M&T Bank acquiring Bridgeport-based People s United in $7.6B deal
Alexander Soule
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A People s United Bank branch in July 2020 in Newtown, Conn.Alexander SouleShow MoreShow Less
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Rotating brushes clear snow from the plaza in front of People s United Bank headquarters on Main Street in Bridgeport, Conn. on Tuesday, February 12, 2019.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
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The parent company of Bridgeport-based People’s United Bank is taking a $7.6 billion buyout from rival M&T Bank with its prospective owner aiming for cost savings and synergies adding up to $330 million, with an undisclosed impact on jobs.
19 February 2021 | 07:34am
StockMarketWire.com - The City of London Investment Trust reported first-half returns that lagged its benchmark as the company was underweight sectors that appreciated sharply.
For the half year ended 31 December, the company reported a pre-tax profit of £95.5 million, compared with a profit of £94.6 million year-on-year.
Net asset value per share stood at 357.4 pence at end of last year, up from 344.0 pence on 30 June.
The company s net asset value total return of 6.9% lagged the the FTSE All-Share Index, its benchmark, which produced a total return of 9.3% for the six months to 31 December 2020. The biggest detracting sector was not holding equity investment instruments, especially Scottish Mortgage, followed by being underweight in travel & leisure, including not holding Flutter Entertainment, the company said. The third biggest detracting sector was our above average exposure to gas, water & multi-utilities.
Citi adds wealth client director
Citi Australia’s wealth management business has filled a newly created role of client director.
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Kan Liu has taken the role, where he will be held responsible for managing Citi’s top high-net-worth clients.
Mr Liu has worked in banking roles at Citi for 10 years, specialising in fixed income and foreign exchange solutions.
Gofran Chowdhury, head of banking and wealth management distribution at Citi, commented, “The experience of 2020 highlighted that we need to work more closely with clients than ever before, as we navigate unprecedented events and ensure their wealth is both protected and enhanced.
Citi Australia has recruited internally for the newly created role of client director in its wealth business. Kan Liu has taken the role, where he will be held responsible for managing Citi’s top