Macquarie's EMEA Head Lasts Less Than A Month

Reuters reports that Benoit Savoret has quit as head of Macquarie Bank's 1,450 Europe, Middle East & Africa unit after less than a month.

Savoret is a 20-year investment banking veteran with experienced gained at firms like Societe Generale and Lehman Brothers, where he was COO for EMEA. He has resigned from Macquarie with immediate effect.

The news agency quotes an unnamed source, who confirmed that the split was 'amicable', but appears to have been caused by a culture clash.

In the meantime, The Financial Times reports that Bafin, Germany's financial regulator, has launched a probe into 'possible breaches of money laundering regulations by UBS'. German prosecutors are already investigating the bank for allegedly assisting their clients evade German tax.

And The Independent reports that the UK's Treasury Select Committee has said in a new report that increasing the number of women on the boards of financial institutions would reduce 'group think', and may have resulted in firms being better prepared to meet, or avoid, the financial crisis.

One banker told Here Is The City: 'It's an interesting concept. Women are more intuitive and cautious, so - the theory goes - having more women in senior positions would make for better run financial companies. The big flaw in this argument, of course, is that the only women who make it in our industry are those who actually have bigger cojones than the men. And they only succeed by being even more macho than the boys'.

Finally, The Sunday Times reports that UK securities regulator The Financial Services Authority has been conducting stress tests on the British units of foreign banks and could force many of the world's largest firms to pump billions into their UK operations so that they can stand up on their own.

The newspaper says that 'dozens' of firms have asked to be given time to comply with any new directive, although Goldman Sachs and some other institutions are understood to have told the regulator that they are already structured in an appropriate manner.

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