Brokers Oriel snapped up by US firm Stifel May 7, 2014 A LONG-rumoured takeover of London stockbroking firm Oriel Securities is expected to be announced this morning, City A.M. understands. Around 100 of Oriel’s employees were briefed yesterday afternoon about the firm’s agreed takeover by US brokerage and investment banking group Stifel Financial. The deal is reportedly worth around £35m to Oriel, though not all of [...]
HSBC’s profits plunge despite tough cost cuts May 7, 2014 DIVING investment bank profits dragged down HSBC’s performance in the first quarter, the bank’s financial results showed yesterday. The UK-based lender’s profits came in at $6.79bn (£4bn), down 20 per cent on the same period of 2013 despite tough cost-cutting measures. Revenues fell 8.3 per cent to $15.88bn, outstripping the 5.3 per cent fall in [...]
Bottom Line: Bank’s overhaul has further to go May 7, 2014 HSBC’S patchwork of asset sales, writedowns and restructuring efforts over the past three years has made the bank a safer place to invest, boss Stuart Gulliver reckons, even if the cuts give the regular updates a confusing ruffled appearance, with impairments and flattering charges making comparisons each quarter less meaningful. For example, a 32 per [...]
SocGen hit by Russian exposures May 7, 2014 GIANT French bank Societe Generale slashed its Russian goodwill assets by €525m (£430.7m) yesterday over political uncertainty around the Ukraine crisis. Profits fell 13.3 per cent as a result, with the bank reporting a net income of €315m for the quarter. However, investors were unflustered as the bank’s underlying profits came in almost exactly as forecast. [...]
L&G shares rise as bulk annuity sale reassures May 7, 2014 LEGAL and General announced a strong set of first quarter results yesterday, bolstered by promising bulk annuity sales which helped stave off concern about the individual annuity market. Individual sales of annuities were down 40 per cent, the company said, following an announcement by the chancellor George Osborne in his Budget, heralding an overhaul of [...]
Profit down at Allianz as insurer forced to defend Pimco’s record May 7, 2014 INSURER Allianz announced profits are down in its first quarter results yesterday. Operating profit declined to €2.72bn (£2.2bn), down from €2.8bn for the first quarter of 2013. Total revenue for the first quarter was up on last year, at €34bn and the company said it is on track to meet expectations for its full-year results. [...]
UK government urged to hurry shale progress May 7, 2014 THE INSTITUTE of Directors today welcomed the findings of a House of Lords committee’s report into the economic benefits of shale gas, which said development of the resource could improve energy security, create jobs and drive down prices. “This report makes a conclusive case for the benefits of getting the British shale gas industry up [...]
Inside Track: Jenkins can win back shareholders by wielding the axe May 7, 2014 THERE have been many crucial days already during Antony Jenkins’ short tenure at Barclays, but today will be the most important of all. After months of investor complaints that he has not moved aggressively enough to tackle the bank’s cost-base, Jenkins’ strategy update needs to convince a growing number of sceptics. Initial indications are that [...]
Moelis makes more from M&A as revenues, profits and pay all rise May 7, 2014 NEWLY-LISTED investment bank Moelis last night reported that first-quarter revenues were up 91 per cent on last year to a record $114.5m (£67.5m). Net income rose to $22.7m, from just over $700,000 in the same quarter last year. Moelis said it made revenues from 110 clients in the period, up from 97 a year ago. [...]
Justin King says Sainsbury’s will outsmart rivals May 7, 2014 JUSTIN King, the outgoing boss of Sainsbury’s, has played down his rivals’ price cutting tactics as a “skirmish” and insisted the supermarket will be as competitive as ever after posting forecast-beating profits. Britain’s third-largest grocer is the only one of the big four to not have formally committed to hundreds of millions of pounds of [...]
