TITLE

A&O corporate dept cocks a snook at its banking critics

AUTHOR(S)
Begum, Husnara
PUB. DATE
March 2005
SOURCE
Lawyer;3/7/2005, Vol. 19 Issue 9, p13
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article presents a clarifying note from the company, Allen & Overy (A&O), in response to its banking critics regarding the company's long-debated dispute between its corporate and banking partners. According to a report, previously published in this journal, in its May 2004 meeting, A&O's banking partners have issued an ultimatum to their corporate colleagues to get their house in order after the corporate group recorded a net loss of around £10; million in the last financial year after partner profit allocation. Since last year's meeting, A&O has landed a handful of high-profile public bids, such as the mandate to advise U.S. businessman Malcolm Glazer on his much-publicised potential bid for Manchester United PLC. A&O's corporate head, Richard Cranfield, insists that any underperformance by his team is merely a perception issue. Cranfield argues that the move to Canary Wharf was not driven entirely by a desire to strengthen relationships with investment banks, but because the firm wanted to have a full-service office there.
ACCESSION #
16393061

 

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