The name’s bond …retail bond as Bollywood’s Eros goes for cash September 25, 2014 Bollywood film company Eros International yesterday announced plans to tap the retail bond market, the first media company to use the burgeoning asset type to raise cash. Eros, which makes about 70 films a year and has a library of a back catalogue of about 2,300 films, will raise the cash through a seven-year bond [...]
Barclays is the most complained about bank September 25, 2014 Barclays is the most complained-about bank, according to new figures from the Financial Conduct Authority. The bank received more than a quarter of a million complaints in the first half of the year. But it was not out on its own – Barclays was closely followed by Bank of Scotland and Lloyds. Despite taking the [...]
Sir Mike Rake will no longer take the wheel as RAC chairman after it abandoned IPO plans September 25, 2014 There is a major turnaround at the RAC as City heavyweight and CBI president Sir Mike Rake will no longer take up his position as chairman of the roadside recovery firm, following investment in RAC today from Singapore sovereign wealth fund GIC. RAC had announced at the start of September it would appoint Rake [...]
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 [...]