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CIBC to look outside organisation for new CEO

Hot Seat

Canadian Imperial Bank of Commerce, known for infighting when picking its leader, is considering breaking a century of banking tradition by looking for an outsider instead. Shareholders are wary of the uncertainty.

Rajaratnam sued by ex-driver over wire transfers

Money On Hook

A former driver for Raj Rajaratnam has sued the one-time billionaire, claiming he was fired for complaining about secret wire transfers the founder of the Galleon Group hedge fund made to fellow prisoners following his conviction for insider trading.

Former C Suisse bankers said to seek $2.5bn for debt fund

The Container Bridge 2

Global Infrastructure Partners, the private-equity firm run by former Credit Suisse First Boston investment banking head Adebayo Ogunlesi, is seeking $2.5bn for debt investments as new regulations make it more costly for banks to lend to projects such as windfarms and airports.

BNP Paribas close to agreement with regulator

Thumbs Up At Desk

BNP Paribas, seeking to settle claims it violated U.S. sanctions, is close to an agreement with New York state’s top banking regulator that would curtail some of its dollar-clearing operations for as long as a year, according to a person familiar with the matter.

Singapore corporates go on biggest-ever M&A spree

Merge lanes road sign

Singaporean companies went on a record-setting merger and acquisition (M&A) spree in the first half, with deal volume surging to $40 billion, more than double the $17.3 billion recorded in 2013, according to Dealogic.