FTSE 100 WELCOMES FIRST BLACK CEO October 1, 2009 TIDJANE THIAM became the first black chief executive of a FTSE 100 firm when he took command at insurer Prudential yesterday. Born in the Ivory Coast, but with French nationality, Thiam replaced Mark Tucker at the blue chip business. The appointment was hailed as a major step in the fight to diversify the City’s boardrooms, [...]
Vehicle sales at GM fell 45pc in September October 1, 2009 GENERAL Motors (GM) yesterday said its US September auto sales fell 45 per cent, pressured by weak consumer confidence, low inventory levels and the end of the US government “cash for clunkers” incentives. GM said sales fell to 156,673 vehicles in September, from 284,300 a year earlier when company discounts supported sales. But the carmaker [...]
Bernanke says Fed will share oversight role October 1, 2009 FEDERAL Reserve chairman Ben Bernanke yesterday backed away from a controversial provision of President Obama’s administration reform plan, saying new oversight by the Fed on “systemic risk” should be shared with other regulators. The key lawmaker told a congressional panel that a new council of financial regulators, not just the Fed, should monitor big-picture risks [...]
Baer completes GAM sale October 1, 2009 Swiss private bank Julius Baer yesterday announced the completion of its spin-off of asset management unit GAM Holding. The move was intended to unlock value for shareholders and to allow both units to focus on their areas of business. Julius Baer has been linked with a number of buys recently after admitting it was looking [...]
Darling urges EU bonus deals October 1, 2009 Chancellor Alistair Darling was yesterday urging his fellow EU foreign ministers to follow the UK’s lead by signing up their banks to an agreement to curb bonuses. The chancellor was in Sweden at the Ecofin meeting of treasurers, where he hoped to convince his counterparts to follow suit. France is expected to unveil its own [...]
US asset scheme gets going October 1, 2009 The US Treasury department said yesterday it had kicked off a state scheme to purchase toxic assets from banks in order to help them increase lending. Invesco and TCW Group reached the $500m (£313m) threshold above which the Treasury said it would also contribute funds, in an initiative known as the Public-Private Investment Programme. The [...]
Booze runs dry at off licence October 1, 2009 Administrators of the Wine Cellar off-licence and convenience store group have said 320 jobs will be lost at the company. The firm, which operates under the Booze Buster, Simply Drinks and Simply Food & Drinks brands, called in administrators Deloitte yesterday. The family-owned group had 170 stores but 109 have been sold to EFB Retail, [...]
City Moves for 2 October 2009 | Who’s switching jobs October 1, 2009 Clydesdale BankThe bank, part of the National Australia Bank group, has appointed John Holm as a director in its corporate and structured finance team in London. Holm was previously director of insurance in Europe for National Australia Bank. He has also spent over 30 years working at the Royal Bank of Scotland, latterly in the [...]
Candidates emerge for BoA top job October 1, 2009 BANK of America (BoA) said yesterday that six internal candidates are in the running to take over from chief executive Kenneth Lewis, who shocked the industry yesterday by announcing his intention to retire at the end of the year. The most likely candidates on the shortlist are believed to be chief risk officer Gregory Curl, [...]
Accounting change hits Brewin profit October 1, 2009 INDEPENDENT stockbroker Brewin Dolphin yesterday said trading in the final quarter would be at the top end of expectations but that 2008 profits had been hit by a change in its accounting practices. It confirmed that, after discussions with the Financial Reporting Review Panel, it had changed its accounting policy. The move follows criticism from [...]
