UBS wealth team moves to the City January 11, 2011 SWISS bank UBS is moving its UK wealth management headquarters from Mayfair to its office space within the Square Mile. The move will bring the bank’s business units in London closer together, with the wealth management division moving into the same building as UBS’ investment bank at 3 Finsbury Avenue, near Liverpool Street station. The [...]
JPMorgan Chase ready to up dividend January 11, 2011 JPMORGAN Chase is ready to pay an annual dividend of 75 cents to a dollar once the Federal Reserve completes stress-testing of the largest US banks and gives its approval, chief executive officer Jamie Dimon said yesterday. The Fed is currently gauging whether banks have enough capital to weather another economic shock – similar to [...]
ABI warns on bail-in capital January 11, 2011 FORCING bank bondholders to absorb losses from a bank crisis is risky and will impose heavy losses on Europe’s pensioners, the Association of British Insurers warned yesterday. Turning bank debt into contingent capital would prevent investors matching it against long-term products such as annuities, while failing to respect existing debt contracts may destabilise secondary markets, [...]
SocGen buys energy assets January 11, 2011 RBS Sempra Commodities has agreed to sell some North American power and gas assets to Societe Generale for cash, RBS said yesterday. RBS said the deal included information technology and intellectual property assets, as well as exchange membership seats, for an undisclosed sum. SocGen will also take on more than 130 gas and electricity professionals, [...]
Diamond: We have to stop saying sorry January 11, 2011 BARCLAYS boss Bob Diamond came out fighting at a high-profile public hearing yesterday, insisting it was time for banks to stop apologising for the financial crisis. Appearing before an influential group of MPs, Diamond said “the period of remorse and apology” that followed the banking meltdown needed to end. “The biggest issue is ‘How do [...]
Goldman promises disclosure January 11, 2011 GOLDMAN Sachs released a highly anticipated report into its revenue streams and corporate governance yesterday, but the document promised only tweaks rather than an overhaul of the business. The report was the result of an investigation convened last May after Goldman had to settle a case with the Securities and Exchange Commission for $550m (£352m). It [...]
Japan to buy a fifth of euro bonds at sale January 11, 2011 JAPAN says it will buy a fifth of the gilts on offer at a planned auction of region-wide Eurozone bonds (or “e-bonds”) later this month. The comments, made by finance minister Yoshihiko Noda, sparked a rally in the euro versus the yen, with traders speculating that Japan would have to load up on the single [...]
Tory rebels fail in vote to curb Brussels’ power January 11, 2011 PRIME Minister David Cameron survived a test of his party leadership yesterday after eurosceptic Conservative rebels failed to win backing for tougher curbs on the flow of power to Brussels from Britain. Only 39 MPs voted for an amendment declaring the sovereignty of the UK parliament in relation to EU laws, while 314 voted against. [...]
City should teach personal finance January 11, 2011 CITY A.M. is today launching a campaign to increase financial literacy in the UK, and calling on City companies to provide significant financial support for an educational fund. A report into UK financial literacy by the Financial Services Authority (FSA) in 2005 found that only 19 per cent of people stay informed of financial products [...]
CITY VIEWS: COULD EDUCATION HELP FINANCIAL KNOWLEDGE? January 11, 2011 SARAH WHITTLE | HEATH LAMBERT “I would think so. My siblings don’t have a clue what’s happening in the world. It’s the impact of celebrity culture. A fund to improve education would be a great idea. That could help.” TOM QUY | PARAGON BROKERS “People find their information by the popular media, where perhaps they’re [...]
