TOP FIVE BANKS SIGN UP TO BONUS ACCORD September 30, 2009 THE UK’s “big five” banks have committed to rules on pay agreed at the recent G20 summit in Pittsburgh, the Treasury announced yesterday. State-backed Royal Bank of Scotland and Lloyds Banking Group, as well as HSBC, Barclays and Standard Chartered, issued a joint statement saying that they would “work with the FSA (Financial Services Authority) [...]
The US is down, but it is far from out September 30, 2009 THERE is nothing better for the soul than a visit to New York. London is the greatest City on earth; but the Big Apple comes a close second. America has suffered even more badly than Britain from the crisis: a greater number of homes have been repossessed, millions have lost their jobs and vast wealth [...]
Q & A : “BIG FIVE” BANKS AGREE PAY CURBS September 30, 2009 Q. WHAT STANDARDS WILL BANKS HAVE TO MEET?A. The banks have agreed to abide by standards set at last month’s G20 summit in Pittsburgh. These include the Financial Service Authority’s own rules on remuneration, which will be updated to match the G20 agreement. Q. WHAT WILL THIS MEAN FOR DISCLOSURE OF BONUSES?A. Lenders will have [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 30, 2009 FINANCIAL TIMESTHOUSANDS TRAPPED IN EARTHQUAKEThousands of people lay trapped beneath rubble and at least 75 were killed after an earthquake devastated large swathes of Indonesia’s West Sumatra province, according to government officials. Officials warned that the death toll from the 7.6-magnitude tremor – along the same faultline that yielded the earthquake that set off the [...]
CIT mulling over its options September 30, 2009 CIT Group, the US lender, is understood to be planning to offer its unsecured debt holders two options: either exchange their debt voluntarily, or face a prepackaged bankruptcy. The commercial lender is struggling to reduce debt and raise equity to stay in business. But repairing its balance sheet is just one step toward returning to [...]
JPMorgan to build overseas September 30, 2009 The new head of JPMorgan Chase’s investment bank is to focus on boosting the firm’s revenues from non-US business, it has emerged. Jes Staley yesterday pledged to push on with the overall strategies laid down by the bank’s previous team. He took over the division after a shock reshuffle at the bank earlier this week [...]
BoA boss Ken Lewis to quit the firm early September 30, 2009 KEN LEWIS, the embattled Bank of America (BoA) chief executive, last night revealed he is to retire at the end of the year after almost a decade at the head of the firm. No successor was named by the bank, which said Lewis will also retire as a director. Lewis, 62, had said he wanted [...]
Serious Fraud Office prepares to act on BAE Systems bribery allegations September 30, 2009 THE SERIOUS Fraud Office (SFO) is poised to bring criminal charges against BAE Systems as soon as today if the defence giant fails to accept a plea deal that would leave it with a conviction and a large fine. The SFO will call on attorney general Baroness Scotland to launch a criminal prosecution against the [...]
PUT UP OR SHUT UP September 30, 2009 Kraft has until 9 November to make a formal offer for Cadbury, or it must walk away for six months the Takeover Panel ruled yesterday. The “put up or shut up” decision has now heaped pressure on Kraft chief executive Irene Rosenfeld (left) to raise the bid to a level which will be accepted by [...]
BA in threat to the Tories September 30, 2009 LOSS-MAKING flag carrier British Airways (BA) yesterday said it would be forced to significantly scale back flights at Heathrow if the government scraps plans to build a third runway at the hub airport. The Conservatives have said they are committed to calling off Labour’s plans for an extra runway at the airport if they win [...]
