UBS poaches Nomura exec September 25, 2012 SWISS bank UBS has hired Shaun Treacy from Nomuraas co-head of its all industries group in Asia, according to an internal memo. In June the bank appointed Nick Hassall as global head of its consumer products and retail group, moving him from Hong Kong to London to take advantage of non-Asian companies’ interest in the [...]
Lloyds leader cheers progress September 25, 2012 LLOYDS is on track to hit capital targets, has made solid progress on costs and has almost finished the lengthy process of reforming its funding profile, a confident Antonio Horta-Osorio said yesterday. The chief exec also pointed to its growing number of small business loans as evidence Lloyds is helping the economy in the downturn. [...]
Credit Suisse eyes shake-up September 25, 2012 CREDIT Suisse is reportedly preparing to dismantle its sub-scale asset management unit, integrating the business into its larger private bank and investment bank to clamp down on costs. The move is “a direct consequence” of Credit Suisse not being a major asset management firm, a source told Reuters. The Swiss bank’s asset management activities have [...]
StanChart stock dips after new sale rumours September 25, 2012 STANDARD Chartered’s share price tumbled yesterday on reports that a major shareholder is looking to sell out of the bank. The stock initially fell more than three per cent on speculation in the Financial Times that Singapore state investor Temasek may sell its 18 per cent stake in Standard Chartered, worth roughly £6.4bn. The price [...]
UK banks are facing a battle with diminishing returns September 25, 2012 AS LONDON’S top bankers meet for their annual Merrill Lynch conference, upbeat public pronouncements can’t conceal the cloud hanging over the sector’s future. The news that Singapore investment fund Temasek is mulling offloading its £6bn stake in Standard Chartered is a typically gloomy indicator. Standard Chartered, after all, thanks to its exposure to Asian growth, [...]
Santander prices record Mexico Float September 25, 2012 Banco Santander is set to raise over $4bn in the first listing of stock from its Mexican unit, after pricing the shares in the middle of its expected range. The offering, which would be the largest ever of a Mexican company, will be priced at 31.25 pesos per share in Mexico, sources said yesterday. Santander’s [...]
Bank: Funding plan might not bolster lending September 25, 2012 NOT ALL banks in the Funding for Lending Scheme (FLS) will increase lending, a top Bank of England official conceded yesterday, arguing instead that lending may simply fall by a smaller amount thanks to the cheap funds being offered. The government is offering an initial £60bn to the 13 participating banks, with the aim of [...]
What is Funding for Lending? September 25, 2012 Q What is the Funding for Lending scheme? A It is a government scheme to offer banks cheap loans with incentives to lend more to households and businesses. Banks can borrow funds worth up to five per cent of their loan book as of 30 June, at 0.25 per cent. If they increase lending, they [...]
Alexander to end contracts for tax evaders September 25, 2012 DANNY Alexander, the chief secretary to the Treasury, yesterday announced that he would ramp up tax inspections for the rich and stop government contracts being awarded to firms that evade taxes. “Taxpayers’ money should not be funding tax dodgers,” he told the Liberal Democrat conference. “So I have tasked HMRC and the Cabinet Office to [...]
Terry Smith attacks plan to use pensions to secure mortgages September 25, 2012 LEADING City fund manager Terry Smith yesterday called Nick Clegg “brain dead” after the Deputy Prime Minister announced plans to allow children to guarantee mortgage deposits using their parents’ pension pots. The multimillionaire Tullett Prebon boss criticised the policy, which would enable first-time buyers to secure part of their house loan on a relative’s savings. [...]
