BARACK OBAMA TO OVERHAUL BANK PAY May 13, 2009 US PRESIDENT Barack Obama yesterday opened talks with regulators and advisers over a revolutionary overhaul of the pay regimes at financial services companies. In a move that signals a new era for Wall Street, Obama is expected to implement measures to force firms to align pay with long-term performance, even if those firms have not [...]
BARACK OBAMA TO OVERHAUL BANK PAY May 13, 2009 Angela Knight, chief executive of the British Bankers’ Association, said regulation should be looked at globally.
BT to slash 10,000 jobs May 13, 2009 BT is expected to announce it is axing more than 10,000 jobs today on top of a similar cull last November. The telecoms giant is also set to unveil writedowns of more than £1bn at its global services division, heavily reduced profits and a huge pensions deficit. The jobs news will further add to fears over unemployment. BT [...]
Rates to be low for year May 13, 2009 City analysts said yesterday that interest rates could remain at 0.5 per cent for a year or more after Bank of England governor Mervyn King warned that any economic recovery will be “slow and protracted”. “Any rise in interest rates is a long way off,” said Jonathan Loynes of Capital Economics.
Low interest rates are crippling savers May 13, 2009 SO the Bank of England agrees that the recession has bottomed out – but it is refusing to be too optimistic about the recovery, and expects interest rates to remain at 0.5 per cent for a year or so. All very sensible; but this only tells part of the story for borrowers and savers. As [...]
MBIA faces legal battle May 13, 2009 Barclays and HSBC are among 18 or more of the world’s largest financial institutions that yesterday started legal action against MBIA, the bond insurer, claiming its recent split into a good and bad business wrongfully cut their odds of getting paid out on policies. The banks filed their complaint in a New York State Supreme [...]
Barratt rules out rights issue May 13, 2009 Housebuilder Barratt Developments quelled talk of an imminent cash call yesterday, saying debt was in line with its plans. The group also said it expected to be able to meet loan covenants, helped by an “acceptable” start to 2009. Barratt, the UK’s fifth largest housebuilder by market value is saddled with £1.42bn debt as of [...]
Suitors eye up Kleinwort May 13, 2009 COMMERZBANK subsidiary Kleinwort Benson, one of the City’s most historic names, has whipped up interest from more than 20 trade buyers as well as up to ten private equity firms interested in backing a management buy-out. Goldman Sachs has been putting together a sales memorandum with executives at Kleinwort Benson, which is likely to go out [...]
Suitors eye up Kleinwort May 13, 2009 Robert Taylor chief executive of Kleinwort Benson is in the midst of conversations with potential suitors
Fine hits Morgan Stanley May 13, 2009 The Financial Services Authority (FSA) has fined Morgan Stanley £1.4m and banned one of its traders over mis-marking which forced the bank to make a $120m (£79.2m) negative adjustment in June last year. Matthew Piper, a former proprietary trader with the firm, was banned from performing any regulated activity and fined £105,000 for deliberately mis-marking [...]
