PRESS DIGEST- Financial Times - Aug 21
Aug 21 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Glencore Xstrata hit by $7.7 billion writedown
JPMorgan hires top law firm on HK claims
Head of BAE's US division retires
Yahoo hires UK television veteran as Europe head
Intern death leads to calls for shake-up of culture
Investment banks' hiring points to uptick in recruitment
Diversified trader and miner Glencore Xstrata's chief defended the deal that created the commodities group even though the company took a $7.7 billion hit on its assets.
JPMorgan Chase has hired a venerable New York law firm to carry out an internal investigation into whether the Wall Street investment bank hired the children of powerful Chinese officials to help it win business in China.
Linda Hudson, chief executive of BAE Systems Inc, will retire in March, leaving a gap in the critically important autonomous U.S. division of Europe's biggest defence company.
Dawn Airey, former chairman and chief executive of UK commercial TV broadcaster Five, will run Yahoo's operations in Europe.
The death of a 21-year-old intern at Bank of America has triggered calls for banks in the City of London to overhaul their working culture for younger staff.
Some of the biggest investment banks including Nomura, Citigroup and Bank of America have begun hiring dealmakers and traders in Europe in a sign that hiring is gathering pace following a two-year cull that saw thousands of bankers lose their jobs.
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