Deutsche Bank ‘fishing’ in Caixa, Rothschild, March and Santander to strengthen its private banking

The German bank has already incorporated almost 25 high-net-worth bankers so far this year.

Deutsche Bank steps on the accelerator to grow in its high-net-worth businesses: private banking and wealth management, this second dedicated to the richest. The German bank has already made almost 25 signings -and some promotions- of private bankers so far this year, with a special focus on large fortunes. Among his latest additions to wealth in Madrid and Barcelonafour professionals have arrived from CaixaBank, Edmond de Rothschild, Banca March and Santander.

The first of them is Jesus Pardo de Santayana, one of the strong men of CaixaBank in the capital, where he held the position of coordinating director of private banking in Madrid. His experience as a manager of large assets dates back to Morgan Stanley, where he started in 2007. But, in 2008, the Catalan group took over the private banking and fund and pension managers of the American for around 600 million euros, which meant the transfer to the then La Caixa of its investment professionals.

Another recently landed in the Spanish subsidiary of the German giant is Henry Velascowho began his career as a tax attorney but then changed course to Abante as a financial advisor, where he remained from 2012 to 2018. His last posting was as a private banker at Edmond de Rothschild, where he spent two and a half years.

The third is Borja Martin, who also started out as a tax advisor. However, he then spent almost seven years at Banco Santander (including its Chilean delegation), from 2009 to 2016, as office manager and private banker, a role the latter has held for almost two years at Renta 4 Banco and close to four in Banca March before his new change. These three bankers have joined the Madrid team.

For his part, in Barcelona he has enrolled Paul Lives from Santander Private Banking. He has been linked to the Cantabrian group in Catalonia since 2007, first as an office manager and later as a private banker.

Objective, 100 ‘top’ bankers

As Deutsche Bank, whose Wealth Management and Private Banking segments in Spain are led by Borja Martos, has reiterated on several occasions, its intention was be reinforced with 25 private bankers in the first semester of 2021 and reach a total number of wealth managers on the payroll that would be around one hundred by the end of the year.

With a little more slowness with respect to its objective for June, but it has already incorporated almost 25, among which there have been some internal promotions.

The German bank’s commitment to your business core of high net worth has been articulated since 2020 under the umbrella of the International Private Bank division, created that same year and directed in Spain by Fernando Souza.

It includes all the business of individuals, companies, private banking and wealth managementthese last two operated jointly and coordinated by Martos since the end of last year, as published by Invertia.

After the business restructuring that it carried out in the geographies where it is present, Deutsche Bank stated its objective of being the bank of reference for business families worldwide.

As highlighted Claudius of Sanctis, head of International Private Bank, during the last Investors Deep Dive last December, the bank is “in a privileged position to offer this segment of clients a single solution for all their needs, both from a private and business point of view”.

At the end of 2020, the assets managed by Deutsche Bank in its private banking in Spain as a whole amounted to €10.3 billionaccording to him ranking produced by the magazine ‘Funds People’.

Among the latest initiatives of the banking group in our country to attract new customers, the launch of a platform to invest in European bank deposits (Deposit Market), the first sustainable deposit in the Spanish market (Depósito Sostenible DB) or the imposition of its DB Strategic Asset Allocation (SAA) portfolios among small investors.

Do you also abandon me? Calviño asked BBVA

First, it was the defection of the CEOE, which finally realized that the third vice president, Yolanda Diaz, manipulated them. It is no longer so easy for the communist to reach agreements on labor matters. Second, it was the INE, which lowered GDP growth to 1.1% in the second quarter when the Government boasted of 2.8%. Stab at the macroeconomic picture of the General State Budget project for 2022.

Third, the flight of Iberdrola and the electricity companies, resorting to the PNV to prevent benefits from being plundered by decree. The IMF recently substantially lowered the increase in GDP for 2021 forecast by the Government (6.5%). In addition, the governor of the Bank of Spain has become critical of the drift of the economic measures of the Government, which he accuses of being ideologized. Now it is the BBVA study service that is throwing the Government’s forecasts out of the water, leaving this year’s growth at 5.2%.

It is possible that Calvinoeconomic vice president, has addressed Charles Torrespresident of BBVA, and said the famous phrase of Jesus to his disciples when he explained the Passion that he had to suffer: do you also abandon me?

Because Calviño’s Passion has begun. Accounts of him are turning into tales. Stories that he has to explain to Brussels, where he still has prestige. Prestige that Sánchez, with his government partners and parliamentary allies, are going to undermine. Prestige that we Spaniards still need so that the supplies of the 140,000 million euros of the Next Generation or EU recovery funds are not cut off.

Calviño’s Passion has begun. The accounts of him are turning into tales

Little by little, those responsible for business decisions in Spain are abandoning the vice president. These echoes are reaching international markets. They have already arrived and hence, the least direct investment in Spain. In the end they will also reach Brussels and other community institutions, such as the ECB. Then the prestige of our economic leaders will be questioned.

But BBVA has not completely abandoned Vice President Calviño; she has been prudent in her forecasts. Readers remember that I have been insisting that I don’t think we will grow above 5%. That’s why I think your study service must have been moderated. After all, a company of its size should not get too wet against political power. Another thing is what they say internally.

For example, with regard to inflation, it seems to me that he has been prudent in stating that, although we will finish with the 4% increase in the CPI (Consumer Price Index) at the end of 2021, with an average of 2.8% in the year, this study service forecasts 1.8% for 2022.

In my opinion, if their forecasts come true in 2021, the unions of the big companies will have no choice but to request that wages be revised upwards in the first half of 2022. Yes, in addition, the Government complies with its desire to raise the Minimum Interprofessional Salary (SMI) to 1,000 euros at the beginning of 2022, that will also push the hierarchical salary scale. Above all, in sectoral agreements that do not take into account the characteristics of each company in particular.

Some SMEs are holding back on their price increases for fear that demand will drop. But if labor costs are added to the increase in energy costs and the lack of some supplies, in the end they will rise. That will fuel inflation in a country of services like ours, in which the weight of wages in the final product is high.

So the BBVA study service has not yet completely abandoned Calviño and his macroeconomic forecasts. Has been moderate and cautiousboth in the rise in GDP in 2021 (which will be lower), and in inflation in 2022 (which will be higher).

The end will be when the CIS, chaired by José Félix Tezanos, declares the PP the winner against the PSOE in one of its famous and made-up polls. Then, Sánchez will say what Cesar exclaimed in his murder: Bruto, you too, my son? Are you Tezanos too, my sociologist?

*** JR Pin is a professor at IESE.

Hisense, Photo: Hisense

Didier Saint-Georges: Edouard Carmignac has ‘batteries’ left and sees a corporate operation as very unlikely

“It’s easy to be big, but not so easy to be big and efficient at the same time,” he says in an interview with Invertia, the last one before his retirement.

Didier Saint-Georges.

About three and a half decades in the financial markets. That is the time that has passed Didier Saint-Georges analyzing and managing stocks and bonds for investors, making them earn (a lot of) money through the carmignac investment funds in the last 15. But every road comes to an end.

The French manager announced a few weeks ago that He will retire on October 1. Investors around the world are orphaned by one of their main gurus, the one who has been number two in Edouard Carmignac and the main executor of the philosophy of the French group, responsible for 41,000 million euros in assets.

“It is easy to be great, but it is not so easy to be great and efficient at the same time”, he says as the culmination of a long and successful career, praising the spirit and the wickerwork of Carmignac. His origins, however, go back to entities such as JPMorgan and Merrill Lynch, groups that took him to large capitals such as New York, London and Paris. Always Paris and her glamor.

Saint-Georges has been passing through Spain for several days, explaining to clients how the investment funds they have contracted will be left once he retires definitively. And the message is only one: continuity. The manager reserved a slot for invested, to whom he has granted his last interview to a Spanish media outlet while he is still active. He is convinced that Edouard, the Alma mater of Carmignac, he still has ‘batteries’ left for a while and that it is quite unlikely to see the largest independent manager in the neighboring country and one of the main ones in Europe involved in a corporate operation.

What financial market did you find when you started and what markets are you leaving us now, in a post-Covid 2021?

I started in this business in September 1987, and in October of that same year there was a crash market. I have experienced several crises: the dot com, Lehman Brothers… There is a lesson from all of them. A bubble does not grow out of nothing, it grows around a reality. Then the reality is totally overextended, it becomes excessive and, therefore, there is a correction. A bubble is an exaggeration of reality. But that doesn’t change reality. If you look at the years 2007-2008 and you had the big winning companies, if you had done the right thing, even with the correction, ten years later these companies are much stronger.

As an investor, you have to manage market risk, crises, otherwise you won’t survive. But you also have to remember that there are always trends that survive crises, and it is equally important to capture these trends.

We have learned one thing from this latest coronavirus crisis. For the first time, it was admitted that central banks were not enough to provide liquidity to the system. This time governments have had to step forward with extraordinary fiscal policy measures. But this pumping of liquidity has inflated everything, increasing the discrepancy between the real economy and the price of financial assets, and once again fueling bubbles in financial assets. That is why we are going to have to take into account again the double aspect: risk management and taking advantage of long-term trends.

As an investor, you have to manage market risk, but also capture long-term trends. And now they are fueling bubbles in financial assets again

And which are the companies that will survive the coronavirus?

Long-term trends are again linked to technology. If we have more inflation in the future, it will be necessary to see which companies are capable of resisting an increase in costs. The key differentiator is pricing power, the ability to protect margins. Because potential growth remains very low, perhaps 2%. Companies that do well in a low-growth scenario will continue to be the best. There is a premium towards quality.

Perhaps one thing that will change is inflation. This crisis has created a deep dislocation, not only in the financial markets, everywhere, but also in the real economy. Now demand is going up, people are getting back to normal, but low inventories create huge shortages in many materials. From semiconductors to food, through raw materials. These shortages are not easy to repair. And this creates a risk.

The population as a whole has more savings after the pandemic, the shortage will generate an increase in the prices of goods, but there are some sectors where companies will not have the power to set prices and for these companies there will be a narrowing of margins , because if the final price does not grow as fast as the wholesale price, the margin will pay dearly. This crisis has reinforced the competitive advantage of powerful players with pricing power.

The President of the European Central Bank, Christine Lagarde.

The President of the European Central Bank, Christine Lagarde.
ECB.

What balance do you make of Christine Lagarde’s mandate at the head of the ECB?

Lagarde has it much easier than Jerome Powell. The ECB will have some milestones in how it reduces its monetary support, but it will be very progressive. In the United States, however, the Fed has to deal with a more pronounced increase in prices in the system. There the question is: How do I control the increase in inflationary pressure without bursting the bubble? It’s going to be a tough job in the next 12 months on your part. Lagarde is not in this situation yet. Europe can continue in a scenario of monetary support in the style dovish and very progressive in the withdrawal of stimuli.

What is the key to Carmignac’s success?

Protect customer money in times of crisis while keeping an eye on and capturing long-term trends. The Anglo-Saxon proverb says that “long term is your friend” (“the long term is your friend”), but you cannot tell an end customer that in a year of crisis his fund has lost 30% or 40%, because at that very moment your relationship with him ends.

In recent decades, we have survived many crises and have stood out positively in them. That made us famous and that’s where our reputation was built. But we have also captured in the last 30 years the super cycle of raw materials, the rise of emerging markets or the technology wave.

As the markets have become more complex and we have managed more money, we have beefed up the teams with more fund managers, analysts or other resources, but we have also found that this is not enough. You still need efficiency in your decision process. You can have huge teams but run the risk of not having the agility or decision-making skills needed when you have to. We have managed to combine all this increase in resources with an effective decision-making process. It’s easy to be great, but it’s not so easy to be great and efficient at the same time.

The strategic investment committee, with Edouard Carmignac at the center.

The strategic investment committee, with Edouard Carmignac at the center.
Carmignac.

What do you think will be the star fund of the house in five years? Will Carmignac Patrimoine and Carmignac Sécurité continue to be the best sellers as before?

If I as a client had enough tolerance for volatility, I might buy a pure equity fund. Carmignac Investissement is a great fund, but you have to be aware of the inherent volatility that can be found in this asset class. In Spain, but also in France or Italy, there is a lot of aversion to volatility, and this leads me to think that the preference for diversified and conservative funds will remain very strong, so there is still room for funds like Carmignac Patrimoine or Carmignac Sécurité, who manage risk.

Is his retirement the step prior to Edouard Carmignac’s retirement?

Edouard is very well, as am I. In addition, he still has a passion for this business, and at the same level as his other passions such as contemporary art or sports. But he has the ability to enjoy all these passions together at the same time. He has made it clear that his daughter Maxime will take the reins at some point. She has been assuming more and more importance in recent years but, at the moment, I don’t see in him a sign that she wants to retire in the near future.

Maxime Carmignac.

Maxime Carmignac.
THE FI.

Who will replace you as CEO and within the strategic investment committee?

Nobody is indispensable. I don’t need to be replaced by anyone in particular, there is a very cohesive team with a process where everyone participates. The strategic investment committee has been expanded by one person recently with Keith Ney and will now be reduced by one person when I leave, and that’s fine. It is exactly what is needed: a focused and efficient committee.

Do you think it is likely that Carmignac will end up participating in a corporate operation with another manager?

Edouard and Maxime have made it very clear that they want Carmignac to remain independent. First, there is a culture of control that has always been convinced that independence and freedom are absolute conditions to remain so effective. If you got into an operation, you would lose effectiveness. Being independent is in the company’s DNA. But, in addition, experience says that when independent firms lose their independence, their withdrawal or decline quickly begins. In this business, being independent is a competitive advantage.

Carlos Val-Carreres joins MyInvestor to launch his own ‘value’ fund

He comes from True Value, where he landed a few months ago to set up his project, although it could not be due to commercial incompatibilities.

Headquarters of MyInvestor.

MyInvestor bang on the table value investing. The digital neobank has acquired the services of Carlos Val-Carreres, a recognized former manager who has worked for firms such as Ibercaja, Lierde Sicav (where César Alierta has part of his fortune) or Singular Bank.

He arrives at his new project from TrueValuewith whom a few months ago he partnered to set up his own investment fund, although finally their paths have parted due to commercial incompatibilities and he has ended up joining the neobank owned by Andbank, AXA, El Corte Inglés Insurance and others family offices.

On MyInvestor, Val-Carreres will launch a fund under Spanish law, with philosophy value investing but with a close structural approximation to the economy (with new trends such as digitization or electrification) and of a global nature, since it will be able to invest in Europe, the United States or other geographies.

The news, announced by ‘El Confidencial’ and which has been confirmed by invested, break the status quo of the value philosophy that has been applied in recent years by managers such as Francisco García Paramés (Cobas), Álvaro Guzmán de Lázaro, Fernando Bernad (Azvalor) or Iván Martín (Magallanes). Without going any further, it is linked to the recent signing by A&G Banca Privada of Andrés Allende, whose new fund value in this house he will overturn with the technology, Asia and sustainable factors.

Very low commissions

The manager from Zaragoza is expected to have his new fund ready on MyInvestor at the end of October as a cap, and it will be under Spanish law. The intention of the neo-investment bank is to start with a very aggressive commercial policy in commissions, “one of the lowest in the market in active management”, and trying to position it as its star product.

José Luis Benito, partner and CEO of True Value, has indicated on his social networks that “we wish the best of luck to Carlos Val-Carreres in his new journey”, since “in the end not all the pieces of the Project. We call for later, he is a great friend and a great professional, so It is not a goodbye, but a see you soon.

True Value, which is funded by both Rent 4 as with Creand (the old Banco Alcalá, where they launched the active management fund with the cheapest commission in the country up to now), has its small and mid-cap fund closed for trading. Since last September 6, the maximum volume of shares for class C of the True Value Small Caps fund is one share.

This partial closure has been produced “by a shortage of investable assets that hinder optimal management of the IIC and its investment policy, so, in the interest of the fund’s participants”, Benito and his other partner, president and head of investments, Alejandro Estebaranz, came to the decision to limit it to the clients.

Blow to the ‘millennial’ press: Vice shuffles closing its last deals in Spain

The portal communicates to its corporate clients that their campaigns will begin to be managed from its division in Latin America.

Archive image of the Vice newsroom.

The Empire Vice he plans to abandon his last possessions in Spanish territory in the coming weeks. The sources consulted by invested indicate that the company is considering closing its last departments in our country that continued to work for Spanish companies, in marketing and communication campaigns on social networks.

Solvent sources from several large Spanish companies told this newspaper that Vice He has informed them that he is no longer working with his team in our country and that he will transfer all his campaigns to Latin America. According to these same sources, these departments currently employed around twenty people and as many collaborators.

in 2018 Vice Spain closed some departments, such as ViceNews, that from that moment also happened to be carried out from Mexico. At that time, the company still had two offices in Spain, in Madrid and Barcelona.

This decision to withdraw its last hosts in our country would be made after it was announced a strong downsizing worldwide. On May 15, the layoff of 155 workers around the world in the coming weeks was announced, a decision that comes just over a year after laying off another 250 employees.

layoffs worldwide

The idea was to lay off 55 workers in the US and another 100 around the world. The coronavirus pandemic has dealt a severe blow to Vice, a medium that had already been touched by the press crisis millennial.

“We make incredible shows, stories that drive culture, and breaking news on issues that no one wants to touch. But we are not seeing that returned by the platforms that are benefiting and making money with our hard work, “he said. Nancy Dubuc, CEO of the company.

Buzzfeed and Playground They have also experienced a similar situation in Spain. After from 2015 they became media that everyone followed and that became models for traditional newspapers, there was a sharp and accelerated fall from 2018.

The drop in income, the cannibalization of large platforms such as Facebook or Youtube -its main distribution channels- and some advertisers who stopped trusting in its impact, generated a dangerous cocktail that ended up converting the press millennial in residual newsrooms, most of them integrated into the big media outlets that they criticized so much.

Maruja Torres’s nightmare: the ghosts that aborted her ephemeral return to ‘El País’

The journalist has had a convulsive relationship with Prisa, going from being one of its most prominent firms to harshly criticizing the group’s management.

The journalist and writer Maruja Torres.

May 16, 2013: “The director of The country he kicked me out Opinion and I’ve gone from The country. So many years… But it’s a relief.”

June 15, 2020: “Soledad Gallego-Diaz leave the address of The country and I happen to inform you that my article from the previous Saturday is the last one you have read in that medium. I have enjoyed a lot and I thank you, the readers and the companions. I don’t have the cunt for noise.”

Just over seven years separate these messages published by Maruja Torres in your account at Twitter. Seven convulsive years of back and forth and two sentences that perfectly summarize the relationship of the journalist and writer with the recently appointed new director of The country, Xavier Moreno.

A controversy that is nothing more than a new episode in the strange and convulsive relationship that has marked Torres in the last decade with the group in which he has worked for practically half his life. In 2013 the newspaper did not renew his contract under the usual terms and she decided to leave after harshly criticizing the ERE carried out a year before and who he considered his promoter: Juan Luis Cebrian.

Without Cebrián and without Javier Moreno, Torres healed her wounds and undertook a return to the newspaper, convinced by the management of Soledad Gallego-Diaz. It was three months, from the beginning of the pandemic, that ended abruptly this week. Those who have closely experienced this process indicate that it has not been easy for the journalist who was very excited to return to writing in what she has always considered her home.

More than 30 years in ‘El País’

The countryhas been a part of life Maruja Torres, where he has done practically everything, but also the reason for great professional disappointment. She is too sincere to stand out next to power, extremely close to her colleagues and not given to hierarchies, she never held positions within the organization chart, despite being one of her oldest editors.

It was included in the newspaper Rush already with an important journalistic career behind. Born in Barcelona in 1943, she began in the world of journalism two decades later as a secretary and editor in the section Female Page From the newspaper the press. In 1965 he became part of the magazine Garbo and At the same time, he collaborates with the magazine frames where he made his first opinion articles and interviews. During this period he publishes in The country, Please Y The street.

In 1981 he moved to Madrid to join the newspaper The country -founded in 1976- under the supervision of Rose Montero. He would be 33 years in the Prisa newspaper. In the eighties and nineties he was a war correspondent, one of the most prominent.

He was in charge of covering the invasion of Panama by the North American troops and there he lived in 1989 the murder of the photographer Juantxu Rodríguez by shots of the US army. He also covered the conflict in Lebanon and in Beirut established his residence for some years. In the mid-nineties she returns to Barcelona where he collaborates in the publications The viewer Y what to read. In addition to the columns of him in The countrysince September 2006 collaborates in hour 25 in the Ser Chain.

Prisa also allowed her to combine her writing and column work with her prolific career as a writer and novelist. Planet Award in 2000 for his novel as long as we liveat the beginning of 2009 wins the Nadal Award by wait for me in heaven.

The wounds of the ERE

Everything fit together until the arrival of Xavier Moreno to the address of The countryin 2006. Close to its predecessor Jesus Ceberio, Torres he never understood the ways of the new director: dry, cold, close to power and far from his newsroom. “A CEO with the skin of a journalist”According to those who know him.

A few convulsive years in which Torres moved away from day to day, he focused more on his books and his columns, but he did not move away from the newsroom. They were the hard years of the crisis, the sharp drop in newspaper advertising and the almost technical bankruptcy of the Prisa group. It was the time when Juan Luis Cebrián multiplied his pressure on the countrys, when it favored companies and political parties and when large Spanish companies exchanged the company’s debt for Prisa shares.

A period in which creditors demanded cutbacks and The country he had to perform his first and only ERE to date. 129 colleagues left the newsroom Maruja Torres, a third of the workforce, in one of the hardest moments of the Prisa header.

Y Maruja Torres did not shut up On October 11, 2012, he published an incendiary column criticizing the directors who promoted the ERE led by Juan Luis Cebrian and Javier Moreno. “There is a lot of talk about what those who are subject to layoffs, readjustments, downgrades and, in general, what is now called ‘adaptation to current circumstances’, a subtle metaphor of a pickle, suffer. Demagogy. It’s easy to side with the weak. However, no one feels sorry for the bosses.”

“My heart aches when I think of those executives who fly business or first—some, even, in the terrifying isolation of their jet private, owned or rented-, and that they cannot do anything else, understand it well”, he concluded.

First rush outing

Seven months later he left, when Xavier Moreno He proposed that she do reports and remove her from the opinion section of the newspaper. the past Holy Week I received a letter informing me that the newspaper’s management had decided not to extend my contract under the same terms,” ​​the journalist told The world for those dates.

“In the meeting that we have held today, the director began by telling me that the economic situation is terrible and that it is not possible to explain how the other newspapers survive. Later he has tried to ‘sell’ me that it was wasted, that wanted me to do reports again…” he explained to this newspaper. He finally told her that he was not interested in the offer and left.

Months later he began collaborating with eldiario.es and time passed. In 2014 Xavier Moreno would leave the direction of The country and in 2018 his definitive departure from Juan Luis Cebrian. In June of that year, Soledad Gallega was appointed director of the newspaper and things began to change. She was always her turn on the table, but it was not until the beginning of this year that she began to write in the diary again with the coronavirus pandemic as an ‘excuse’.

A return that, however, was aborted only three months later. Soledad Gallego leaves The country and Maruja Torres welcomes Xavier Moreno with his resignation and with the qualification of “the child of the ERE”. “The boy from ERE is back!” He said even before exchanging words with the new director and not before setting the networks on fire with his criticism of the group’s Prisa leadership. A decision that goes back to the most immediate past. That of Juan Luis Cebrian. That of the ERE.

A week of fury that ended with three dream months in which Torres was reunited with his lifelong diary, but which he has had to abandon again because of Xavier Moreno and again because of his troubled relationship with the company’s management. The nightmare repeats itself.

Maruja Torres’s nightmare: the ghosts that aborted her ephemeral return to ‘El País’

The journalist has had a convulsive relationship with Prisa, going from being one of its most prominent firms to harshly criticizing the group’s management.

The journalist and writer Maruja Torres.

May 16, 2013: “The director of The country he kicked me out Opinion and I’ve gone from The country. So many years… But it’s a relief.”

June 15, 2020: “Soledad Gallego-Diaz leave the address of The country and I happen to inform you that my article from the previous Saturday is the last one you have read in that medium. I have enjoyed a lot and I thank you, the readers and the companions. I don’t have the cunt for noise.”

Just over seven years separate these messages published by Maruja Torres in your account at Twitter. Seven convulsive years of back and forth and two sentences that perfectly summarize the relationship of the journalist and writer with the recently appointed new director of The country, Xavier Moreno.

A controversy that is nothing more than a new episode in the strange and convulsive relationship that has marked Torres in the last decade with the group in which he has worked for practically half his life. In 2013 the newspaper did not renew his contract under the usual terms and she decided to leave after harshly criticizing the ERE carried out a year before and who he considered his promoter: Juan Luis Cebrian.

Without Cebrián and without Javier Moreno, Torres healed her wounds and undertook a return to the newspaper, convinced by the management of Soledad Gallego-Diaz. It was three months, from the beginning of the pandemic, that ended abruptly this week. Those who have closely experienced this process indicate that it has not been easy for the journalist who was very excited to return to writing in what she has always considered her home.

More than 30 years in ‘El País’

The countryhas been a part of life Maruja Torres, where he has done practically everything, but also the reason for great professional disappointment. She is too sincere to stand out next to power, extremely close to her colleagues and not given to hierarchies, she never held positions within the organization chart, despite being one of her oldest editors.

It was included in the newspaper Rush already with an important journalistic career behind. Born in Barcelona in 1943, she began in the world of journalism two decades later as a secretary and editor in the section Female Page From the newspaper the press. In 1965 he became part of the magazine Garbo and At the same time, he collaborates with the magazine frames where he made his first opinion articles and interviews. During this period he publishes in The country, Please Y The street.

In 1981 he moved to Madrid to join the newspaper The country -founded in 1976- under the supervision of Rose Montero. He would be 33 years in the Prisa newspaper. In the eighties and nineties he was a war correspondent, one of the most prominent.

He was in charge of covering the invasion of Panama by the North American troops and there he lived in 1989 the murder of the photographer Juantxu Rodríguez by shots of the US army. He also covered the conflict in Lebanon and in Beirut established his residence for some years. In the mid-nineties she returns to Barcelona where he collaborates in the publications The viewer Y what to read. In addition to the columns of him in The countrysince September 2006 collaborates in hour 25 in the Ser Chain.

Prisa also allowed her to combine her writing and column work with her prolific career as a writer and novelist. Planet Award in 2000 for his novel as long as we liveat the beginning of 2009 wins the Nadal Award by wait for me in heaven.

The wounds of the ERE

Everything fit together until the arrival of Xavier Moreno to the address of The countryin 2006. Close to its predecessor Jesus Ceberio, Torres he never understood the ways of the new director: dry, cold, close to power and far from his newsroom. “A CEO with the skin of a journalist”According to those who know him.

A few convulsive years in which Torres moved away from day to day, he focused more on his books and his columns, but he did not move away from the newsroom. They were the hard years of the crisis, the sharp drop in newspaper advertising and the almost technical bankruptcy of the Prisa group. It was the time when Juan Luis Cebrián multiplied his pressure on the countrys, when it favored companies and political parties and when large Spanish companies exchanged the company’s debt for Prisa shares.

A period in which creditors demanded cutbacks and The country he had to perform his first and only ERE to date. 129 colleagues left the newsroom Maruja Torres, a third of the workforce, in one of the hardest moments of the Prisa header.

Y Maruja Torres did not shut up On October 11, 2012, he published an incendiary column criticizing the directors who promoted the ERE led by Juan Luis Cebrian and Javier Moreno. “There is a lot of talk about what those who are subject to layoffs, readjustments, downgrades and, in general, what is now called ‘adaptation to current circumstances’, a subtle metaphor of a pickle, suffer. Demagogy. It’s easy to side with the weak. However, no one feels sorry for the bosses.”

“My heart aches when I think of those executives who fly business or first—some, even, in the terrifying isolation of their jet private, owned or rented-, and that they cannot do anything else, understand it well”, he concluded.

First rush outing

Seven months later he left, when Xavier Moreno He proposed that she do reports and remove her from the opinion section of the newspaper. the past Holy Week I received a letter informing me that the newspaper’s management had decided not to extend my contract under the same terms,” ​​the journalist told The world for those dates.

“In the meeting that we have held today, the director began by telling me that the economic situation is terrible and that it is not possible to explain how the other newspapers survive. Later he has tried to ‘sell’ me that it was wasted, that wanted me to do reports again…” he explained to this newspaper. He finally told her that he was not interested in the offer and left.

Months later he began collaborating with eldiario.es and time passed. In 2014 Xavier Moreno would leave the direction of The country and in 2018 his definitive departure from Juan Luis Cebrian. In June of that year, Soledad Gallega was appointed director of the newspaper and things began to change. She was always her turn on the table, but it was not until the beginning of this year that she began to write in the diary again with the coronavirus pandemic as an ‘excuse’.

A return that, however, was aborted only three months later. Soledad Gallego leaves The country and Maruja Torres welcomes Xavier Moreno with his resignation and with the qualification of “the child of the ERE”. “The boy from ERE is back!” He said even before exchanging words with the new director and not before setting the networks on fire with his criticism of the group’s Prisa leadership. A decision that goes back to the most immediate past. That of Juan Luis Cebrian. That of the ERE.

A week of fury that ended with three dream months in which Torres was reunited with his lifelong diary, but which he has had to abandon again because of Xavier Moreno and again because of his troubled relationship with the company’s management. The nightmare repeats itself.