Obama considers a special levy on Wall Street titans January 11, 2010 WALL Street’s investment banking giants face a fresh headache in the run-up to bonus season as the US government considers a special levy. The Obama administration was last night planning an unexpected fee for top institutions in an effort to recoup more of the taxpayer funds pumped into the industry. Goldman Sachs, JPMorgan, Morgan Stanley [...]
Clegg calls for break-up of biggest City banks January 11, 2010 LIBERAL Democrat leader Nick Clegg will try to break up large banks like Barclays and HSBC if he finds himself in government after the next election. “The age of universal banking has to come to an end,” Clegg said as he launched his general election campaign yesterday. Asked if he was making an implicit threat [...]
Goldman may give to charity January 11, 2010 GOLDMAN Sachs could force its top brass to donate a portion of their salaries to charity in a move to quell public anger over bonus payouts. The investment bank, which is due to hand out year-end remuneration deals next Thursday, would ask many of its 5,100 London-based staff to sign up to the programme. It [...]
The real reason for London’s prosperity January 11, 2010 AT least three times since the 1960s, the City has been saved by the stupidity of others. London’s economic prominence is partly home-grown, of course, not least thanks to the free-market reforms of the 1980s. But a key driver of the City’s survival and subsequent triumph has been its ability to mop up industries fleeing [...]
Icap chief nets £45.4m January 11, 2010 MICHAEL Spencer, the founder and chief executive of Icap, has cut his and his family’s stake in the world’s largest inter-dealer broker, raising £45.4m. Spencer, the treasurer of the Conservative Party, sold more than half his personal stake at 440p, raising £14.6m. Separately his family firm, IPGL, also placed 7m shares at 440p each, raising [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 11, 2010 FINANCIAL TIMES LEHMAN WARNS ON US CLAIMS Big banks seeking to make windfall profits by making “outrageously unreasonable” claims against Lehman Brothers’ US business will be forced to prove their case in public courts, the executive leading the unwinding of the failed bank has warned. Bryan Marsal, the chief executive of Lehman Brothers Holdings, who [...]
Citigroup retail boss departs January 11, 2010 Citigroup’s head of retail banking, Terri Dial, has left the company as part of a broader move to refresh its senior management. It is understood executives were frustrated at her lack of success overhauling the retail unit, which has struggled with soaring loan losses. Her removal comes ahead of a shake-up on 19 January when [...]
AIG woos ex-Lehman lawyer January 11, 2010 AIG has approached former Lehman Brothers lawyer Thomas Russo to be its next general counsel, it is understood. The firm is thought to have given Russo a written offer and is discussing his possible remuneration deal with US pay tsar Kenneth Feinberg.
McDonald’s names new COO January 11, 2010 Burger behemoth McDonald’s has promoted US president Don?Thompson to the global role of chief operating officer. Thompson, 42, succeeds Ralph Alvarez, who retired after Christmas due to ill health. CEO Jim Skinner said the appointment demonstrated the company’s “deep bench of talented executives”.
Ladbrokes boss resigns January 11, 2010 BOOKMAKER Ladbrokes will today begin hunting for a new chief executive when Chris Bell, the man at the helm for the past nine years, announces his surprise resignation. Bell will stay on until the summer when he will hand over to the incoming chief executive It is thought he will take a break from work [...]
