Banks boost capital ahead of Basel rules January 19, 2011 THE AMOUNT of risk-adjusted capital (RAC) held by banks around the globe is increasing as institutions prepare for new regulatory requirements. Banks worldwide had an average eight per cent RAC ratio as of June last year, up from 6.7 per cent at the same point in 2009, according to Standard & Poor’s (S&P) latest analysis. [...]
One-time cash cows aren’t making hay January 19, 2011 IS THE party over? That is the question that shareholders of Goldman Sachs will be asking after yesterday’s lacklustre results. People might still be on the dancefloor, but the bank has certainly lost its groove. Fixed income, commodities and currencies (FICC) trading was the biggest casualty, falling 39 per cent compared to the fourth quarter of 2009. That [...]
Acquisitions boost profits at BNY Mellon January 19, 2011 BANK of New York Mellon said yesterday its fourth-quarter profit from operations increased 10 per cent as acquisitions bolstered fee income. Operating earnings rose to $734m (£460m), or 59 cents per share, from $667m, or 55 cents a share, a year earlier. Analysts had expected operating earnings of 57 cents per share. The bank’s operating [...]
Havens to become Citigroup’s No. two January 19, 2011 CITIGROUP named investment bank chief John Havens president and chief operating officer yesterday, expanding its most senior level of executives and elevating a long-time friend of Vikram Pandit. Havens, currently head of Citigroup’s institutional clients group, will fill a vacant role as he takes charge of the bank’s day-to-day operations. The company announced his promotion [...]
Low rates hurt Northern Trust January 19, 2011 NORTHERN Trust said yesterday its fourth-quarter profit fell 22 per cent, citing low interest rates. For the three months that ended 31 December, the trust bank reported a profit of $157.1m (£98m), or 64 cents per share, compared with a profit of $200.3m, or 82 cents per share, a year earlier. The results for the [...]
Earnings rise at Wells Fargo and US Bancorp January 19, 2011 WELLS Fargo and US Bancorp said despite lending profits being squeezed by low interest rates, improving credit quality helped both banks post higher-than-expected fourth-quarter earnings. The banks reported substantial improvements in nonperforming loans and reduced the funds set aside to cover bad loans. Wells Fargo posted a 21 per cent increase in fourth-quarter profit, helped [...]
MYSTERY OVER £140M FLAT IN ONE HYDE PARK January 19, 2011 There was at least one hot topic of conversation at yesterday lunch-time’s launch of One Hyde Park, the world’s most expensive apartments, and that was the identity of the buyers of the three Penthouse flats, the most expensive of which sold for £140m. Around 350 guests, including Simon Cowell, Arcadia boss Philip Green and Formula [...]
BP forecasts emissions rise January 19, 2011 CARBON emissions will continue to rise over the next 20 years, with measures to reduce climate change outstripped by increased energy demand from emerging economies, according to analysis by BP. The oil major predicted yesterday that global demand for fuel is likely to grow by nearly 40 per cent by 2030, with 93 per cent [...]
It’s time for the City to stop ignoring Brussels January 19, 2011 DID we not learn anything from the great British fridge fiasco? You remember those surreal months, when TV bulletins lead every night with the giant fridge mountains swamping the countryside, growing by the hour. And it was all because Britain sent a junior official into the Brussels lion’s den, and his London bosses not only [...]
Strong inflow boosts assets 9pc at Jupiter January 19, 2011 THE FUND management group run by Edward Bonham Carter, the brother of actress Helena Bonham Carter, has beaten analysts’ expectations for the final quarter of last year. Jupiter Fund Management saw its assets under management (AUM) grow nine per cent to £24.1bn for the three months to 31 December. The firm experienced stronger than predicted [...]
