David Mayhew Jr joins Barclays March 5, 2014 EVERYONE from the City’s gossips to its financial historians have been treated with an exciting news titbit. Robert Mayhew, progeny of City veteran David Mayhew, has joined Barclays’ corporate broking team in a senior role, bringing years of experience from Credit Suisse with him. Mayhew junior may not yet have the kind of cachet his [...]
Why the justice system is failing bankers March 5, 2014 YESTERDAY saw the latest example of how alleged misconduct in finance is being rigorously pursued. The Bank of England suspended a staff member and launched a formal investigation into allegations that officials condoned or were aware of forex market manipulation. A few weeks ago, three Barclays bankers were charged in relation to Libor. The FCA [...]
This is why Barclays is firing 12,000 workers March 5, 2014 For every £100 Barclays brings in, it pays £42.70 to its staff. That might not sound bad – it still has £57.30 to cover all its bills and turn a profit. But compare it with HSBC. For every £100 HSBC brings in, just £24.80 goes in staff costs. That astonishing contrast means Barclays pays workers [...]
Bank of America Merrill Lynch bolsters UK team March 5, 2014 Bank of America Merrill Lynch (BoAML), which has been playing a leading role in some of the biggest transactions in the London market so far this year, has appointed a new head of UK equity capital markets (ECM). The bank, which is advising on the Pets at Home flotation, the RSA rights issue and worked [...]
Banks pay another £175m to small businesses for swaps mis-selling March 5, 2014 The Financial Conduct Authority’s (FCA) published its latest figures on its interest rate hedging product redress scheme. In February, a total of £482m was paid out by the UK’s four largest banks in February – from £306.3m in January. 3,430 businesses have now accepted payments from Lloyds, Barclays, HSBC and RBS, but the regulator says [...]
Any Other Business – 05/03 March 5, 2014 SOME of the City’s bankers are jetting off to sunny Madrid today for the launch of the European Diversity Awards. London’s finest could be collecting gongs for Company of the Year, Employee Network Group of the Year or Marketing Campaign of the Year, to name a few. “It is great that so many business leaders, [...]
What the other papers say this morning – 5 March 2014 March 4, 2014 FINANCIAL TIMES Faith, hope and hedge funds for CoE The Church of England is ramping up the exposure of its £6bn endowment to alternative investments such as hedge funds and private equity in a move that will cement its position as one of the UK’s largest single investors in these types of assets. The Church [...]
Big four banks slash 250,000 jobs since crisis March 4, 2014 BRITAIN’S biggest banks have cut their headcount by 200,000 since the crisis, their latest figures show, and expect to cut at least 50,000 more over the coming years as new technologies reduce the need for front-line staff. The big four have slashed their workforce, cutting costs and selling off overseas units in a bid to [...]
Standard Chartered slashes top bosses’ payout and bonus pool March 4, 2014 STANDARD Chartered is set to announce today that it has cut its bonus fund from £840m to £720m this year and slashed a payout to top bosses at the bank. Chief executive Peter Sands and chairman of the bank Sir John Peace are keen to avoid negative publicity around bonus payouts, as other banks including [...]
Premier Foods secures £1.1bn refinancing deal March 4, 2014 PREMIER FOODS announced it has sealed a £1.1bn refinancing package yesterday, in a major feat for the food company that it says will help “liberate” it from its past and ease its debt-pile. The company behind Mr Kipling cakes and Ambrosia custard confirmed plans to raise £353m via a placing and a rights issue, and [...]