City Moves for 03 July 2014 | Who’s switching jobs July 2, 2014 BLM The risk and insurance law firm has appointed Guy Munnoch as special and strategic adviser to its executive board. He is a former chief executive of Zurich Southern Africa and Zurich UK, and has also held positions at Aviva and Allianz. Lloyds Bank Commercial Banking Marc Denjean has been appointed managing director, head of [...]
Silicon Roundabout guru Tim Luke back to Barclays’ investment bank July 1, 2014 Top technology analyst Tim Luke is heading back to Barclays this month, the bank announced last night, after three years as an adviser to Prime Minister David Cameron. Luke has been re-hired by the bank as managing director and vice-president of technology, media and telecomms (TMT) in New York. He worked at Lehman Brothers and [...]
Goldman Sachs fined for failing dark pool customers July 1, 2014 Goldman Sachs was yesterday fined $800,000 (£466,200) after investors using its dark pool trading platform received a deal on their transactions. Hundreds of thousands of trades over an eight-day period in 2011 were processed at a price which was not the best on offer, meaning customers lost out, the Financial Industry Regulatory Authority (FINRA) said. The [...]
Focus on fees: How investors can build a low-cost portfolio July 1, 2014 Index and exchange-traded funds are increasingly popular, but don’t forget about platform fees With the new Isa (Nisa) rules now in force, investors are looking at how to get the most bang for their buck out of the new £15,000 annual allowance. And while the performance of investments is key, and low-cost tracking options will [...]
Barclays paid corporation taxes worth 53 per cent of 2013 profits June 30, 2014 BARCLAYS paid tax of 53 per cent on its profits last year, according to data published yesterday. It made a pre-tax profit of £2.87bn, but paid corporation taxes of £1.56bn across the world. British taxes were only a small proportion of that – it reported profits of £4.87bn in the UK but corporation taxes of [...]
Best of the Brokers for 01 July 2014 June 30, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ABERDEEN ASSET MANAGEMENT Barclays has kept its “overweight” rating, but increased the target price to 510p from 490p. The broker thinks that Aberdeen offers good value with the firm having outperformed previous benchmarks, and that the flow outlook will continue to improve with [...]
Barclays paid corporation taxes worth 53 per cent of 2013 profits June 30, 2014 Barclays paid tax of 53 per cent on its profits last year, according to data published today. It made a pre-tax profit of £2.87bn, but paid corporation taxes of £1.56bn across the world. British taxes were only a small proportion of that – it reported profits of £4.87bn in the UK but corporation taxes of [...]
UK banks fall further behind global rivals June 30, 2014 BRITAIN’S biggest lenders are missing out on a global recovery in the sector, with weak profits and poor growth, according to an annual study out today from The Banker magazine. UK banks account for just 2.37 per cent of global profits, down from 11 per cent before the crisis. China leads by profits with 31.78 [...]
Barclays case to shine more light on dark pools June 30, 2014 DARK pools could be forced to publish more information to investors following the claims made against Barclays in the US, a top finance professor has predicted. The private exchanges can benefit investors by limiting the amount of information published, allowing them to keep their investment decisions quiet and avoid moving markets with big sales or [...]
Barclays’ Antony Jenkins must show dealmakers some love June 30, 2014 On the day that Barclays felt the full brunt of allegations about its so-called “dark pools” from a New York attorney general, its corporate finance arm in Europe was reporting a significant success. The London Stock Exchange (LSE) announced a merger deal and with it a near £1bn rights issue, solely underwritten by Barclays. This [...]