RBS to cut 400 staff at US arm May 27, 2014 RBS PLANS to cut two-thirds of its mortgage trading staff in its US investment banking arm over the next 18 months as it cuts down its non-UK retail banking operations, the bank has confirmed. Around 400 staff will get the chop, though workers trading in rates, currencies, and credit will be unaffected. The bank also [...]
Accounts boost for Nationwide May 27, 2014 NATIONWIDE is set to announce a 15 per cent rise in new accounts being opened in its annual results today, according to reports from Sky News. The building society looks to have gained more than 420,000 new current accounts last year compared to 365,000 in the previous financial year, despite the effect of a new [...]
What the other papers say this morning – 28 May 2014 May 27, 2014 FINANCIAL TIMES Pilgrim’s Pride bid disrupts deal Poultry company Pilgrim’s Pride has offered to buy Hillshire Brands for $6.4bn (£3.8bn) including debt, in a deal meant to head off Hillshire’s recent bid for Pinnacle Foods and create one of the US’s largest meat producers. Pilgrim’s offer of $45 a share – a roughly 22 per [...]
TSB promises rapid growth to new investors May 27, 2014 NEW HIGH street bank TSB yesterday set out plans to grow by 50 per cent over the coming years, hoping to attract investors with an ambitious expansion plan. Lloyds is selling the 631-branch bank and published its intention to float the lender on the stock market yesterday. The sale comes at a tricky moment as [...]
Bottom Line: Don’t expect glorious returns buying TSB May 27, 2014 NO BANK wants to be exciting or glamorous any more – and particularly not one that needs to attract new investors. TSB is highlighting its long history as a 200 year old bank with roots in local savings. Its goals sound more like those of a very sober and old fashioned building society than those of [...]
Cable pours cold water on Clegg coup rumours May 27, 2014 BUSINESS secretary Vince Cable has poured cold water on rumours that he is vying for Nick Clegg’s position as leader of the Liberal Democrats, disowning his close friend and political ally Lord Oakeshott in the process. In a statement yesterday Cable, who is currently on a government trade mission in China, said a poll commissioned [...]
European leaders to support Juncker as next commissioner May 27, 2014 THE LEADERS of the biggest parties in the European Union have backed Jean-Claude Juncker as the next president of the European commission. Juncker, a former Prime Minister of Luxembourg, is the leader of the party with the biggest share of seats in Europe, the European People’s Party (EPP), and was chosen earlier this year as [...]
April regulation clips lending to housing market May 27, 2014 THE NUMBER of mortgage approvals for house purchases in the UK fell for a third month in April, despite the overall recovery of the housing market during the last year. There were 42,200 mortgages approved last month, according to the British Bankers’ Association (BBA). The figure is down from 45,000 in March, and has fallen by [...]
Rightmove chairman sells £7m of shares and eyes a new home May 27, 2014 THE AVERAGE price of a home in South Kensington now stands at £2m, according to Britain’s largest property website Rightmove. However, chairman Scott Forbes looks to be eyeing a slightly pricier property after it emerged yesterday that he has sold around £7m of shares to help buy a new home in the prime London neighbourhood. [...]
S&P hits record high as US firms grow at fastest rate for four years May 27, 2014 THE US private sector’s output grew at the fastest pace in four years this May, according to a major survey of businesses, indicating that the economy has picked up momentum from a lull at the start of the year. The S&P 500 hit a record high during the day, jumping above 1,910 and closing up [...]
