Results that show why Malone made his move February 6, 2013 ANOTHER day older and deeper in debt: that’s Virgin Media, with its new soon-to-be-owner Liberty Global announcing a plan to add $3bn (£1.9bn) to its existing £5.723bn net debt pile. Overall, however, the deal makes a great deal of sense for the UK’s quadruple-play specialist, as I discussed yesterday. An understandable interest in the nuts [...]
RBS wants to move on from Libor scandal February 6, 2013 STATE-BACKED bank RBS struck a two-year deferred prosecution deal with US authorities, admitting responsibility and paying an extra $100m (£63.8m) as one condition of the settlement agreed yesterday. The bank’s Japanese arm pleaded guilty to one charge of wire fraud under the deal with the American Department of Justice (DoJ), while the deferral agreement with [...]
Bankers lose bonuses to cover huge interest rate-fixing fine February 6, 2013 CHANCELLOR George Osborne yesterday claimed a victory for taxpayers as the bank said its bonus pool would be reduced and previous payouts to bankers clawed back in light of the fine. Over the weekend Osborne called for staff to pay the fine, and RBS said yesterday roughly £300m will be cut from pay packets. “What [...]
Hester sorry investment chief Hourican took fall for debacle February 6, 2013 RBS’ investment banking head has lost his job and around £4m in bonuses and shares because he is the senior banker closest to the Libor fixing, rather than because he was involved. Chief executive Stephen Hester said a head near the top of the bank had to roll to show bosses are accountable for the [...]
Euribor probe at Deutsche February 6, 2013 DEUTSCHE Bank is believed to have suspended five traders over its ongoing internal investigation into Euribor manipulation. The German lender suspended two others late last year for involvement in Libor rigging. “Upon discovering that certain employees acted inappropriately, we have suspended or dismissed employees, clawed back unvested compensation, and will continue to do so as [...]
Gulliver admits HSBC was too large to police February 6, 2013 HSBC was forced into its biggest restructuring in almost 150 years because the bank’s complex structure made it attractive to criminals, its chief executive admitted yesterday. “Our structure was not fit for purpose for a modern world,” Stuart Gulliver told the parliamentary commission on banking standards. “Our geographic footprint became very attractive to transnational criminal [...]
Osborne does the wrong thing while Hourican takes the fall February 6, 2013 DEPUTY heads must roll. It’s impossible to decrypt yesterday’s Libor-rigging settlement between Royal Bank of Scotland (RBS) and regulators in the UK and US without being reminded of that immortal phrase. John Hourican, who will step down as the boss of RBS’s investment bank at the end of April, is entitled to feel hard done [...]
Ex-Northern Rock chair joins Lords February 6, 2013 The 5th Viscount Ridley, chairman of Northern Rock when the bank collapsed in 2007, was yesterday elected to the House of Lords after an unusual by-election vote. There are 92 hereditary peers left in parliament’s upper chamber and when one dies – as Earl Ferrers did last year – a vote is held to replace [...]
JP Morgan pares back wages February 6, 2013 JP Morgan is reported to be paying its investment bankers and trading staff three per cent less for 2012 as a lack of large deals dented the bank’s fees. The bank, which was also knocked by the London Whale trading loss, will impose a larger share of the bonus pain on more senior staff, according [...]
Anglo Irish Bank to be liquidated February 6, 2013 The former Anglo Irish Bank is expected to be liquidated in order to reduce the Republic of Ireland’s debt burden. The move, subject to ECB backing, would mean that Ireland no longer has to make €3.1bn annual payments on a €28bn note used to bail out the bank in 2008. Instead the debt will be [...]
