Thursday, 2 October 2014
Last updated 1 hour ago
Apr 29 2013 | 12:37pm ET
Kohlberg Kravis Roberts' stewardship of First Data Corp. hasn't gone precisely as planned. Now, the private-equity giant has turned to a top JPMorgan Chase executive to turn the payment processor around.
Frank Bisignano was named CEO of First Data on Friday. The company has lost money every quarter since KKR bought it 2007. In one of the largest leveraged buyouts of all time, KKR paid $26.35 billion for the company, but now values it at only 70% of that level.
"Frank is known for managing technological innovation in customer-focused businesses, and can now apply his skills and experience to leading the largest transaction payment processing company in the world," First Data Chairman Joe Forehand said.
Bisignano had spent eight years at JPMorgan, moving from one crisis to another. He helped integrate the bank with Bear Stearns, which it bought during the financial crisis. In 2011, he took over JPMorgan's mortgage operations amidst controversy over foreclosures, and last year was named co-chief operating officer in the wake of the London Whale trading catastrophe, which cost JPMorgan more than $6 billion.
Prior to joining JPMorgan, Bisignano was at Citigroup, and led that bank's operations following the Sept. 11, 2001, terrorist attacks.
Todd Maclin, a top executive at JPMorgan, in 2011 called Bisignano "the best fix-it person we have."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...