. With people avoiding city bars and restaurants, revenue fell more than a third in 2020. Still, at least it has sales, which isn’t always the case in recent SPAC deals. Take the helicopter taxi companies and early-stage autonomous trucking firms that are also tapping blank checks. By contrast, Bird might
if the desire to avoid public transportation persists even as life returns to normal. Bird may be pushing the envelope in one sense. But at least it isn’t promising scooters will fly. Andrea Orcel’s first tangible move is in the right direction. The veteran dealmaker, who started as UniCredit’s new boss last month, is getting rid of wasteful extra padding. His top management team,
on Wednesday, will shrink to 15 people from the 27 installed by predecessor Jean Pierre Mustier. It will also be more diverse, and lose most of its existing 44 management committees.with co-head functions and extra management layers that added unnecessary complexity. Italy makes nearly 40% of group revenue, so turning it into a standalone division directly reporting to the chief executive signals a greater focus on UniCredit’s main market than his predecessor ever had.
structure should in turn help UniCredit’s chief boost depressed returns. That’s a good idea if Orcel has any plans to engage his M&A instincts. Commerzbank and ABN Amro are both mid-sized European lenders suffering from high costs and low rates. Yet their trajectories couldn’t be more different. The 8 billion euro German group seems to be improving rapidly, with revenue rising by 35% year-on-year in thethanks to roaring capital markets. Shares rose 7% on Wednesday.
ABN, on the other hand, has no such option. Shares in the 10 billion euro Dutch bank fell 7% on Wednesday after ita 4% year-on-year revenue slump. Analysts are pencilling in a 5% return on equity next year. Antitrust authorities would probably block any attempt to raise that through a merger with local rival ING, given the country’s concentrated banking market. Unlike Commerz, ABN will have to limp on alone. Lockdown saw Ubisoft Entertainment re-establish itself as a gamers’ darling.
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