After months of power vacuum, the major Italian bank Unicredit seems to have found a successor for Jean Pierre Mustier: Andrea Orcel.
Almost four years ago, Andrea Orcel hit the headlines with an awkward story. A change from the former Swiss investment banker failed at the last minute UBS to the top of the Spanish Major bank Santander – You couldn’t agree on the salary. The manager then sued for 112 million euros, the proceedings are still pending in a court in Madrid.
Similar endowment problems appear with the Italian money house Unicredit, the mother of Hypovereinsbank in Munich. The 57-year-old will soon succeed Jean Pierre Mustier as CEO. Orcel used to be in the service of the US investment bank Merrill Lynch, the crisis bank nationalized today Monte dei Paschi di Siena (MPS) advise. At the request of the Roman government, Unicredit will soon take over MPS – which is much smoother with Orcel than with its predecessor.
And then there is the Spanish football club FC Barcelona, which is not only proving to be top at championships, but also in debt. The liabilities now amount to around 1.2 billion euros, 730 million of which are to be repaid in the short term. Barcelona spends an astonishing 74 percent of its revenue on Lionel Messi and other players, as well as coaches and staff. And the Catalans owe a number of clubs a lot of money for expensive transfers, including Bayern Munich. Money not only scores goals, but also own goals. The club is either ripe for the insolvency administrator or the McKinsey principal.
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Handelsblatt Morning Briefing: CDU fetish “black zero”
Good morning dear readers,
if you read what the CDU is currently publishing about Helge Braun, “their” minister in the Chancellery, one might think that the man is a “submarine” of the Greens or the Social Democrats in the vicinity of Angela Merkel. The party-internal criticism fell on the trained doctor so unanimously and forcefully. He had allowed himself in the Handelsblatt to think about suspending the debt brake, which is not to be complied with, and wants to change the Basic Law for this. “Not capable of a majority,” rumbles parliamentary group leader Ralph Brinkhaus. Something like that “in the future, vote with the party and parliamentary group beforehand,” waddles Armin Laschet, the new party leader.