Citi private bank in new accounts ban July 11, 2008 Leaked documents show American group to tighten anti-money laundering controls Citigroup’s private banking division, which globally has $28bn assets under management, has ceased taking new UK customers because of concerns over its anti-money laundering procedures, City A.M. can reveal. Leaked internal documents show that Citibank International Personal Bank (IPB) this week barred its staff from [...]
Hays cautions on slowdown July 11, 2008 British recruitment giant Hays yesterday warned that UK growth was slowing and that it would have to cut jobs, although it said it still predicted profits in line with market expectations. Hays, which generates around half its fees in the UK and Ireland, grew total net fees by 16 per cent in the quarter ending [...]
Sports Direct owner comes out fighting July 11, 2008 Mike Ashley, the boisterous billionaire owner of Sports Direct, yesterday pledged to become a “good guy on corporate governance” as the retailer saw its full-year profits halve as consumers tightened their spending. The retailer’s lack of transparency in failing to provide like-for-like sales in its quarterly results has been heavily criticised by City analysts. But [...]
Credit crisis begins to take human toll July 10, 2008 It is not only bonuses that have come crashing down during the recent economic decline, but also the number of divorce papers hitting the doormat. Research commissioned for City law firm Mishcon de Reya revealed that while half the workers in the Square Mile had seen their bonuses cut by up to £40,000 this year, [...]
Upbeat 3i soothes investors’ nerves July 10, 2008 Publicly listed private equity company 3i yesterday soothed investors with an upbeat trading statement, reassuring them that it was still well placed for investment opportunities despite the credit crunch. Chief executive Philip Yea said the mid-market – 3i’s key market – had remained open over the first three months of the year, providing both investment [...]
Rose survives protest vote on double role July 10, 2008 Marks & Spencer boss Sir Stuart Rose has kept his job after a planned shareholder revolt at the retailer’s annual meeting yesterday turned into no more than a whimper. Over 94 per cent of the grey-haired army that braved the rain to descend on the Royal Festival Hall on London’s South Bank yesterday afternoon to [...]
Barratt close to securing debt deal July 10, 2008 Housebuilder Barratt Developments is today expected to reveal it has managed to renegotiate a refinancing package with its bankers. Barratt, which has £1.7bn debt and a market capitalisation of just £140m, has been negotiating with lenders to extend repayment of £400m debt due in April , as well as agree changes to its debt covenants [...]
Fed bail-out move halts market slide July 9, 2008 Ben Bernanke says Fed may continue emergency lending scheme into next year Federal Reserve chief Ben Bernanke’s announcement last night that he is considering extending its emergency cash lending system for investment banks into next year rescued plunging markets in London and the US. But economists warned that the move signalled that the fall out [...]
Goodbye to carrots: the stick is back July 9, 2008 Businesses are going to find new ways to motivate staff, says Jeremy Hazlehurst The City’s bonus culture has come in for a lot of criticism recently. The Governor of the Bank of England Mervyn King said that he found the idea of massive bonuses “unattractive”, while Alistair Darling, the Chancellor of the Exchequer, also said [...]
BP’s man in Russia lives to fight again July 9, 2008 The Kremlin, BP and four Russian moguls all want control of TNK-BP. Roger Baird reports. The embattled chief executive of BP’s Russian joint venture TNK-BP, Robert Dudley, survived an attempt by its Russian billionaire partners to remove him on Monday – but he will have to do it all over again on Friday. The screws [...]