Peacocks rescue deal collapses January 18, 2012 Peacocks, the discount fashion retailer, has fallen into administration after talks of a rescue management buyout broke down putting more than 10,000 jobs at risk. KPMG said it had been appointed administrator to Peacocks, which owns 611 stores and 49 concessions across the UK, and will now seek to find a buyer for the company [...]
Mitchell & Butlers gets warning over directors January 18, 2012 PUB GROUP Mitchell & Butlers has been issued a “red top” warning by the Association of British Insurers (ABI), due to concerns stemming from the British company’s position as the only FTSE 350 firm without any independent non-executive directors. ABI’s highest-level alert comes days before Mitchell & Butlers’ general meeting, scheduled for next Thursday, when [...]
Fidelity calls for investor pay controls January 18, 2012 ASSET manager Fidelity Worldwide Investment has called for all boardroom bonuses to require at least 75 per cent shareholder approval in an attempt to limit excessive payments to directors. Fidelity – which manages assets of £165.5bn and over 740 funds – says directors should seek the approval of three quarters of shareholders in order to [...]
Gove pleased by Barclays’ move to back academies January 18, 2012 BARCLAYS yesterday launched an initiative to support independent state-funded schools across the country, in a move which was welcomed by education secretary Michael Gove. The scheme – which focuses on academies, free schools, university technical colleges and studio schools – encourages senior staff at Barclays to become school governors, provides free financial advice to the [...]
French banks boost their deposit base by €130bn January 18, 2012 FRENCH lenders brought in €130bn (£108bn) more in customer deposits last year, according to ratings agency Fitch, shoring up their ability to weather difficult European funding conditions. The agency said the new cash had come “partly at the expense of European money market funds”, with lenders offering attractive introductory interest rates to lure deposits away. [...]
Charles Schwab meets forecasts January 18, 2012 CHARLES Schwab’s quarterly profit last night met analysts’ lowered expectations, amid a tough environment of shrinking interest rate margins and a pullback in trading by retail investors. The bank and brokerage, which has offices throughout the US and in London, earned $163m (£105m) in the fourth quarter, compared to $119m a year earlier. Asset management [...]
700 will go in Lloyds job cuts January 18, 2012 LLOYDS bank is axing 700 jobs as part of a move which will ultimately see 15,000 employees made redundant. This has been expected since last June, when Lloyds chief António Horta-Osório announced a restructuring plan to save £1.5bn a year by halving the bank’s global presence by 2014. The job cuts will be made across [...]
BNY Mellon’s earnings plunge as its fees slide January 18, 2012 BANK of New York Mellon yesterday posted a 26 per cent fall in fourth quarter earnings, blaming a drop in fees and a restructuring charge for the slump. BNY Mellon reported net income of $505m (£327m), compared with $679m a year earlier. The results, which fell short of analyst forecasts, included a $107m restructuring charge. [...]
State Street’s cautious outlook hits share price January 18, 2012 STATE Street’s shares fell over eight per cent yesterday, as the firm posted a sharp rise in fourth quarter results but warned it was ramping up its cost cutting plan to compensate for clients taking less risk. State Street, one of the world’s biggest service providers for institutional investors, said income available to common shareholders [...]
Profits and loans rising at Bancorp January 18, 2012 BANCORP, one of America’s biggest regional banks, posted a 40 per cent rise in net income yesterday on the back of its core banking business. Net income was $1.35bn (£875m), up from $974m a year ago and ahead of Wall Street estimates. Net interest income – the difference between what the bank earned on loans [...]