May 24, 2022
The HSBC banker suspended for speaking his mind
Last week Stuart Kirk, HSBC Asset Management's global head of responsible investing and a former FT journalist, told a room full of people who had gathered to talk about ESG concerns that they should ignore "Unsubstantiated, shrill hyperbole" about climate change. On Sunday the FT's Owen Walker revealed that Kirk had been suspended as a result of his bluntly delivered presentation at the FT Moral Money Summit, titled "Why investors need not worry about climate risk". Chipmaker Broadcom is in talks to acquire VMware, the crown jewel asset that Dell and Durban acquired when taking control of EMC, in a deal that could fetch the software group more than $50bn. Dell kept VMware independently managed with a 19 per cent stake listed on public markets, but combined the remainder of EMC inside his bigger enterprise technology mothership Dell Technologies. Michael Dell owns a stake in Dell worth more than $14bn, while Silver Lake's shares are worth nearly $4bn. The coup underscores that arcane technological infrastructure companies such as VMware are the big money makers on Wall Street, and where deal activity remains strong.
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