City Moves for 25 September 2014 | Who’s switching jobs September 24, 2014 ES Group The property and asset consultancy has appointed two new equity partners. Richard Corby joined in 2004 and heads up its Leeds office. Roland Cramp (pictured) joined as a graduate in 1989, and heads up the machinery and business assets team in London. Korn Ferry The executive search firm has appointed Max Landsberg as [...]
Singapore fund crashes into RAC stock market float plans September 23, 2014 RAC, the roadside recovery group that has been preparing itself for a £2bn flotation in London, is understood to be in takeover talks with GIC, the Singapore sovereign wealth fund. Sources said last night that RAC’s initial public offering timetable had come to a halt to allow talks to be held between private equity group [...]
Barclays’ Antony Jenkins needs to perform soon – Bottom Line September 23, 2014 Another day, and another fine for Barclays. The FCA’s £38m fine on the bank for failing to protect its clients from the risk of loss will not substantially weaken Barclays financially. Nor will it impact on the authority of chief executive Antony Jenkins since the failings occurred before his appointment. Jenkins, however, must be feeling [...]
Barclays fined for exposing its clients to risk September 23, 2014 BARCLAYS was fined nearly £38m yesterday for putting £16.5bn of clients’ assets at risk, City watchdog the Financial Conduct Authority (FCA) announced yesterday. Its investment banking arm failed to properly segregate the funds, the regulator found. And at times, problems in account naming and data wrongly suggested the assets belonged to Barclays, rather than the clients. “Barclays [...]
In charts: Just how big is Barclays’ record £38 million fine? September 23, 2014 Barclays has been fined £38m for failing to protect customer’s money, the largest ever handed out for such client asset breaches. The financial watchdog ruled Barclays put at risk £16.5m of customer money and failed to protect it from potential costs, delays and loss of assets if the bank were to become insolvent. The size [...]
Barclays hires wealth chief September 22, 2014 Barcalys poached InfraHedge’s boss Akshaya Bhargava yesterday to run its wealth and investment management business. Bhargava set up the fund in 2010, and it was taken over by State Street last year. Before that he worked at Butterfield Fulcrum, Infosys BPO and Citibank. The new chief joins on 13 October and replaces Peter Horrell who [...]
Banks boost Alibaba’s float to record $25bn September 22, 2014 ALIBABA’S underwriters have issued additional shares following its float on Friday, bringing the total funds raised to about $25bn (£15.3bn) and making it the largest initial public offering (IPO) in history. The move to exercise what is known as the “green shoe” option as part of Alibaba’s initial public offering was widely expected if its [...]
Best of the Brokers for 23 September 2014 September 22, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com PETROFAC Barclays has upgraded to “overweight” from “equal weight”, with the target price kept at 1,500p. Barclays says while Petrofac’s Great Stella development needs to come on-stream, its record order backlog will likely ensure strong growth in the years ahead, with significant upside [...]
Banks gear up to battle European Banking Authority over bonus cap September 21, 2014 Banks in Britain, Germany, Sweden and the Netherlands are preparing for another legal battle over bonuses, as the European Banking Authority (EBA) considers banning them from paying fixed allowances to staff. The firms’ lawyers are adamant that paying a regular allowance in cash or shares, based on the recipient’s role and reassessed annually, does not [...]
City Moves for 22 September 2014 | Who’s switching jobs September 21, 2014 Altium The mid market financial advisory group has announced two appointments to its UK debt advisory practice. Simon Chambers (pictured) and Richard Clark both join as managing directors from DC Advisory. Clark has also held roles at Close Brothers, Houlihan Lokey and JP Morgan. Chambers has previously worked at Barclays, and also as an engineer [...]