Kleinwort Benson chairman quits over strategy
Saturday 01 March 1997
Dresdner said in a statement that Mr Robertson's departure, which was by mutual consent, was due to "different views on the strategic and organisational direction of the investment banking activities of the Dresdner Bank group".
He is being replaced as chairman by Lord Walker, who has been part of the Dresdner group since 1991 as chairman of the London-based asset management group Thornton & Co.
The investment bank's executive committee will now be chaired by Hansgeorg Hofmann, deputy chairman of Kleinwort Benson group.
In a statement issued simultaneously in Britain and Germany, the chairman of Dresdner group, Juergen Sarrazin, said: "All of us are agreed that, to recognise the full potential of Dresdner Kleinwort Benson, we must fully integrate our resources in London and Frankfurt, so that they and all our offices operate as one entity. Sadly, we have differed with Simon about the way this is best achieved.
"We deeply regret the departure of Simon. He has made a very significant contribution to Kleinwort Benson and the successful creation of Dresdner Kleinwort Benson, our global investment banking business."
Mr Robertson, 55, joined Kleinwort in 1963.
A spokeswoman for Dresdner said last night: "The disagreement was basically about how we should go forward in managing the integration process. The two views were irreconcilable.
"Simon Robertson felt that the whole investment banking operation should be managed out of London. We felt we were trying to build up a global banking business."
The spokeswoman said Dresdner believed that centring the business in London would be too narrow a focus from which to develop a global business.
When Dresdner acquired Kleinwort Benson in June 1995 it brought with it investment banking skills in the derivative and financing operations, the spokeswoman said. The difficulties arose in trying to find a management structure which was suitable not only for incorporating the skills already in place in London but also the global investment banking skills.
There are four basic pillars to Kleinwort's investment banking interests - equities, finance, markets and corporate finance. Two are managed in London and two are managed in Frankfurt.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 2 Orange Is The New Black has not been cancelled – it was a hoax
- 3 Why I'm on the brink of burning my Israeli passport
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Pope Francis: ‘One in 50’ Catholic priests, bishops and cardinals is a paedophile
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: Moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£35000 - £40000 per annum + Benefits: Ashdown Group: HR Advisor - 6 Months Fix...
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...