Andrew Bailey to the US: Hit bankers, not the banks October 22, 2014 JAILING, fining and firing more individual bankers is a better way to punish bad behaviour than hitting banks with crippling fines which could risk their stability, Bank of England regulators told MPs yesterday. In an attack on US regulators and their mega-fines, prudential regulation authority (PRA) head Andrew Bailey argued it is more important to [...]
No more nights on the tiles as City workers face Cinderella curfews October 22, 2014 NO ENTERTAINING clients past midnight and a ban on doing shots are just two of the new rules investment banks are imposing on their employees, according to employment law firm, GQ Employment Law. The law firm has suggested a tightening of codes of conduct at some financial institutions in a bid to change public perceptions [...]
Cameron urges EU Ebola action October 22, 2014 DAVID Cameron will put pressure on European leaders to do more to fight the spread of the deadly Ebola virus at a meeting of EU member states in Brussels today. The Prime Minister is said to be frustrated that member states had not pledged more cash to fight the spread of the disease, which originated [...]
Policy makers are set to delay first rate hike October 22, 2014 A COOLING housing market, low inflation, and a troubled Eurozone made for more dovish tones at this months meeting of the monetary policy committee. The meeting was held on the 7 and 8 October but the minutes were made available yesterday. As in the previous three meetings the vote to hold rates was won by [...]
US inflation up on food costs October 22, 2014 US CONSUMER prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said yesterday its Consumer Price Index edged up 0.1 per cent last month as a rise in food and shelter costs offset a decline [...]
Lloyds to chop 9,000 staff to save more costs October 22, 2014 LLOYDS Bank is planning to cut another 9,000 jobs, on top of the 15,000 the lender has chopped since 2011, it emerged last night. The new round of cost cutting will hit another 10 per cent of the workforce, according to Sky News. Analysts believe the bank has far too many branches to be efficient. [...]
Roman Abramovich aide Marina Granovskaia on the rise at Chelsea as chief executive Ron Gourlay quits October 22, 2014 She is the former PA who has risen to a key role in the boardroom of one of Europe’s biggest football clubs, and now Marina Granovskaia’s influence at Chelsea is about to grow even further. The Russian-Canadian, a long-time associate of Blues owner Roman Abramovich, is to take on greater responsibility for the running of [...]
MPs take aim at regulators on Co-op Bank October 22, 2014 EX-CITY regulator the Financial Services Authority (FSA) should be probed as part of the investigation into the near-collapse of the Co-op Bank and the failed attempt to sell it TSB, MPs said in a report today. The Treasury Select Committee also wants the whole process of auditing banks to be investigated by the Financial Reporting Council, which [...]
Homebase set to close one in four of its shops October 22, 2014 HOME Retail Group said yesterday it planned to shut a quarter of Homebase’s 323 branches, blaming excess retail space and the rise of a generation that had fallen out of love with DIY. Chief executive John Walden said the rise of online and growing competition had left the DIY market “over-spaced” while an increasing number [...]
Retail jobs declining as pressure mounts on supermarket sector October 22, 2014 The number of staff per store on the high street slumped to a record low in the third quarter of the year, as troubled supermarkets overhauled their management structures to reverse sliding sales. The equivalent number of full-time jobs fell by 1.3 per cent between July and September, even as the number of stores increased [...]