate finance house, and it seems probable that its chief operating officer, Franklin Hobbs, will re-establish that approach at SBC Warburg once he takes over as "global" head of corporate finance.
But no matter. This is corporate finance and today's new idea is tomorrow's old one. The opportunity to buy Dillon Read came up and Warburgs would have been silly to turn it down. The acquisition will leave the bank well placed to go for one of the really big fish on Wall Street should the market eventually crash.
- 1 A daily walk 'can add seven years to your life'
- 2 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 3 Chrissie Hynde says women who 'wear high heels and dress provocatively entice rapists'
- 4 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 5 News agency criticised for describing Amal Clooney as 'actor's wife' in coverage of human rights trial
University to mark down students who say 'illegal immigrants' in class
Rules on 5p plastic bags likely to lead to arguments at the check-out
The nine most warmongering countries in the world revealed
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
VMAs 2015: Kanye West to run for US president, Nicki Minaj calls out Miley Cyrus and the rest of tonight's winners
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...