FSA calls for consumer balance September 23, 2009 The Financial Services Authority (FSA) yesterday issued a feedback statement on consumer responsibility, saying the intensity of regulation should increase in line with risks posed to customers. “The more engaged, demanding and discerning consumers become, the better off industry and consumers will be,” said Dan Waters, director of retail policy and conduct risk.
MPC unites over scale of Bank stimulus September 23, 2009 BANK of England policymakers voted unanimously this month to keep the total amount of quantitative easing at the £175bn agreed in August, minutes of this month’s Monetary Policy Meeting showed yesterday. The minutes of the BoE’s September meeting showed that Mervyn King and external MPC member David Miles voted with the rest of their colleagues [...]
SocGen in management shake-up to repair image September 23, 2009 FRENCH bank Société Générale announced a management shake-up yesterday as it seeks to rebuild its reputation in the wake of last year’s rogue trading scandal. Deputy chief executive officer Didier Alix will step down at the end of the year and become a senior adviser to chairman and chief executive Frédéric Oudéa. Jean-Francois Sammarcelli will [...]
Spencer Stuart takes on hunt for new UKFI chief September 23, 2009 HEADHUNTER Spencer Stuart has been tasked with finding a new chief executive for UK Financial Investments (UKFI), after rival Odgers Berndtson was dismissed because it hired a former Royal Bank of Scotland banker as a senior adviser. UKFI hired ex-Tory minister Virginia Bottomley, the chairman of Odgers, to lead the search last month after former [...]
O’Brien bid to rescue INM September 23, 2009 INTERNATIONAL News & Media’s dissident shareholder Denis O’Brien yesterday unveiled his proposals for the struggling business, including the injection of €100m (£90m) of his own cash in return for a majority shareholding. INM, led by chief executive Gavin O’Reilly, had been calling for its second-largest shareholder to outline his own solutions, after his vocal opposition [...]
Intelli deal lifts Canaccord investment trust arm September 23, 2009 CANACCORD Adams has moved to beef up its investment trust operations with the purchase of Midas Capital’s corporate finance unit. The investment bank, the UK arm of Canadian firm Canaccord Capital, said it would buy Midas subsidiary Intelli, which specialises in corporate advisory and broking for investment companies and asset managers. The acquisition is part [...]
Liontrust fund suffers as investors take out 924m September 23, 2009 LIONTRUST Asset Management reported client withdrawals of £924m in the half-year to September, as the departure of its star fund managers unnerved investors. The firm said in its half year trading update to the market that assets under management stood at £1.28bn on 22 September, compared with £1.88bn on 1 April. The asset falls were [...]
BNP Paribas director hit by insider dealing claim September 23, 2009 BNP PARIBAS FORTIS director Luc Vansteenkiste was in custody yesterday, after being arrested in connection with a €19.5m insider dealing case. The Belgian businessman – who joined the Fortis board in 2001 – is suspected of being involved with insider dealing in Fortis shares during its final days as an independent company. The investigation is [...]
Global M&A deals slump in the downturn September 23, 2009 THE TOTAL value and volume of global mergers and acquisitions (M&A) this year has slumped due to the credit crunch, M&A information provider mergermarket said yesterday. Global activity in the first three quarters of the year was low, down 41 per cent on last year at 5,914 transactions, while total deals were valued at $978.9bn [...]
WELLS FARGO CHAIRMAN TO STEP DOWN September 23, 2009 RICHARD Kovacevich is to step down as chairman of US bank Wells Fargo at the end of the year, to be succeeded by chief executive officer John Stumpf.Kovacevich, the bank’s former chief executive, had already stayed beyond retirement age to oversee the takeover of Wall Street rival Wachovia.
