Deutsche Bank’s Anshu Jain takes responsibility for Libor rigging scandal but won’t quit April 27, 2015 One of Deutsche Bank’s co-chief executives yesterday said he takes responsibility for the Libor fiddling that took place in London on his watch. But Anshu Jain said that he will not resign. The bank has disciplined or fired everyone who it believes is responsible, and has been told to sack another seven staff identified by [...]
David Cameron says Libor scandal bank fines will help fund £200m apprenticeship plan for the unemployed April 27, 2015 David Cameron is to announce today a £200m fund aimed at creating 50,000 new apprenticeships for young unemployed people. Money from Libor fines is being used to create the three year fund, which is part of the Conservatives’ plan to abolish long-term youth unemployment, a spokesperson said. “It all comes back to our values: being [...]
Bank of America analysts back HSBC’s possible move out of UK April 27, 2015 HSBC’s bosses are right to look at quitting the UK, a Bank of America Merrill Lynch analyst said yesterday. The high tax charge from the bank levy is a key factor, as is the cost of splitting the UK retail bank away from the rest of the business under the new ring fence rules. The [...]
Styropack and Jablite deal sets up factory floor-to-corner office rise move April 27, 2015 THE DIRECTORS of Jablite and Styropack, including one who started his career on the factory floor at the latter 28 years ago, have completed a management buyout from previous owner Synbra Group. Richard Lee, managing director and new joint owner of the expanded polystyrene manufacturing business, started working at Styropack aged 17, and has worked [...]
Taylor Wimpey, Barratt Developments and Persimmon share prices dip as fears about Labour rent control plans take hold April 27, 2015 Housing experts warned that Labour plans to bring in rent controls could lead to investors pulling out of the rental market. The Association of Rental Letting Agents (ARLA) said yesterday that three-quarters of its members feared the plans would “see landlords exit the market and reduce supply”. Such fears led to an immediate [...]
Home building unlikely to reach pre-recession levels this year April 27, 2015 The prospects for UK house building are grim, according to a survey of homebuilders published yesterday by estate agents Knight Frank. Only nine per cent of home builders said it was possible to build more than 200,000 residential units a year. The maximum number that could be built was around 180,000 or less, according to [...]
Staffline is new leader for welfare-to-work after £34m deal to buy A4E April 27, 2015 Recruitment firm Staffline yesterday became the UK’s biggest welfare-to-work supplier after it struck a £36.4m deal to buy business consultancy A4E, helping crystallise a £20m fortune for A4E founder Emma Harrison. The junior stock market listed firm, which offers a variety of outsourcing services, will pay £23.5m in cash and assume A4E’s £11m of [...]
Bob Diamond firm Atlas Mara eyes up Banque Populaire du Rwanda as Africa expansion continues April 27, 2015 Bob Diamond’s firm Atlas Mara is in talks to buy a second Rwandan bank, as part of his plan to shake up lending across Africa. If the deal goes ahead, Atlas Mara will acquire a 45 per cent stake in Banque Populaire du Rwanda (BPR), on an investment of $22.5m (£14.7m). BPR has 191 branches [...]
UK’s big four banks face £19bn more in conduct fines April 27, 2015 Legal and compensation payouts are set to cost the big four UK banks another £19bn over 2015 and 2016, analysts at credit ratings agency Standard and Poor’s said yesterday. Mounting bills come on top of the £42bn the four have already paid out over the past five years. The next nine largest lenders paid a further £6bn [...]
Challenger bank Cambridge and Counties swings to profit in just its second year trading April 27, 2015 Challenger bank Cambridge and Counties delivered a pre-tax profit of £4.1m in 2014, compared to a loss of £99,000 when it was set up in the previous year. It was established by the University of Cambridge’s Trinity Hall and Cambridgeshire Local Government Pension Fund, using their large asset base to set up a small business-focused lender. Its [...]