TERRY SMITH, the famously pugnacious chief executive of Collins Stewart Tullett, is parting company with the man who runs his investment banking operation at an awkward time for the company.

Smith now has to find a replacement for Shane Le Prevost, chief executive of Collins Stewart, the banking side, in time for its proposed demerger from the bonds broking business Prebon Tullett this autumn. The betting is on an internal appointment.

Le Prevost was moved across from the Guernsey-based wealth management operation two years ago to head the bank. No one is saying anything, but the rumour is that Collins Stewart has not distinguished itself at a time when other brokers such as Numis have done rather well — profits at the latest annual figures were at best flat.

It is an irritation for Smith, who is generally reckoned to be more interested in the money broking side than Collins Stewart, the original heart of the business, where he is required to remain as chairman.

KBC PEEL HUNT, the broker, has sent out letters seeking members for a nominations panel to select the best non-executive directors. “It occurred to us that there’s nothing that acknowledges the good works that non-executives do,” says someone from Peel Hunt. Indeed; nor yet the good works done by the Cheshunt Karate Club, a blameless if somewhat irrelevant organisation to whose website those following the instructions in the Peel Hunt letter are directed.

Making work

A CURIOUS thought from Doug McWilliams, of the Centre for Economics and Business Research. The economist pointed out to a recent conference that we have created an artificial housing shortage in this country that pushes up prices and so boosts the economy by encouraging people to borrow and spend more.

At the same time, by wrecking pensions, we have perversely encouraged people to work harder and longer. “The worse the fund management industry does, the greater the output from the workforce.” Yet another way in which the City boosts GDP, then.

HSBC chief executive Stephen Green yesterday launched a global study into the attitudes towards retirement and elderly workers held by companies and organisations around the world. So how many people over 65 does HSBC employ, someone asked? Don’t know. Who’s the oldest member of staff? Er, don’t know. Way to go.

Short Sharpe shock

THE rules set by the industry regulator Ofcom governing the amount of time that ITV can run its staggeringly dull ads on screen — current least favourites that HBOS “Rhinestone Cowboy” and the rubbish Japanese car that uses a choir to show how quiet it is — are strictly enforced. An average of seven minutes an hour, rising to 12 minutes in peak periods. So do the maths. If I Sky-Plus three hours of Sharpe’s Challenge and then record it, minus ads, on to a DVD, why do I only get two hours 20 minutes of programme? Ah, explains ITV, the definition of ads does not include “programme promos, idents, interstitials and sponsorship break-bumpers. Does that make sense?” If you insist, I concede wearily. But you shouldn’t be allowed to do it anyway.

city.diary@thetimes.co.uk

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