Rise in US inflation lower than forecast as slump takes its toll June 17, 2009 US consumer prices edged up in May on higher petrol prices, but fell over the past 12 months by the most since 1950, in a sign that inflation was not a threat for now as the country fights a brutal recession. The Labour Department yesterday said its Consumer Price Index (CPI) edged up 0.1 per [...]
City firms are hiring again June 17, 2009 LONDON’S financial institutions are hiring again, according to figures showing that new job vacancies in the City were up 14 per cent in May compared to the previous month. Improved confidence in the industry as a whole – coupled with rising business volumes in areas like investment banking – have driven the increase in hiring [...]
CITY MOVES WHO’S SWITCHING JOBS June 17, 2009 ResolutionEntrepreneur Clive Cowdery’s investment vehicle has hired Elizabeth Filbert, pictured, and Jon Hack as new partners, taking the total tally of partners in the business to seven. Gilbert was previously co-head of the European financing group for financial institutions at Goldman Sachs. Hack was a managing director and head of the UK financial institutions group [...]
Banks begin repayment of Tarp funding June 17, 2009 UP TO ten of the largest US banks were last night expected to begin paying back a combined $68bn (£41.7bn) they received under the government’s $700bn Troubled Asset Relief Programme (Tarp), after the Treasury gave them permission last week. Three of the largest Tarp recipients, JPMorgan Chase, Goldman Sachs and Morgan Stanley all stood ready [...]
EXCLUSIVE: BoA MERRILL LYNCH BRAND June 17, 2009 BANK of America Merrill Lynch today unveils exclusively in City A.M. the new face of the entity created by the tie-up between the two banks. The logo marks the launch of an advertising campaign run by The Brand Union, part of media firm WPP, led by chief executive Sir Martin Sorrell. Chief marketing officer for [...]
Deutsche names new chief in UK June 17, 2009 DEUTSCHE Bank has appointed Colin Grassie to the newly-created post of UK chief executive, in preparation for a drive to build up its share of the British banking marketplace. The German lender said Grassie, who previously served four years as the bank’s Asia-Pacific chief executive, would be responsible for developing its UK franchise, including building [...]
BUSINESS OSCARS DO CREDIT CRUNCH CHIC June 17, 2009 IT CERTAINLY doesn’t bode well for a lengthy awards lunch when the presenter himself admits he’s been ordered to “cut back on the gags” because of the economic climate – especially when the ceremony in question is none other than the Thomson Reuters Extel Awards, more commonly known as “the Oscars of the City”. (Practically [...]
We need proper regulation to build a stronger economy June 17, 2009 JUST as the financial crisis has torn through the world’s financial centres over the past year, so the debate about how to prevent it happening again is now firing up political centres across the world. I strongly welcome this debate, because without proper financial regulation, there will be no lasting financial confidence, and therefore no [...]
IMA slams EC proposals on funds June 17, 2009 The European Commission’s (EC) approach to the regulation of alternative investment fund managers is fundamentally flawed and should be met with opposition from, the Investment Management Association (IMA) said yesterday. Jarkko Syyrilä, director of international relations said the draft Alternative Investment Fund Managers directive posed “severe risks for the business model of asset management”. The [...]
Turner and King to face MPs June 17, 2009 The Treasury committee is to hold a series of new evidence sessions to take evidence on the financial crisis. Financial Services Authority (FSA) chairman Lord Adair Turner will give evidence on regulation and supervision on 23 June. The following day will see the governor of the Bank of England Mervyn King and colleagues speak on [...]