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“In the wake of last Tuesday’s earnings call .. it should by now be readily apparent to all interested and responsible parties that Allergan requires a fresh approach,” Tepper wrote in a letter made public on Tuesday. “We believed that the introduction of a seasoned independent Chairman with extensive pharmaceutical experience could exert a favorable influence on executive decision-making,” the letter said. Allergan’s shares have fallen nearly 30 percent since October and are trading at less than half their historic high of more than $330 hit in 2015 cufflinks men. On Tuesday, they were up 1.6 percent at $140.09..

The company undertook a review of its corporate strategy last year, but the result of that review may only be the sale of its relatively small infectious diseases unit and a commitment to remain disciplined in its spending cufflinks men. Allergan said it had received the Appaloosa proposal and is “committed to continuing to engage with them.” The company also said it is committed to strong governance practices and independent board leadership, and touted its pipeline of products in development. Appaloosa, which oversees $12 billion, began pressuring Allergan to separate the roles, both currently held by Saunders, and to recruit an outsider to oversee its board in 2018. Tepper said that this is the fourth time he has written to the board to request this change..

Allergan’s “moribund corporate performance and flagging stock price since our letters only deepens our conviction on this point,” Tepper wrote. He also said splitting the roles is not a controversial move. At the end of the third quarter, Appaloosa owned nearly 2 million Allergan shares, having cut its holdings by 41 percent, a regulatory filing shows. Last year, both Appaloosa and Senator Investment Group wrote to Allergan urging the company’s board to split the chairman and chief executive role and reconsider its acquisition strategy cufflinks men.

LONDON (Reuters) – HSBC is preparing to lay off dozens of staff in its global banking and markets business, a source with direct knowledge of the matter told Reuters on Tuesday. The British bank, which is conducting a cost-cutting drive aimed at protecting its dividend, declined to comment on the redundancies, which will mainly impact sales and advisory staff. Those affected will be informed this week, the source said. The cuts follow several weeks of performance reviews and planning for 2019 by the bank’s senior management team, which was recently joined by former Royal Bank of Scotland executive Ewen Stevenson as its new chief financial officer cufflinks men.

The source, who declined to be named, said entire sales teams had been axed, with some members of staff leaving the bank’s London headquarters in Canary Wharf on Tuesday. The cuts follow a turbulent period for the global banking and markets division, which houses HSBC’s trading and investment banking businesses. The investment bank suffered an exodus of high-profile dealmakers in Europe last year, amid what sources said was frustration at a lack of a clear strategy cufflinks men. HSBC has since made some senior hires from rivals, including former JPMorgan banker Greg Guyett as co-head of global banking, and former Goldman Sachs banker Peter Enns as the global head of its financial institutions group..