The German equity-linked market has received a much-needed boost as two exchangeable deals worth €1.2bn ($1.1bn) were launched at the same time.

Goldman Sachs set out to sell a large €1bn exchangeable from Allianz, the financial services group, convertible into shares in RWE, the utilities company. Simultaneously, Deutsche Bank and Merrill Lynch sold a €220m bond from Franz Haniel, the investment company, convertible into shares in Gehe, the medical technology company.

Michael Hoare

Goldman Sachs

Deutsche Bank

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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CME Group’s second-quarter earnings and revenue rose sharply as the derivatives-exchange operator benefited from a surge in trading activity due to market volatility.

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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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The biopharmaceutical company said the investment includes plans for a new manufacturing center focused on chronic diseases.

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The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

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