Mac Bank’s Euro boss quits
(6 April 2010 – Australia) Macquarie Group’s chief executive officer of Europe, the Middle East and Africa, Benoit Savoret, has resigned from his new post only five weeks after his appointment.
The resignation is seen as a major setback for the investment bank, who recently invested A$770 million on energy and niche banking businesses in the markets and has also embarked on a hiring spree of high profile bankers from various major institutions and regions.
Mr Savoret resigned early last Friday with immediate effect.
While the bank and Mr Savoret refused to comment on the sudden departure the British press quoted a person with ties to Mr Savoret as saying the bank and Mr Savoret had different approaches to investment banking.
The resignation while embarrassing for Macquaire Group is not Mr Savoret’s first brush with scandal; Mr Savoret was one of Lehman Brothers five executives due to receive his share of US$98 million worth of bonuses just days before the banking giant’s collapse in 2008.
Mr Savoret resigned early last Friday with immediate effect.
While the bank and Mr Savoret refused to comment on the sudden departure the British press quoted a person with ties to Mr Savoret as saying the bank and Mr Savoret had different approaches to investment banking.
The resignation while embarrassing for Macquaire Group is not Mr Savoret’s first brush with scandal; Mr Savoret was one of Lehman Brothers five executives due to receive his share of US$98 million worth of bonuses just days before the banking giant’s collapse in 2008.
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