Hester asks customers to be patient on sector’s culture shift September 30, 2012 IT COULD take a generation to change the damaging culture within the banking sector, RBS’ Stephen Hester has warned, urging customers to be patient with the wide-ranging reforms being implemented across the industry. The chief executive also said he has been saddened by the impact of a few bad bankers on the reputation of the [...]
FSA to tighten listing rules to up standards September 30, 2012 THE FINANCIAL Services Authority (FSA) will tomorrow publish tougher new rules on listing in an effort to clamp down on poorly governed firms seeking to take advantage of Britain’s investor base. Faith in the standards of British-listed companies was undermined last week by the announcement that London-listed Indonesian mining firm Bumi is holding an inquiry [...]
City hiring falls amid financial services cuts September 30, 2012 FINANCIAL sector recruitment seized up again last month, with the number of vacancies plummeting despite earlier hopes of a recovery in the industry, two top recruiters have warned today. But those who did manage to change jobs saw a large rise in pay as employers continue to compete for the top talent. Morgan McKinley’s London [...]
Ex bank lobby chief: Link pay to performance September 30, 2012 BANKERS’ high pay was not always earned, former industry spokesperson Angela Knight claimed yesterday in her first big interview since leaving the British Bankers’ Association (BBA). She defended the industry through the financial crisis, but has now believe “tough questions need to be asked” about remuneration packages. “I have always favoured big pay for big [...]
Private buyout deals reach a four-year high September 30, 2012 PRIVATE equity buyouts in the UK are returning to pre-financial crisis levels, with buyout leverages and deals worth over £1bn at their highest point since 2008, data released today reveals. Figures from the Centre for Management Buyout Research shows that three buyout deals have surpassed the £1bn mark this year, the first time this has [...]
Castle Trust launches products with heavyweight board lineup September 30, 2012 FORMER Financial Services Authority chairman Sir Callum McCarthy will today help launch a new investment venture hoping to unlock the £4 tillion residential housing market for homeowners and investors. Castle Trust, which counts former government minister Lord Deben and non-executive director of HM Treasury Dame Deirdre Hutton on its board, will offer a shared mortgage [...]
UK’s fraud squad reviews its guidance on new bribery rules September 30, 2012 COMPLIANCE staff have been left scratching their heads after the Serious Fraud Office (SFO) quietly withdrew guidance on commercial bribery laws. The SFO website no longer gives firms advice on facilitation payments, gifts and hospitality, telling visitors instead that the guidance is “currently under revision”. A spokesperson for the office yesterday confirmed that the guidance [...]
Herbert Smith Freehills launch forms top 10 firm by headcount September 30, 2012 A MERGER to create the world’s eighth-largest law firm will go live this morning, as the tie-up between Herbert Smith and Freehills is officially launched. Announced in June, the full equity merger between Herbies – which employs more than 700 lawyers in London – and Australia’s Freehills will result in a firm employing more than [...]
Winton Capital boss publishes personal taxes September 30, 2012 TOP HEDGE fund boss David Harding yesterday revealed his tax payments in an effort to show he is doing his bit to plug the vast government budget deficit. The founder of Winton Capital Management paid £34m in tax last year, on earnings of £87m – a rate of 39 per cent. That is below the [...]
Iberdrola mulls an exit from UK nuclear project September 30, 2012 IBERDROLA is said to be considering an exit from its UK nuclear plans as part of its debt-cutting strategy. The NuGen project, a joint venture between Spain’s Iberdrola and French group GDF, is set up to develop a 3.6 gigawatt nuclear power station at Moorside, near Sellafield in West Cumbria. But Iberdrola has been scaling [...]
