The race is on to find new body to control Libor February 25, 2013 BANKS’ customers and regulators will decide which body should take over key interbank interest rate Libor, as the Treasury yesterday appointed a panel of senior figures to run the tender process. The British Bankers’ Association has run much of the process in the past, but yesterday member banks agreed to pass control to a regulated [...]
Goldman set to axe equity trading jobs February 25, 2013 GOLDMAN Sachs Group will begin a fresh round of job cuts as early as this week, with its equities-trading business braced for bigger cuts than fixed-income trading. While the bank usually culls the weakest five per cent of its employees around this time of year, the cuts are likely to be deeper in some businesses, [...]
What the other papers say this morning February 25, 2013 FINANCIAL TIMES JP Morgan sees surge in revenues Executives at JP Morgan Chase will announce a jump in international revenues and increased cross-selling between the commercial and investment banks today, in the first investor day since the “London whale” trading debacle. The US bank’s executives are planning to announce that the prime brokerage, which serves [...]
Osborne fights Balls on blame for downgrade February 25, 2013 GEORGE Osborne launched a staunch defence of his economic policy yesterday after Labour’s Ed Balls attacked him for losing the UK’s triple-A credit rating from agency Moody’s. The chancellor had previously staked his reputation on the top credit rating, arguing that his deficit reduction plan would safeguard the seal of approval from the agency. But [...]
Carney calls for focus on values and capitalism to rebuild banks February 25, 2013 BANKS need an infusion of capitalism as well as a focus on core values to rebuild their image in the eyes of society, Mark Carney said yesterday evening. The perception banks were too big to fail – or seen as too big to fail by regulators and governments – has dealt a “fatal blow to [...]
Weidmann calls for central bank restraint February 25, 2013 THE EUROPEAN Central Bank (ECB) should move back toward traditional monetary policy and away from its current path which is too close to fiscal policy, ECB governing council member Jens Weidmann said yesterday. Weidmann also said that France, where he was speaking, must meet budget deficit targets it has signed up for, and that it is [...]
Fees for hedge funds not hit by client bartering February 25, 2013 HEDGE fund fees are failing to fall past traditional levels despite increased negotiations and pressure from investors to cut them, a major study out yesterday reveals. Figures show a 40 per cent surge in the number of investors who tried to negotiate better fees with hedge funds last year, with 71 per cent of investors [...]
The institutional hunt for returns brings green shoots February 25, 2013 BOTTOM LINE HEDGE funds didn’t always have an easy time of it in 2012 – witness the world’s biggest listed hedge fund Man Group, which parted company with its finance chief Kevin Hayes last June and announced in December its chief executive would step down in February 2013 following a year in which its plunging [...]
Deutsche Börse slaps down CME merger talks February 25, 2013 EXCHANGE rivals CME Group and Deutsche Börse saw a spike in trading yesterday after it emerged the two sides had met for talks about a possible merger. German exchange operator Deutsche Börse last night issued a statement denying it was in merger talks, shooting down rumours a deal could be on the cards after the [...]
Lazards is set to join Royal Mail advisers February 25, 2013 THE GOVERNMENT is in the process of appointing the independent investment bank Lazards to help advise it on the possible flotation or trade sale of the Royal Mail. Yesterday a spokesman for the Department for Business, Innovation and Skills said that Lazard was about to be appointed alongside UBS to give advice. Although the Royal [...]
