Goldman to fight bonus fury in court December 15, 2009 INVESTMENT bank Goldman Sachs is being sued for billions of dollars in compensation after an institutional shareholder accused it of blindly “looting” the firm’s coffers by paying out rich rewards to its employees. The lawsuit, which has been filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement [...]
Wells Fargo sells $10.65bn in stock to repay Tarp bailout December 15, 2009 US bank Wells Fargo sold $10.65bn in stock yesterday to raise funds to help it repay the $25bn (£15bn) bailout it received from the US government last year. The move, which follows a similar measure from Citigroup, makes Wells Fargo the last of the major financial institutions to repay funding from the Troubled Asset Relief [...]
Investors back RBS on bad debts scheme December 15, 2009 SMALL sharesholders in Royal Bank of Scotland (RBS) voted overwhelmingly in favour of the bank joining a government-backed insurance scheme for bad debts yesterday. Some 99 per cent of minority investors in RBS, now 84 per cent state-owned, supported the decision to join the asset-protection scheme at a meeting at the company’s Edinburgh headquarters. The [...]
UBS decides against pursuing its former directors in the courts December 15, 2009 SWISS bank UBS will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping its US clients dodge taxes by hiding money in secret accounts brought the seemingly invincible group to its knees. Zurich state prosecutors also said they would not open criminal proceedings against UBS employees as there [...]
We’re suffering, says AIG boss December 15, 2009 EXECUTIVES from AIG have been personally struggling financially after the near collapse of the stricken insurance giant last year, chief executive Robert Benmosche said yesterday. But he was confident his firm would be able to pay off taxpayer bailout money in about two years. “Many people think there was no penalty for the executives at [...]
Harding walks to TalkTalk December 15, 2009 DIDO Harding, the former Tesco executive who heads Sainsbury’s convenience stores, is to join TalkTalk as its chief executive when it demerges from Carphone Warehouse. TalkTalk will be Britain’s biggest residential broadband provider when it splits from the retail arm of Carphone Warehouse next year. Harding, who previously held management positions at Thomas Cook and [...]
KPMG turnover falls 1.6pc as M&A weakness cuts tax take December 15, 2009 SERVICES giant KPMG saw UK revenues slip 1.6 per cent for the year to September as a decrease in corporate activity took its toll. The firm blamed fewer mergers and acquisitions for the marginal fall in turnover to £1.6bn. Operating profit was down 1.3 per cent to £382m in a tough year that began with [...]
CITY VIEWS: HAVE THE REVELATIONS ABOUT TIGER WOODS’ PRIVATE LIFE DAMAGED HIS BRANDING POWER? December 15, 2009 FLEMMING BENGTSE | STANDARD BANK “His golfing pedigree won’t be damaged, but commercially he has been a victim of his own success. His clean cut image has definitely gone and as such Nike may want to reconsider their position, like Gillette and Accenture.” ROB MARCHETT | TIKIT “I wouldn’t stop buying Gillette just because of [...]
Inflation continues to accelerate, fuelled by bumper energy prices December 15, 2009 INFLATION accelerated in November to a six-month high of 1.9 per cent as higher energy costs fuelled price rises and pushed the rate closer to the Bank of England’s two per cent target. The retail prices index (RPI), on which many wage negotiations are based, moved back into positive territory for the first time since [...]
Rate of repossessions rises as housing recovery slows December 15, 2009 ALMOST 14,000 Britons lost their homes in the third quarter of 2009 as mortgage lenders increased the rate of repossessions, the Financial Services Authority (FSA) revealed yesterday. Repossessions rose 2.8 per cent on the same period of 2008, but the FSA pointed out that the 13,987 properties taken back by lenders was five per cent [...]