Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (7123)	9/28/1998 10:45:00 PM
From: Joseph G.	Read Replies (2) \| Respond to of 86076

And a bit more ... <<WEST Merchant Bank, the London-based investment bank owned by Germany's Westdeutsche Landesbank Girozentrale (WestLB), has become the first big European casualty of the turmoil in financial markets. The bank will effectively cease trading and all outstanding activities, which are primarily in the emerging markets area, will be absorbed into its parent bank. A new division will be established. Chief executive Richard Briance, who joined in June 1997, is to leave by the end of the year. He will be succeeded by Hans Keller. Many of the bank's 900 staff are expected to lose their jobs, although a spokesman said efforts would be made to redeploy them. The announcement follows weeks of speculation about the future of West Merchant Bank, which City bankers claimed had lost significant sums in emerging markets. One banker said: "We knew something would happen. It just did not have the balance sheet to sustain the sort of losses being talked about. Most people thought it would get an injection of capital but few imagined it would lose its identity." In July WestLB moved the management of all equity and corporate finance activities, which includes stockbroker Panmure Gordon, to Dusseldorf, effectively leaving West Merchant Bank as an emerging markets specialist. The bank was formed nine years ago and, until last year, had been highly successful. For six years it generated a return on equity in excess of 30pc and attracted top bankers because of a lucrative bonus scheme that kicked in when the return reached 15pc.>>