Diamond's African Voyage; BlackRock's Shuffle; BNY Mellon Showdown

Receiving Wide Coverage ...

BlackRock Planning Ahead: Global investment firm BlackRock is shifting and promoting several of its key executives in a move interpreted as succession planning for the day Laurence D. Fink, the firm's co-founder and chief executive, decides to step down. Charles S. Hallac, its current chief operating officer, will become co-president on June 1 alongside Robert S. Kapito, current president of the firm. Robert Goldstein, current head of institutional client business, will become chief operating officer. Kapito is viewed as next in line for the CEO role, but the changes are meant to be proactive, the New York Times notes, as 61-year-old Fink is expected to be at the firm for "years to come." The Times also published on its website the full memo to employees from Fink and Kapito. Hallac is battling colon cancer, and the Financial Times reports that the move allows him to step back from day-to-day operations as he undergoes treatment. According to the memo, Hallac has also been charged with assembling a group to focus on how technology "can further transform our company and industry." The FT also reports that Fink believes he'll be judged on how well the next leaders manage the transition when he eventually retires and "the board wants to see what these executives can do," in quoting an unnamed source. The Wall Street Journal's take provides some context by highlighting recent shake-ups at investment firms like Pacific Investment Management Co. and Fidelity Investments. New York Times, Financial Times, Wall Street Journal

Diamond Moves Deeper into Africa: Former Barclays CEO Robert E. Diamond Jr., is buying a second bank in Africa. On Sunday, the Rwanda government said it had signed a non-binding agreement with Diamond's Atlas Mara investment company to privatize the Development Bank of Rwanda's commercial arm. Neither the New York Times nor the Financial Times reported a sale price, the FT says the deal would give Atlas Mara 77% ownership of the bank. Last week, Atlas Mara announced it would pay $265 million to take a majority stake in ABC Holdings which operates BancABC in Botswana. The deal with the Rwandan government for the Development Bank was signed on the 20th anniversary of the beginning of the Rwanda genocide. During that time, Hutu extremists killed close to a million Tutsi people and their sympathizers. Since then, the country has managed an incredible turnaround, the FT and the NYT noted, under the direction of President Paul Kagame. New York Times, Financial Times

Financial Times

The Bank of New York Mellon annual meeting Tuesday could be a lively one. The newspaper reports that shareholders are disillusioned by the company's inability to rein in expenses and hit profitability targets. Analysts are getting involved, too. Mike Mayo, an analyst at CLSA, suggests the bank should be split up. He plans to attend the meeting and wants the board to conduct a study into the costs and benefits of selling its asset management division.

New York Times

Offshore tax shelters should seek, well, shelter because Credit Suisse is the subject of two investigations. The Department of Justice is nearing the end of an investigation and the newspaper reports the Swiss bank could face a cash penalty more than the $780 million UBS paid to resolve a similar case in 2009. The Justice Department could also be seeking a guilty plea through one of its subsidiaries. Meanwhile, Benjamin M. Lawsky, Superintendent of Financial Services in New York, is launching a civil investigation. He has requested documents from the bank and is expected to demand additional records this week, the newspaper reported. Lawsky is examining whether the bank lied to authorities about engineering tax shelters.