View from City Road: Clients to fore at Kleinwort

One can understand why Kleinwort Benson's outgoing chief executive Jonathan Agnew would want the bank's better-than- expected results to be announced before he leaves today. He would otherwise be faced with congratulating his successor, Norman Lamont-style, on the rapid effectiveness of the new man's policies.

But that still leaves Kleinwort without a new chief executive. Lord Rockley protests that these things take time. Andrew Buxton of Barclays would no doubt agree. Perhaps Kleinwort wants to demonstrate to the world that it is on the mend before hiring a new boss.

Behind the management's protestations of 'no change in strategy' another more encouraging message is emanating from Fenchurch Street loud and clear: Lord Rockley and his influential deputy chairman, Simon Robertson, want to regain the bank's 'pole position' it enjoyed just five years ago by embarking on an aggressive campaign to win back clients.

Yesterday's good news could be too little, too late. The trading disasters and in-house feuding of the last few years may be behind it, but Kleinwort is now a long way adrift of the main UK contenders such as Warburg and Schroder.

The last two houses, for instance, have enjoyed rocketing profits from their steadily expanding fund management operations, yet Kleinwort's own investment management side has stagnated for the last few years.

The question is whether these first-half results reflect anything other than a better trading environment for merchant banks generally - see BZW's results - rather than a fundamental recovery in Kleinwort.

Certainly, increased corporate activity and higher stock market volumes give Kleinwort the most valuable gift of time. Messrs Rockley and Robertson can launch a lunch offensive on British boardrooms secure in the knowledge that the City is prepared to give them the benefit of the doubt for the moment.

After Kleinwort's long civil war between corporate financiers and the securities side, the new chief executive needs to be a charismatic figure who will get employees worrying about clients' needs rather than access to the executive washroom.

Start your day with The Independent, sign up for daily news emails
Property
pets
Arts and Entertainment
The Ridiculous Six has been produced by Adam Sandler, who also stars in it
filmNew controversy after nine Native American actors walked off set
Life and Style
The original ZX Spectrum was simple to plug into your TV and get playing on
techThirty years on, the ZX Spectrum is back, after a fashion
Sport
football
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Claims Administrator

£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...

Recruitment Genius: Senior SEO Executive

£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...

Recruitment Genius: Online Customer Service Administrator

£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...

Recruitment Genius: Digital Marketing Executive

£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...

Day In a Page

'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Russell Brand's interview with Ed Miliband has got everyone talking about The Trews

Everyone is talking about The Trews

Russell Brand's 'true news' videos attract millions of viewers. But today's 'Milibrand' interview introduced his resolutely amateurish style to a whole new crowd
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before
'Queer saint' Peter Watson left his mark on British culture by bankrolling artworld giants

'Queer saint' who bankrolled artworld giants

British culture owes a huge debt to Peter Watson, says Michael Prodger
Pushkin Prizes: Unusual exchange programme aims to bring countries together through culture

Pushkin Prizes brings countries together

Ten Scottish schoolchildren and their Russian peers attended a creative writing workshop in the Highlands this week
14 best kids' hoodies

14 best kids' hoodies

Don't get caught out by that wind on the beach. Zip them up in a lightweight top to see them through summer to autumn
Robert Fisk in Abu Dhabi: The acceptable face of the Emirates

The acceptable face of the Emirates

Has Abu Dhabi found a way to blend petrodollars with principles, asks Robert Fisk