Government to clamp down on regulation visits October 25, 2011 THE GOVERNMENT plans to scrap numerous regulatory bodies and limit their powers of inspection to twice a year as part of a deregulation drive, deputy Prime Minister Nick Clegg said yesterday. Employers could also be given a new legal protection to have “frank conversations” with underperforming staff without fear of the content being eligible as [...]
Investment bank loss hits UBS profits October 25, 2011 PROFITS at troubled Swiss bank UBS tumbled in the third quarter but came in above analysts’ worst fears. UBS said net profit fell 39 per cent to SwFr1.018bn (£723m) after one-off items, including a SwFr1.765bn gain on its own debt. In the investment banking division, however, where trader Kweku Adoboli is accused of carrying out [...]
Effect of rogue trading scandal on wealth management still not clear October 25, 2011 THE IMPACT of the rogue trading scandal on UBS’s investment bank was laid bare in its third quarter results. The unit fell to a loss of SwFr2.4bn once you strip out the gains it made on the declining value of its own credit, in large part due to the SwFr1.8bn lost through unauthorised trades. The [...]
Credit Suisse fined £6m for system faliure October 25, 2011 CREDIT Suisse has been fined £5.95m by the Financial Services Authority (FSA) for system failures in its private bank, the second time it has fallen foul of the regulator in less than two years. The FSA said yesterday it has fined Credit Suisse for “systems and control failings in relation to sales by its private [...]
Virgin Money submits bid for Northern Rock October 25, 2011 THE GOVERNMENT has received its first bid on bank assets that it bailed out during the financial crisis. It is understood that Virgin Money sent in a bid for the Northern Rock “good bank” currently on the block. City A.M. also understands that NBNK Investments, Lord Levene’s buy-out vehicle, plans to submit a bid today before [...]
Deutsche Bank plans job cuts as retail lifts profit October 25, 2011 DEUTSCHE Bank’s third-quarter pre-tax profit beat forecasts as retail banking and asset management offset a drop in investment banking which it warned was facing the toughest conditions since 2008 that could lead to more job cuts. Weaker market activity forced Germany’s flagship lender to drop ambitious full-year targets earlier this month and announce 500 job [...]
Lloyds changes way it reports its margins October 25, 2011 PART-NATIONALISED bank Lloyds yesterday changed the way it reports funding costs and capital, resulting in a slightly higher banking net interest margin target for this year but not impacting overall group earnings numbers. Lloyds said the changes would mean that net interest income within its core banking divisions would increase slightly, while there would be [...]
BP puts $15bn more assets on the block October 25, 2011 BP has reached “a definite turning point” since last year’s Gulf of Mexico disaster, its chief executive said yesterday as he announced plans to expand its disposal programme to $45bn (£28bn), double its cash flow, and boost returns to shareholders. Chief executive Bob Dudley said the oil major would sell-off a further $15bn in assets [...]
ANALYST VIEWS: DO BP’S RESULTS SIGNAL A TURNING POINT FOR THE FIRM? October 25, 2011 STUART JOYNER | INVESTEC BP is still bumping along the bottom but as we expected, the divestment target has been increased to $45bn and the chief executive sees 50 per cent cashflow growth by 2014.. With Anadarko settling its spill bill a few weeks ago, we are seeing a more confident message from BP on [...]
High oil prices and LNG boost BG Group profit October 25, 2011 BG Group, the UK’s third largest oil and gas explorer, reported better-than-expected profits yesterday, boosted by a strong performance from its liquified natural gas business (LNG) and high energy prices, despite problems at its North Sea oil fields. Shares in the group closed 3.84 per cent higher yesterday after it posted a four per cent [...]
