Barclays’ chief Jenkins gives up 2013 bonus February 3, 2014 BARCLAYS’ chief executive yesterday turned down his bonus for the second year running, a week after the bank set aside another £330m to pay for legal bills and regulatory costs. The lender also raised almost £6bn from investors in the last year, and Antony Jenkins does not want to take a bonus so soon after [...]
Smith & Nephew beefs up sports medicine arm February 3, 2014 BRITISH medical equipment company Smith & Nephew yesterday announced the biggest UK healthcare M&A deal so far this year after striking a $1.7bn (£1bn) deal to buy US-based medicine company ArthroCare. The business, led by Frenchman Olivier Bohuon, will pay $48.25 a share in cash for Texas-based ArthroCare, a 20 per cent premium to its [...]
Bank of America pay rise to ease bonus cap blow February 3, 2014 SENIOR staff at Bank of America Merrill Lynch (BAML) are getting a 20 per cent pay rise to make sure they do not lose out as a result of the EU’s incoming bonus cap. Managing directors at the bank’s offices in London and the rest of Europe will now receive a base salary of $500,000 [...]
City Moves for 4 February 2014 | Who’s switching jobs February 3, 2014 Baker & McKenzie The law firm has announced the appointment of Julian Thurston as a consultant in its global pharmaceutical and healthcare industry group. He was most recently at Morrison & Foerster, where he was a consultant and partner specialising in commercial life sciences transactions. Deutsche Asset & Wealth Management Barbara Rupf Bee has joined DeAWM as head of [...]
Barclays’ CEO Jenkins turns down 2013 bonus February 3, 2014 Barclays chief Antony Jenkins has declined a bonus for last year, saying that it "would not be right" to take one. Jenkins said that he was "aware of the very significant costs which have been required to address legacy litigation and conduct issues in 2013, as well as to exit assets and businesses we no [...]
RBS brands lost £722m in value over tough 2013 February 2, 2014 BRITISH banks’ brands are soaring in value around the world, according to consultancy Brand Finance, with the exception of RBS which has lost out sharply in the last year. Falling revenues at the state-backed bank are partly to blame, but the agency believes Lawrence Tomlinson’s claims that the lender forced small businesses to the wall [...]
Barclays beats US banks to lead field in public listings this year February 2, 2014 BARCLAYS has come out top as adviser for initial public offerings (IPOs) in the United States for this year so far, Dealogic data showed today. The bank was able to rapidly build its presence in the US in part by snapping up chunks of Lehman Brothers after its collapse in 2008. So far this year [...]
Barclays names Hector Sants’ replacement January 31, 2014 Barclays has just named its new head of compliance, following Sir Hector Sants’ resignation in November, owing to stress and exhaustion. Mike Roemer (pictured), who’s been head of audit at the bank since 2012, will join the bank’s executive committee immediately and report to chief executive Anthony Jenkins. His appointment follows a series of issues [...]
Barclays cuts 400 more staff January 30, 2014 BARCLAYS is cutting 400 staff in its corporate banking arm as part of chief Antony Jenkins’ long-term plan to use new technology to automate more processes, the bank said yesterday. Of those, 300 are in operations and technology, the biggest chunk of whom are in London. The remaining 100 are mostly in product specialists. Relationship [...]
Inside Track: Pay controversy continues to unsettle European banks January 30, 2014 THERE is a pattern emerging as the bonus season rolls on which threatens the competitiveness of European investment banks, which are already losing their grip on the market to their rivals across the Atlantic. Banks such as JP Morgan, Goldman Sachs, Citigroup and Morgan Stanley, are coming out of the recession sooner than their counterparts. They [...]