Goldman to slash pay by nearly half January 9, 2012 GOLDMAN Sachs is expected to take an axe to pay in this year’s bonus round following a dramatic fall-off in revenues. Some senior bankers expect to see their pay packages fall as much as 40 per cent, while some reports suggested that pay for partners’ at the very top could halve. But some bonuses will [...]
Firms lending cash to banks January 9, 2012 BLUE-CHIP names like Johnson & Johnson, Pfizer and Peugeot are among firms bailing out Europe’s ailing banks in a reversal of the established roles of clients and lenders. One source with knowledge of the so-called repo deals or short-term secured lending, said the two US pharmaceutical groups and French carmaker were the latest to sign [...]
Hoare Govett bidder loses top executive January 9, 2012 ORIEL Securities, the expanding stockbroking firm that is bidding for Hoare Govett, has lost one of its senior executives after less than a year. Glenn Poulter, who joined Oriel as head of equities in December 2010, has left the firm after asking chief executive Simon Bragg whether he could extend his settling-in period during which [...]
There’s no let up in City’s race to consolidate January 9, 2012 IT seems there is going to be no slackening of the consolidation process taking place in the financial advisory sector. Evolution has already been swallowed up by Investec, with fairly unpleasant consequences for many of its employees; Collins Stewart Hawkpoint is busy sorting out the finer details of its deal with the Canadian group Canaccord, [...]
Creditors back plan for MF Global UK January 9, 2012 CLIENTS and creditors of MF Global UK, part of the defunct US brokerage, may get some of their cash back next month after a crunch meeting with the administrator yesterday. They backed the proposals put forward by special administrator KPMG in a session which critics had billed as a vote of confidence. Richard Heis, joint [...]
Lazard poaches a BofA banker January 9, 2012 LAZARD, the independent investment bank, has poached a well-regarded managing director from rival Bank of America Merrill Lynch. Noah Bulkin is joining Lazard’s financial advisory team and is likely to continue acting mostly for retail clients. In the past he has worked on a string of high-profile deals such as Odeon and UCI Cinema’s £300m [...]
JP Morgan loss to boutique rival January 9, 2012 DEXION, a boutique investment bank focused on hedge funds, has scored a coup by snagging a highly regarded analyst from behemoth JP Morgan Cazenove. Senior analyst Tom Skinner has left the bulge bracket bank to head up research at Dexion, expanding its coverage to include some close-ended funds and infrastructure. Dexion managing director Ana Haurie [...]
Alcoa loses on slumping metal prices January 9, 2012 FALLING metals prices and a weak global economy pushed Alcoa into a fourth quarter loss, the USA’s largest aluminium producer revealed yesterday. Kicking off 2012’s corporate earnings reports in the States, the firm lost $193m (£125m), or 18 cents per share, on continuing operations. Nonetheless, the firm remains upbeat with forecasts of soaring demand over [...]
CITY VIEWS: SHOULD SHAREHOLDERS HAVE MORE SAY ON EXECUTIVE PAY? January 9, 2012 NEIL NEWTON | BERRYMANS LACE MAWER LLP “Yes, but to a point. Shareholders invest a large amount of money so they deserve power, but it would be hard to implement.” ALI MALAIBARI | BLOOMBERG “Yes, as the level of director pay affects dividends. If executives get paid a lot, it can decrease what the shareholder [...]
CAA calls for more airports January 9, 2012 MORE airport capacity is needed in the south east, according to a report out today from the Civil Aviation Authority (CAA). Unless expansion is allowed, the CAA fears consumers will face higher prices and the choice of destinations will become increasingly limited. The CAA suggests local residents’ concerns over levels of noise pollution caused by [...]
