Japan: Thierry Porte carries can for Shinsei ills

Thierry Porte, the president of Tokyo’s Shinsei Bank, has resigned, taking responsibility for the bank’s poor results after it lost ¥19 billion ($198 million) between April and September this year. The loss caps a run of weak results for the bank over the past two years, and Porte’s exit marks the end of an era as the firm is returned to the leadership of its chairman, the 79-year-old Masamoto Yashiro.

Yashiro was previously appointed president and chief executive of the bank after it was bought by a consortium including US firm Ripplewood and investor Christopher Flowers in 2000; Shinsei had risen two years before that from the ashes of the crippled Long Term Credit Bank of Japan. The bank’s subsequent...

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Japan: Thierry Porte carries can for Shinsei ills

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