Spencer Anderson is a reporter at IFR covering people and markets. He was previously at the financial times and covered institutional and foreign direct investment.
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Credit Suisse will exit commodities trading and make further cuts to its already dramatically shrunken macro products business, as the firm responds to a lacklustre trading environment that has made its capital and returns targets more difficult to meet by retrenching further.
Ian Hannam has accepted the Financial Conduct Authority’s final notice, which will see him pay a fine of £450,000 after being found guilty of insider trading on a deal linked to an oil firm drilling in Africa.
Brazilian investment bank BTG Pactual has purchased BSI, the Switzerland-based private banking group owned by insurer Generali, in yet another move by an Italian financial institution to unload non-core assets. Many banks have been following this strategy ahead of the forthcoming ECB stress tests.