Goldman lost on 21 days in three months November 9, 2011 GOLDMAN Sachs lost money trading in 21 days out of the third quarter of this year, it revealed yesterday in regulatory fillings. That compares to losses on just two days in the same quarter last year on its proprietary trading desk, which recorded net negative revenues of $2.48bn (£1.56bn) for the third quarter of this [...]
HSBC: Vickers cost too high to stay in UK November 9, 2011 HSBC will leave London if there are not substantial changes to the policies proposed by the Vickers Commission, its chief financial officer Iain Mackay said yesterday. Speaking during the bank’s third-quarter results presentation, Mackay said that Vickers’ demand that bank issue billions in senior unsecured debt in order to absorb losses if it fails would [...]
Co-op bids on smaller Lloyds asset package than NBNK November 9, 2011 THE CO-OPERATIVE Group insisted on a drastically slimmed down package of assets when it put in its second-round bid for 632 Lloyds branches yesterday. City A.M. understands that the Co-op has demanded that Lloyds narrow the funding gap between the loans and deposits of the package by significantly more than its rival bidder NBNK had. [...]
Bailed-out Dexia reveals €6.3bn loss on Belgian and Greek arms November 9, 2011 STRICKEN Franco-Belgian bank Dexia reported a one-off €6.3bn (£5.36bn) loss in the third quarter as its break up continued. It faced costs of €4bn on the nationalisation of Dexia Bank Belgium and a loss of €2.3bn on its holdings of Greek government debt. The group, which last month received a €90bn bailout, yesterday also listed [...]
FSA gives record $9.6m fine for market abuse November 9, 2011 THE FINANCIAL Services Authority (FSA) yesterday handed down a record $9.6m (£6m) fine for market abuse. Dubai-based Rameshkumar Goenka was ordered to return $3.1m to an unnamed bank and pay a $6.5m fine for manipulating the price of shares in Reliance Industries. The FSA said he artificially inflated the price of the firm’s stock by [...]
Westhouse to buy Arbuthnot investment unit November 9, 2011 STOCKBROKING group Westhouse Holdings said it would buy the investment banking unit of Arbuthnot Banking Group for an undisclosed sum to take advantage of a potential consolidation in the corporate broking market. Westhouse, which has seen a growth in the number of its corporate clients since the end of June, said it expected the deal [...]
Admiral boss’ £116m loss as stock plunges November 9, 2011 THE CHIEF executive of car insurer Admiral saw more than £115m wiped off the value of his stake in the business yesterday after the group finally succumbed to the industry-wide slump in profit growth. Shares in Admiral, which also trades under the Bell, Diamond and Elephant brands, closed down 25.61 per cent at 887.5p after [...]
ANALYST VIEWS: ARE PROBLEMS LOOMING FOR INSURANCE GROUP ADMIRAL? November 9, 2011 JONATHAN JACKSON | KILLIK & CO The claims environment remains tough, with the frequency and expected cost of new large personal injury claims remaining above historical levels – consistent with the first half of 2011 KEVIN RYAN | INVESTEC It remains our view that significantly outperforming a commoditised market for sustained periods is impossible. It [...]
Resolution eyes admin savings November 9, 2011 TAKEOVER specialist Resolution unveiled an outsourcing agreement aimed at boosting planned cost savings by 27 per cent and said financial turmoil in the Eurozone had brought it closer to doing deals there. A 15-year deal to outsource the back-office functions of Resolution’s British life insurance unit to Diligentia, part of Tata Consulting, will deliver yearly [...]
Deals website snaps up rival November 9, 2011 SALES at Moneysupermarket.com rose strongly in the third quarter as the price comparison firm revealed it will pay up to £11m for a 51 per cent share in Local Daily Deals (LDD). It has handed over £1m initially with more cash due to follow over the next three years depending on the performance of LDD. [...]
