City Moves for 28 February 2014 | Who’s switching jobs February 27, 2014 Standard Chartered The bank has announced the appointment of Sanjeeb Chaudhuri as group head of brand and chief marketing officer. He joined in 2011 from Citicorp, where he was chief executive for retail and commercial banking for Europe, the Middle East and Africa (EMEA). Chaudhuri has also held senior marketing and general management positions at [...]
Lloyds is the real driver behind the mortgage boom February 27, 2014 Britain’s housing market is booming, with mortgage lending soaring and prices rising at giddy, pre-crash rates. But not everyone is taking part – of Britain’s biggest four banks, two cut gross new mortgage lending last year, and one barely budged on the year. In fact, the boom in lending is almost all coming from Lloyds. [...]
£8.2bn loss confirms RBS’s uphill struggle February 27, 2014 As expected, RBS has reported big losses this morning, as compensation and bad loans continued to plague the lender last year. But results were even worse than expected, with a pre-tax loss of £8.2bn. Analysts had expected a loss of nearer £7bn. Deutsche Bank forecast £6.6bn. Shares have slumped nine per cent on the news, [...]
Inside Track: Essar deal could hurt JP Morgan February 26, 2014 IN the ultra-polite language of the City, even the biggest failures among departing bosses often leave with good wishes and gratitude for their contribution ringing in their ears. So when blue-chip fund managers dispense with pleasantries and bandy words such as “cynical” around, it’s clear that somebody is seriously unhappy. Having bought Essar Energy shares [...]
Former Barclays traders in court on Libor claims February 26, 2014 THREE ex-Barclays traders appeared in court yesterday after the Serious Fraud Office (SFO) charged them with conspiracy to defraud by entering false Libor submissions. Jonathan James Mathew, 31, Peter Charles Johnson, 59, and Stylianos Contogoulas, 42, confirmed their names and addresses to Westminster Magistrates’ Court. The SFO claims that between 1 June 2005 and 31 August 2007 [...]
Here’s what 3 banks are saying about Tesco’s latest turnaround plan February 26, 2014 Tesco’s shares are down more than four per cent, after the supermarket chain scrapped its profit margin target and laid out plans to invest in lowering its prices, prompting analysts cuts their ratings and price targets. Deutsche Bank cut its earning before interest and tax (EBIT) forecast of a £50m decline in the year to [...]
Mortgage payments will jump by billions if rates start to rise February 25, 2014 BRITISH home owners could be forking out an extra £2.2bn on mortgage repayments by the end of next year, according to a major bank’s forecast for the Bank of England’s next interest rate hike. In an adverse but realistic scenario, the projection suggests that repayments could rise by as much as £5bn by 2015, raising [...]
Clifford Chance partners choose Guy Norman as corporate head February 25, 2014 THE LAWYER who advised Kraft on its bid for Cadbury and Barclays on its acquisition of Lehman Brothers’ North American investment bank was yesterday named head of Clifford Chance’s global corporate practice, after an uncontested election. Guy Norman will take over from outgoing corporate head Matthew Layton on 1 May, taking the reins from the man [...]
Best of the Brokers for 26 February 2014 February 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BRITISH AMERICAN TOBACCO Barclays analysts have re-iterated support for the tobacco stock, with an overweight rating and target price of 3,800p. “Although we don’t expect a reversal of either headwind in the near term, we see the Tobacco growth and cash return model [...]
Eurobond king Rudloff quits after 50 years in investment banking February 24, 2014 INVESTMENT banking titan Hans-Joerg Rudloff announced his plan to retire yesterday after almost 50 years in the business. Rudloff made his name developing the Eurobond markets, a key stage in the emergence of modern, global finance, and in the history of the City of London. The 73-year-old has chaired Barclays’ investment banking arm since 1998, overseeing [...]