Legal & General finance chief Wilson steps up to the top job May 10, 2012 THE MARKET yesterday backed Legal & General’s decision to promote from within and name its finance director as the chief executive. Nigel Wilson, who joined the firm in September 2009, will replace Tim Breedon at the end of June. Until then he will serve as chief executive designate. Shares in the 176-year-old insurer ticked up [...]
Tullett Prebon cuts more jobs as it waits for trading recovery May 10, 2012 THE WEAK global trading market has forced interdealer-broker Tullett Prebon to cut another 60 jobs. Terry Smith’s firm said it has cut 140 jobs this year, rather than the 80 redundancies it had pledged in March. Tullett, which posted revenue of £305m for the four months to April, flat on last year, said two thirds [...]
HSBC kicks off talks to sell its LatAm branches May 10, 2012 HSBC is in talks to sell its operations in Colombia, Peru, Uruguay and Paraguay, as Europe’s biggest bank continues to retreat from countries where it is too small or it does not see strong enough growth. HSBC has been quitting smaller markets and businesses to cut costs and streamline operations under new CEO Stuart Gulliver. [...]
Beazley leaves catastrophes in the past to increase premiums May 10, 2012 LLOYD’S of London insurer Beazley yesterday said it has recovered from last year’s catastrophe claims and had increased premiums written in the first quarter by nine per cent. Rates on renewals were also up two per cent, helping it write business totalling $465m (£288m) – up from $426m in the equivalent period last year. “The first [...]
French investment bank Natixis to shut commodities brokerage May 10, 2012 FRENCH bank Natixis yesterday said it plans to close its commodities brokerage division, as one of the oldest ringdealing members of the London Metal Exchange becomes the latest victim of the European debt crisis. The bank decided to wind up the brokerage activities of Natixis Commodities Markets (NCM), which offers derivatives on a range of [...]
Markets rock Royal London May 10, 2012 LIFE and pensions firm Royal London yesterday blamed “difficult” market conditions for a 10 per cent drop in its new life and pensions business. Sales in the division fell to £761m in the three months to the end of March compared to £843m for the same period last year. Its fund management division, Royal London [...]
PROFILE: NIGEL WILSON May 10, 2012 IN FOOTBALL they call it the “boot room” tradition and we are seeing the trend at Legal & General. In naming finance director Nigel Wilson, pictured, as its new boss the FTSE 100 insurer has appointed its chief executive from within for the third consecutive time on the basis it needs stability at a time [...]
Sales slump at Old Mutual as turmoil reigns May 10, 2012 THE chief executive of Old Mutual yesterday warned over the health of the banking sector as the group posted a 10 per cent drop in quarterly sales. Anglo-South African Old Mutual recorded life insurance sales of £269m in the three months to March, beating the £262m expected. “The banking world generally has still got a [...]
Trinity Mirror’s shares jump as group shows signs of recovery May 10, 2012 TRINITY Mirror’s shares jumped 11.6 per cent yesterday as the publisher reported a strong performance online. Digital revenues increased by nine per cent in the quarter, including 24 per cent growth in the nationals division reflecting the relaunch of MirrorOnline. But total group revenues fell four per cent as advertising sales took an 11 per [...]
Coulson had £40,000 in News Corp May 10, 2012 DAVID Cameron’s former press secretary yesterday said that he held £40,000 of News Corporation shares while working at Downing Street. Andy Coulson, the ex-editor of the News of the World, also told the Leveson Inquiry that he attended meetings of the national security council and may have had access to top secret documents, even though [...]
