Green yes, as in the color of US$ dollar bills!
Waste yes million dollar junk high flyers!
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http://online.wsj.com/article/SB10001424052970203513604577140181947337396.html
Temasek Taps Former UBS CFO as Europe President
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By P.R. VENKAT
SINGAPORE—Temasek Holdings Pte. Ltd. appointed John Cryan, the former chief financial officer at UBS AG, as president of its European business, a newly created position, as the Singapore state investment company continues to build up its management team.
Temasek has been drawing on executives from banks and other companies as it seeks to create a deeper leadership base at the state investment firm, which had a portfolio of US$150 billion as of March 31, 2011, up 3.8% from a year earlier.
"We continue to evolve and grow to support our strategy and anticipate the opportunities and challenges ahead of us. John Cryan adds depth to our bench strength, bringing with him considerable experience and capabilities to our senior leadership focus on markets," a Temasek spokeswoman said.
Mr. Cryan, who joined Temasek this week, has more than 19 years of experience in providing strategic and financial advice to a wide range of companies in the financial-services sector globally, the state investment firm said on its website Wednesday. Mr. Cryan's duties weren't detailed.
Temasek took a loss when it sold its stake in U.K. bank Barclays PLC in early 2009 in the wake of the financial crisis, but it still holds stakes in European assets. The state investment company is one of the largest shareholders in U.K.-listed, Asia-focused Standard Chartered PLC, with an 18% stake.
However, stakes in companies in Asia, and Singapore in particular, remain the bulk of Temasek's investments, and North America and Europe accounted for just 8% of Temasek's portfolio value as of March 31.
Mr. Cryan's appointment follows a string of management changes at Temasek. In October, Tan Chong Lee, Bank of America Merrill Lynch's Southeast Asia head of corporate and investment banking, joined as chief investment officer. Chia Song Hwee, now head of strategy and co-head portfolio management, was the chief operating officer at GlobalFoundries, a semiconductor firm. Ding Wei, who was the investment-banking chief at China International Capital Corp., joined Temasek in February to head the China operations.
Mr. Cryan, who was appointed chief financial officer of UBS in September 2008, served as chairman and chief executive of the Swiss bank's Europe, Middle East and Africa business before he left the bank in the middle of 2011 due to personal reasons, according to UBS.
Mr. Cryan is credited by government officials and bankers as instrumental in the Swiss government's October 2008 rescue package, including the bailout of UBS. But the Swiss bank, the country's biggest by assets, has faced a series of high-level defections since then amid questions over employee pay and its commitment to investment banking.
Among those who departed are global capital markets head Matthew Koder, who went to Bank of America Corp., and Cary Kochman, co-head of global mergers and acquisitions, and Jim Glerum, co-head of UBS's Midwest region, both of whom left for Citigroup Inc. In November, UBS unveiled long-anticipated plans for a major reduction in its investment-banking operations, saying it would cut the unit's assets by half, shed flagging businesses and return to its roots by focusing on its huge private bank.
Write to P.R. Venkat at [email protected]
Waste yes million dollar junk high flyers!
:oIo:
:*:http://online.wsj.com/article/SB10001424052970203513604577140181947337396.html
Temasek Taps Former UBS CFO as Europe President
Article
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Comments
more in Asia »
Save ↓ More
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By P.R. VENKAT
SINGAPORE—Temasek Holdings Pte. Ltd. appointed John Cryan, the former chief financial officer at UBS AG, as president of its European business, a newly created position, as the Singapore state investment company continues to build up its management team.
Temasek has been drawing on executives from banks and other companies as it seeks to create a deeper leadership base at the state investment firm, which had a portfolio of US$150 billion as of March 31, 2011, up 3.8% from a year earlier.
"We continue to evolve and grow to support our strategy and anticipate the opportunities and challenges ahead of us. John Cryan adds depth to our bench strength, bringing with him considerable experience and capabilities to our senior leadership focus on markets," a Temasek spokeswoman said.
Mr. Cryan, who joined Temasek this week, has more than 19 years of experience in providing strategic and financial advice to a wide range of companies in the financial-services sector globally, the state investment firm said on its website Wednesday. Mr. Cryan's duties weren't detailed.
Temasek took a loss when it sold its stake in U.K. bank Barclays PLC in early 2009 in the wake of the financial crisis, but it still holds stakes in European assets. The state investment company is one of the largest shareholders in U.K.-listed, Asia-focused Standard Chartered PLC, with an 18% stake.
However, stakes in companies in Asia, and Singapore in particular, remain the bulk of Temasek's investments, and North America and Europe accounted for just 8% of Temasek's portfolio value as of March 31.
Mr. Cryan's appointment follows a string of management changes at Temasek. In October, Tan Chong Lee, Bank of America Merrill Lynch's Southeast Asia head of corporate and investment banking, joined as chief investment officer. Chia Song Hwee, now head of strategy and co-head portfolio management, was the chief operating officer at GlobalFoundries, a semiconductor firm. Ding Wei, who was the investment-banking chief at China International Capital Corp., joined Temasek in February to head the China operations.
Mr. Cryan, who was appointed chief financial officer of UBS in September 2008, served as chairman and chief executive of the Swiss bank's Europe, Middle East and Africa business before he left the bank in the middle of 2011 due to personal reasons, according to UBS.
Mr. Cryan is credited by government officials and bankers as instrumental in the Swiss government's October 2008 rescue package, including the bailout of UBS. But the Swiss bank, the country's biggest by assets, has faced a series of high-level defections since then amid questions over employee pay and its commitment to investment banking.
Among those who departed are global capital markets head Matthew Koder, who went to Bank of America Corp., and Cary Kochman, co-head of global mergers and acquisitions, and Jim Glerum, co-head of UBS's Midwest region, both of whom left for Citigroup Inc. In November, UBS unveiled long-anticipated plans for a major reduction in its investment-banking operations, saying it would cut the unit's assets by half, shed flagging businesses and return to its roots by focusing on its huge private bank.
Write to P.R. Venkat at [email protected]
