Bank stress test results: Britain’s seven biggest lenders including Standard Chartered, HSBC, Lloyds and Barclays, under pressure from regulators November 29, 2015 Britain's biggest banks are bracing for announcements from the Bank of England Tuesday which may force them to cut dividends in order to satisfy regulators’ capital requirements. Seven leading lenders – HSBC, Barclays, Lloyds Banking Group, Standard Chartered, Royal Bank of Scotland, Santander and Nationwide – were subject to the Bank of England’s latest round [...]
The FTSE’s best two day run since October – London Report November 27, 2015 THE FTSE 100 closed higher yesterday evening as miners made gains, despite BHP Billiton sliding. The UK’s top blue-chip index closed 0.88 per cent up, at 6,393 points, following the 0.96 per cent gain on Wednesday on the back of the chancellor’s Autumn Statement that sent housebuilders’ stocks higher. Glencore led the pack, closing 5.85 per [...]
At the close: FTSE 100 enjoys best two back-to-back days since October as it closes higher as miners make gains November 26, 2015 The FTSE 100 closed higher today as miners made gains, despite BHP Billiton sliding. The UK's top blue-chip index closed 0.88 per cent up, at 6,393 points, following the 0.96 per cent gain yesterday on the back of the chancellor's budget plans that sent housebuilders' stocks higher. Glencore led the pack, closing 5.85 per cent up at 95.88p per [...]
Class action suit being brought against Barclays, UBS, Royal Bank of Scotland and others for conspiring to limit competition November 26, 2015 Big-name banks including Goldman Sachs, Barclays, UBS and the Royal Bank of Scotland have been accused of conspiring to limit competition by a pension fund in the US. The class action lawsuit filed yesterday says that the banks, which also include Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, BNP Paribas and [...]
Class action suit brought against Barclays, BNP Paribas and eight more November 26, 2015 Big-name banks including Goldman Sachs, Barclays, UBS and the Royal Bank of Scotland have been accused of conspiring to limit competition by a pension fund in the US. The class action lawsuit filed yesterday says that the banks, which also include Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, BNP Paribas and [...]
Barclays fined £72m by Financial Conduct Authority for failing to undertake proper financial crime checks – but share price is up November 26, 2015 The Financial Conduct Authority (FCA) today announced it was fining Barclays £72m for "failing to minimise the risk it may have been used to facilitate financial crime." In 2011 and 2012 Barclays oversaw a £1.88bn transaction between a number of "politically exposed" ultra-high net worth individuals, who are seen to be especially vulnerable to the risk of [...]
City Moves for 26 November 2015 | Who’s switching jobs November 25, 2015 EDENTREE INVESTMENT MANAGEMENT David Katimbo-Mugwanya has been appointed fixed income fund manager at the investment management firm. He joins from Epworth Investment Management, where he managed both institutional client and charity portfolios. WESLEYAN The mutual financial services provider has appointed Ahmed Farooq as chief financial officer. He joined Wesleyan in 2010, and was previously managing [...]
New European Union rules to prevent market rigging November 25, 2015 New rules have been laid out by the European Union to prevent market benchmarks, like Libor and Euribor, being rigged by banks. Benchmarks will now be supervised to varying degrees depending on their size, a statement from EU president Luxembourg said. When applied, the new rules will strengthen confidence in financial markets "preventing new manipulation [...]
City Moves for 25 November 2015 | Who’s switching jobs November 24, 2015 SANDAIRE INVESTMENT OFFICE The London-based investment office has appointed Bonny Landers as head of socially responsible and impact investing. Before joining Sandaire, she founded Bay Street Consultants in Hong Kong, where she was managing director. Landers also previously served as chief executive of a single family office, Sterling Private Management, and has held senior roles [...]
Best of the Brokers for 24 November 2015 November 24, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com Analysts at Numis have revised their expectations for Close Brothers Group, lowering their earnings per share forecasts for the specialist financial services firm by 5.8 per cent for this year and a similar amount for next year off the back of the firm’s [...]