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Nokia is axing 7,000 jobs, including 700 in the UK. It is in an effort to better compete in the smartphone market.

On Wednesday, the company announced a major overhaul of its business, including culling 4,000 staff and transferring 3,000 employees to Accenture.

Mars has appointed former Kraft marketer Michael Magee to the top UK marketing role.

Magee will become vice-president marketing at Mars Chocolate UK, switching from his current role as global brand director for Mars in Australia.

RBC CAPITAL MARKETS

The corporate and investment banking arm of Royal Bank of Canada appointed three persons as managing directors within its investment banking business. Joseph Carey will join the exploration & production team within the energy group, while Doug Yablonski will be a part of the M&A group. David Nadelman will join the Loan Capital Markets group.

BANK OF AMERICA MERRILL LYNCH

The bank appointed Rajiv Lulla as MD and head of Transportation Investment Banking Asia. Lulla joins from Credit Agricole in Paris, where he was global head of Industrials/Transport and Infrastructure Investment Banking.

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