Anger over BBVA exec’s pension October 1, 2009 Spanish politicians and unions yesterday condemned a multi-million euro pension paid to a top executive at Spain’s second-biggest bank BBVA. The bank’s board said on Tuesday that it had agreed to pay Jose Ignacio Goirigolzarri, outgoing chief operating officer, a €52.5m pension pot, or some €3m a year, prompting anger in recession-hit Spain.
CITY CELEBRATES TOP 50 LADIES IN BUSINESS October 1, 2009 TO Borough Market last night for the launch of the FT Top Fifty Women in World Business, held in the sumptuous surroundings of Roast restaurant. Not many of the illustrious ladies made it to sample the corking canapés, mind, since most – including PepsiCo’s Indra Nooyi, the top-ranked world businesswoman, and Kraft boss Irene Rosenfeld, [...]
Accounting change hits Brewin profit October 1, 2009 INDEPENDENT stockbroker Brewin Dolphin yesterday said trading in the final quarter would be at the top end of expectations but that 2008 profits had been hit by a change in its accounting practices. It confirmed that, after discussions with the Financial Reporting Review Panel, it had changed its accounting policy. The move follows criticism from [...]
Candidates emerge for BoA top job October 1, 2009 BANK of America (BoA) said yesterday that six internal candidates are in the running to take over from chief executive Kenneth Lewis, who shocked the industry yesterday by announcing his intention to retire at the end of the year. The most likely candidates on the shortlist are believed to be chief risk officer Gregory Curl, [...]
City Moves for 2 October 2009 | Who’s switching jobs October 1, 2009 Clydesdale BankThe bank, part of the National Australia Bank group, has appointed John Holm as a director in its corporate and structured finance team in London. Holm was previously director of insurance in Europe for National Australia Bank. He has also spent over 30 years working at the Royal Bank of Scotland, latterly in the [...]
Booze runs dry at off licence October 1, 2009 Administrators of the Wine Cellar off-licence and convenience store group have said 320 jobs will be lost at the company. The firm, which operates under the Booze Buster, Simply Drinks and Simply Food & Drinks brands, called in administrators Deloitte yesterday. The family-owned group had 170 stores but 109 have been sold to EFB Retail, [...]
US asset scheme gets going October 1, 2009 The US Treasury department said yesterday it had kicked off a state scheme to purchase toxic assets from banks in order to help them increase lending. Invesco and TCW Group reached the $500m (£313m) threshold above which the Treasury said it would also contribute funds, in an initiative known as the Public-Private Investment Programme. The [...]
Darling urges EU bonus deals October 1, 2009 Chancellor Alistair Darling was yesterday urging his fellow EU foreign ministers to follow the UK’s lead by signing up their banks to an agreement to curb bonuses. The chancellor was in Sweden at the Ecofin meeting of treasurers, where he hoped to convince his counterparts to follow suit. France is expected to unveil its own [...]
Baer completes GAM sale October 1, 2009 Swiss private bank Julius Baer yesterday announced the completion of its spin-off of asset management unit GAM Holding. The move was intended to unlock value for shareholders and to allow both units to focus on their areas of business. Julius Baer has been linked with a number of buys recently after admitting it was looking [...]
Bernanke says Fed will share oversight role October 1, 2009 FEDERAL Reserve chairman Ben Bernanke yesterday backed away from a controversial provision of President Obama’s administration reform plan, saying new oversight by the Fed on “systemic risk” should be shared with other regulators. The key lawmaker told a congressional panel that a new council of financial regulators, not just the Fed, should monitor big-picture risks [...]
