Citi’s Pandit quits after board row October 16, 2012 VIKRAM Pandit stood down as Citigroup chief executive yesterday following a boardroom row, shocking investors and temporarily knocking the bank’s share price. Pandit had been at the top of the US bank for more than five years, steering it through the financial crisis and implementing a major turnaround programme. Yesterday he resigned with immediate effect, [...]
Goldman joins bank revival as it swings back into the black October 16, 2012 GOLDMAN Sachs’ profits jumped in the third quarter, bouncing back from a loss over the same period of 2011 and joining the revival in banks’ fortunes also seen by the likes of JP Morgan and Wells Fargo. The investment giant made a profit of $1.51bn (£937m) in the three-month period, compared with a loss of [...]
The Citi lifer selected to lead bank after Pandit October 16, 2012 CITIGROUP’S board unanimously voted in favour of raising Mike Corbat to the role of chief executive when Vikram Pandit quit yesterday, rewarding the European head for decades of service at the bank. Corbat has a long history both retail and investment banking, and takes charge at a time when Citi has largely turned itself around, [...]
Why Osborne has targeted the wrong kind of spending cuts October 16, 2012 HERE is the truth about the cuts so far, courtesy of the Office for Budget Responsibility (OBR). The deficit is down by about a quarter from its peak over the past two years, though it has increased again since the start of the current fiscal year. Looking just at 2010-11 and 2011-12, two thirds of [...]
Boris seeks to keep London’s tax in capital October 16, 2012 LONDON should have the autonomy to introduce local taxes for major capital projects, an independent panel heard yesterday. Mayor Boris Johnson launched the London Finance Commission in June to find ways to keep more of London’s tax in the capital. Yesterday it heard evidence from ex-Mayor Ken Livingstone, who called for the existing 32 boroughs to [...]
Murdoch sails through News Corp meeting October 16, 2012 RUPERT Murdoch retained his grip on News Corp last night, defeating shareholder calls for his roles of chairman and chief executive to be split despite a number of influential investors making their grievances known at the firm’s annual meeting. Murdoch, whose family controls 40 per cent of News Corp’s voting rights, admitted the last 18 months had [...]
What the other papers say this Morning October 16, 2012 FINANCIAL TIMES Apple set to unveil iPad Mini Apple hopes to maintain its dominance in the tablet market despite competition from Microsoft, Google and Amazon with a cheaper, smaller iPad, which is expected to be unveiled next week. The California-based technology group has sent out invitations to a press launch next Tuesday. Months of leaks [...]
Pearson makes $650m digital learning buy October 16, 2012 PEARSON yesterday announced a $650m (£403m) buy-out of online education firm EmbanetCompass, in a move that signals Pearson’s increasing emphasis on digital publishing and education. The acquisition is Pearson’s largest since it spent $950m on Reed Elsevier’s educational arm Harcourt in 2007, and is expected to be the last under departing chief executive Marjorie Scardino. [...]
BBA plans to clean up industry with new register of bankers October 16, 2012 BANKERS could be forced to gain approval from a professional body to work in the City under proposals being put forward by trade association the British Bankers’ Association (BBA). The lobby group’s chief executive Anthony Browne said last night that the BBA may push for an independent sector regulator “with teeth” that would be able [...]
Cost cuts aid State Street profit October 16, 2012 GLOBAL custody bank State Street yesterday reported a strong rise in profits despite falling revenues, as it kept a tight cap on expenses. Profits hit $654m (£406m), up 20 per cent from $543m in the same quarter of last year. Revenues slid 2.9 per cent, coming in at $2.36bn, down from the $2.43bn a year [...]
