Any Other Business – 09/04 April 9, 2014 SO, DIAMOND Bob has snaffled one of his old colleagues from Barclays, John Vitalo, to head up his new African bank buying venture, Atlas Mara. What does it all mean? Well, it could mean we’ll see the eternally cleanly-shaved Diamond sporting a tash come November. As you can see from Vitalo’s Movember mug shot (pictured), the [...]
Barclays closes repayment gap April 8, 2014 BARCLAYS has accelerated its redress payments to small firms who were mis-sold interest rate swaps, official figures showed yesterday. The bank has now determined how it will repay 64 per cent of customers affected, the Financial Conduct Authority (FCA) said. The March figure is up from 50 per cent in February and is firmly ahead of [...]
City Moves for 09 April 2014 | Who’s switching jobs April 8, 2014 InvestecInvestec Specialist Bank has expanded its growth and acquisition finance team with the appointment of Helen Lucas. She joins from Barclays, where she was a vice president in its debt finance origination team. Knight Frank Investment ManagementThe investment management business has made two appointments. Belinda Harris joins as an investment manager from Capita, where she [...]
London Report: FTSE slumps to a two-week low as Sports Direct falls April 8, 2014 THE UK’S blue chip share index hit a two-week low yesterday, with Sports Direct leading losses after a share sale by founder Mike Ashley and technicals pointing to a bearish market outlook in the near term. Sports Direct, Britain’s biggest sporting goods retailer, slumped 9.2 per cent after Ashley sold 25m shares, while financial stocks [...]
Banks slow pace of swaps mis-selling compensation April 8, 2014 The Financial Conduct Authority (FCA) has put out its latest figures on its interest rate hedging products redress scheme. Last month, a total of £598.4m had been paid of by the UK’s four largest banks to small businesses to which they mis-sold the complex products. In the month, £116.4m was paid out, down from £175m [...]
What you need to know before the open April 8, 2014 A lower open for European markets this morning, as they continue the sell-off seen yesterday. With first quarter earnings season beginning in the US, stocks have seen some sharp declines. Although some European companies have been affected, markets will remain safely above their recent range lows. Having said that, ongoing tension over Ukraine remains in [...]
Bob Diamond hires Barclays chief to head up Atlas Mara April 8, 2014 Former Barclays chief Bob Diamond has pilfered one of its senior bankers to run his new African banking venture, Atlas Mara, reports the FT. John Vitalo has been appointed chief executive of Atlas Mara. The ex-US marine has been chief executive of Barclays’ Middle East and North African operations for five years. Diamond has expressed [...]
Barclays settles Libor court case April 7, 2014 BARCLAYS yesterday dodged a potentially embarrassing court case that could have become a landmark in the Libor-fixing scandal, as it settled out of court with a firm that had accused the bank of mis-selling and fraud. In a deal worth around £25m, Barclays has restructured the debts of Guardian Care Homes (GCH), allowing the firm [...]
Irish pharma giant joins deal bonanza April 7, 2014 IRISH-based pharmaceutical giant Mallinckrodt joined the merger frenzy yesterday by announcing it will buy drugmaker Questcor Pharmaceuticals for around $5.6bn (£3.37bn). The US firm, which has headquarters in Dublin, was keen to gain access to Questcor’s multiple sclerosis drug, Acthar Gel, which is forecast to hit sales of $1bn this year and $1.9bn by 2018. [...]
Barclays sells off its Emirates retail banking arm for £107m April 7, 2014 BARCLAYS yesterday confirmed the sale of its United Arab Emirates retail arm for £107m. The bank sold the business to Abu Dhabi Islamic Bank (ADIB) as part of its plans to focus on international markets where it believes Barclays has a comparative advantage. Barclays boss Antony Jenkins announced the result of its strategic review back in [...]