IMF expects UK to grow just 1pc as forecasts cut January 23, 2013 GROWTH in the UK will be even more sluggish than previously expected in 2013, while the Eurozone’s economic output will shrink again, the International Monetary Fund (IMF) said yesterday. The lending body slashed its GDP projections for regions throughout the world, predicting that global growth will slow to 3.5 per cent in 2013 – slightly [...]
JP Morgan boss Dimon hits out at accusations of opaqueness January 23, 2013 JP MORGAN chief executive Jamie Dimon made a staunch defence of the banking industry yesterday after accusations that big banks are not transparent enough. Speaking at the World Economic Forum in Davos, Dimon warned of further regulation of the industry. “I think a lot of regulators are overwhelmed,” he said. “They’re overwhelmed with rules and [...]
Greenhill profits fall as advisory gains offset by bad investments January 23, 2013 GREENHILL & CO, the New York based investment bank and advisory firm, reported a 6.1 per cent fall in profits in the fourth quarter of 2012 on lower returns from investments. Despite a 17 per cent rise in revenues from advising clients, a poor run of investments pushed profits down to $15m (£9.5m) from just [...]
Metro boss: I wouldn’t set up UK bank again January 23, 2013 METRO Bank may not have been established if founder Vernon Hill had realised in advance how arduous and expensive the process of getting a banking licence would be, the American billionaire said yesterday. It is famously difficult to get a new banking licence issued, as the new venture’s backers must prove they have enough capital [...]
Eurozone’s consumer morale shows some sign of recovery January 23, 2013 CONSUMER confidence in the euro area has jumped sharply in the first month of 2013, a survey showed yesterday, while separate data revealed that the debt ratios of Eurozone governments are beginning to stabilise. And on a rare day of positive figures for the single currency area, Portuguese debt yields fell to their lowest since [...]
Lloyds renews job cutting plan with another 940 staff to go January 23, 2013 LLOYDS staff in roles from IT support to insurance to branch management were yesterday notified they will be leaving the bank as it continued to roll out its plan to cut another 15,000 jobs. Lloyds informed 940 staff across the country they will be losing their jobs over the next three to six months, depending [...]
Retail bonds considered for compensation January 23, 2013 PROVIDERS of a new high-profile investment product are actively lobbying to be included in a government-run compensation programme, City A.M. has learned. Oliver Cardigan, a director at Numis Securities, said his company has had discussions with “top people in government” in the hope of extending consumer protection to retail bonds. Numis want the FSA-controlled Financial Services [...]
Banking depositors’ backstop beefs up its governing board January 23, 2013 TWO top lawyers were yesterday appointed to the board of the Financial Services Compensation Scheme (FSCS) to bolster the leadership team after the departure of two veteran members. The FSCS acts as a fund of last resort for depositors in broken banks and building societies – if they go under, deposits are guaranteed up to [...]
New look browsing for debt restructure January 23, 2013 NEW LOOK is in talks with banks over refinancing its £1.1bn debt, following improved trading. The fashion retailer, whose designers include Kelly Brook (above), has revamped stores in a bid to attract older customers. New Look reported a 3.7 per cent like-for-like sales rise at Christmas, and is seen to be able to attract lower interest [...]
Icy times between fund managers and bankers January 23, 2013 ARROGANT, indolent, avaricious – and these are some of the politer adjectives applied to investment bankers and private equity firms during their ongoing stand-off with City fund managers. The permafrost between them has shown few signs of thawing since two BlackRock executives outlined in 2011 a litany of gripes about the way bankers sell new [...]
