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In today’s newsletter:

  • colm kelleher takes power

  • CNN’s new revival boss

  • The Mystery of the Exiled Russian Bankers

The Evolution of Colm Kelleher

when Colm Kelleher was crowned chairman UBS The job seemed an appropriate reward for his grueling rise in global banking last year.

as chief financial officer Morgan Stanley During the financial crisis, he found himself in deep trouble, sometimes having difficulty finding his way out. According to a friend of Kelleher’s, he believed the bank was “on the brink of collapse.”

But the difficult times are far from over.

UBS historic rescue credit suisse In this in-depth article in FT Magazine, Laura Noonan and Owen Walker of the FT report that Kelleher again faces huge implications for the stability of the global banking industry. Impact challenge as he finds himself at the center of the world’s most complex bank merger. history.

One of nine children of an Irish family living in the working-class English town of Warrington — where signs read “No Dogs, No Irishmen” — Kelleher retained his outsider status on Wall Street.

“You don’t see him go to a long lunch. He’s very serious, very focused. He can smell shit.” john mikeHe was then Head of Fixed Income at Morgan Stanley.

In the race to shore up the U.S. bank’s balance sheet in 2008, that stoicism paid off, a period he told friends that left him with PTSD as the bank’s fate weighed heavily on his shoulders.

UBS Chairman Colm Kelleher

UBS chairman Colm Kelleher finds himself at the center of the most complex bank merger in history © AP

Marathon meetings and negotiations with Swiss authorities before UBS took over Credit Suisse required similar stamina, though he briefly escaped on St Patrick’s Day night to drink a pint of Guinness before being dragged back by the chief of staff .

Despite all the chaos, Kelleher still maintains a sense of humor.he once mentioned harry potterBank of Gringotts During his tenure at Morgan Stanley, an analyst called him to relieve boredom, and he was known to discourage late colleagues from joining meetings.

As UBS prepares to report its half-year results on Thursday, he is under pressure to prove himself and the new chief executive to investors. Sergio Hermoti The global banking giants can deliver on their promises.

El Moti will make the ruling while Kelleher sits on the sidelines. But we all know he was just as involved.

CNN’s new “editor-in-chief”

it’s not surprising CNN A network eager to reshape its media coverage has found a CEO who is also editor-in-chief of its news division.

The question is whether its story can be salvaged.On Wednesday, the group appointed its predecessor bbc and New York Times boss mark thompson Oversee its business and editorial operations.

mark thompson

Mark Thompson led digital transformation at BBC and former New York Times employer © Associated Press

The media veteran inherits a company that has lost control of its narrative more than once in recent history.

Longtime CNN leader resigns Jeff Sugar He failed to disclose his relationship with a colleague last February, shaking the network’s rankings.

this gives David Zaslav – this Discover The boss who took over after the company’s $43 billion merger deal with CNN parent closed warner media — an opportunity for someone who shares his vision and moves away from CNN’s “activist” stance to fill the void.

Enter Chris WrightVeteran TV producers handpicked by Zaslav to help bring more right-wing voices to the network — a view shared by the billionaire “cable cowboy” and Warner board member john malone.

A chaotic CNN town hall donald trump and awkward profile Later in The Atlantic, Lichter was out.

Thompson now inherits a company plagued by declining ratings, layoffs and employee disillusionment.

Of course, there’s the big question of how to direct CNN’s coverage.

Some within the network believe that political stances help keep the light on. “If you’re a cable news viewer, you have an opinion about politics,” a former employee of the network told the Financial Times in June.

Thompson, who cut more than 6,000 jobs during his eight-year tenure as BBC director-general, has not shied away from radical change in the name of transformation.

DD will wait and see how this all plays out.

Who is Sergei Leondiev?

Six months ago, Courtney Weaver and Stefania Palma of the Financial Times received an email inviting them to interview “a high-profile Russian national targeted by the Putin regime. “.

This invitation will lead them down a rabbit hole to answer a pressing question: who is Sergei Leontievand why did he really leave Russia?

To the U.S. asylum system, he was an exiled Russian banker persecuted by the state and forced to flee. For Russia, he is believed to be behind a massive fraud.

The FT’s special three-part miniseries outlines the enigmatic banker’s story behind the money The podcast, part one is now available.

Click here for Courtney and Stefania’s in-depth look at Leontiev.

Job changes

  • Man Group appointed Laurie Fitchcurrently a partner in PJT PartnersStrategic Advisory Group, serving as a non-executive director.

  • british motor insurance company direct line Poached top executives from rival Adam Winslow Avivaas its new CEO.

  • blue crownof Mark Bradford will join the hedge fund letter howard Take up the newly created post of finance minister next year.

  • Singapore Hedge Fund Dimon Asia Capital employed Yu Shenxin Hiroshiformer trader Mitsubishi UFJ Morgan Stanley SecuritiesAccording to Bloomberg, as a macro portfolio manager in Tokyo.

smart read

power lunch Before the 2016 US election, the late sex offender Jeffrey Epstein Political circles trying to court Donald TrumpThat included inviting Peter Thiel and Thomas Barak to meet with top Russian diplomats, according to the Wall Street Journal.

proceed with caution UBS chief Sergio Ermotti inherited a strong Asian wealth business when he bought Credit Suisse. but he must tread carefully Reuters’ Breakingviews writes, while consolidating a sector that thrives on serving risk-hungry tycoons.

New aristocracy A hotel group’s plan to recreate a Scottish castle for the super-rich has angered locals in a modern twist on medieval class divisions, the Financial Times writes.

news summary

Country Garden posts $7 billion loss as China property crisis deepens (FT)

Activist Investor Nominates GAM CEO Candidate (FT)

UBS to close Credit Suisse Global Markets business (Reuters)

Standard Chartered offers 20 weeks of paid parental leave (London Financial News)

Bankman-Fried may subpoena expert witnesses for $1,200 an hour (Bloomberg)

Goldman Sachs/CIC: East-West tensions shift from courtship to remorse (Lex)

Due Diligence was written by Arash Massoudi, Ivan Levingston, William Louch and Robert Smith in London, James Fontanella-Khan, Francesca Friday, Ortenca Aliaj, Sujeet Indap, Eric Platt, Mark Vandevelde and Antoine Gara in New York, and Kaye Wiggins in Hong Kong , George Hammond and Tabby Kind in San Francisco, and Javier Espinosa in Brussels. Please send feedback to due.diligence@ft.com

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