London leads UK in setting up new businesses November 24, 2013 TENS of thousands more firms were created than closed in the first six months of 2013, with London leading Britain’s entrepreneurial drive, according to a Barclays report out today. The total number of active firms jumped by more than 90,000 from the end of 2012 to June 2013. That took the total up 3.4 per [...]
UBS does a deal with European antitrust probe over Libor case November 21, 2013 UBS has done a deal with European Union antitrust authorities to spare the Swiss bank from fines for the manipulation of benchmark interest rates, according to the Wall Street Journal. The bank will cooperate with investigators and turn over information on other banks as part of the arrangement. With Barclays having already reached a deal [...]
Lessons of the crisis loom large for challenger November 21, 2013 Metro Bank’s Craig Donaldson is determined not to make the same mistakes as the big banks METRO Bank has made a splash since it was granted a banking licence just over three years ago. When it launched in 2010 the new lender was the first to the high street in more than 100 years – [...]
City Moves for 22 November 2013 | Who’s switching jobs November 21, 2013 Triangle The investment, property and asset management group has announced the hire of Rick Denton as group chief executive. He was most recently at Barclays, where he was head of international wealth advisory. Prior to that, he was offshore commercial director at Fortis Intertrust. Allianz Global Corporate & Specialty The insurance business has appointed Danny Turner [...]
Former Barclays chairman Agius takes top job at PA Consulting November 20, 2013 BARCLAYS’ former chairman Marcus Agius is set to become non-executive chairman of PA consulting group in the new year, it was announced yesterday. Jon Moynihan, current executive chairman, is retiring at the end of the year, while Agius will begin in January 2014. It has been over a year since Agius left Barclays under the [...]
Inside Track: Crystal Methodist could jeopardise Co-op Bank’s rescue November 20, 2013 SAYING it with Flowers has just assumed an entirely new meaning. The debacle at the Co-op – fuelled by revelations about former bank chairman Paul Flowers’ extra-curricular behaviour – raises profound questions for regulators, government and bank boards alike. Lord Myners, the former Labour city minister, was right to raise the possibility that this week’s [...]
Barclays cuts Christmas hours for IT and account contractors November 20, 2013 HUNDREDS of contract workers at Barclays are to lose 10 days’ work before the end of the year, City A.M. understands, in a move which surprised staff. The contractors in Barclays Finance were told this week that they would have to take off 10 unpaid days by the end of the year. “The bank has [...]
Chrysler adds four bookrunners as it eyes early December float November 20, 2013 CHRYSLER Group has added four banks to help underwrite its proposed initial public offering (IPO), as the US carmaker looks to launch the deal as soon as early December, according to people familiar with the matter. Barclays, Goldman Sachs, Morgan Stanley and UBS have been appointed as bookrunners in the offering, which is being led [...]
City Moves for 21 November 2013 | Who’s switching jobs November 20, 2013 Barclays The bank has announced the appointment of James Brincat to its Beyond Benefits business. He has over 12 years’ experience working in financial services. Brincat was most recently at Thomsons Online Benefits, where he was an account director and head of partnerships. ING The financial services group has hired Leo Greve as head of [...]
UBS downgrades Royal Mail to “sell” as panel of MPs begin grilling bankers on sale November 20, 2013 UBS analysts have downgraded their recommendation for the Royal Mail, advising clients to "sell" shares in the postal service. UBS, one of the banks that ran the flotation of the company, recommends selling on valuation grounds, with a target of 450p. Shares have surged over 60 per cent since they were sold, but UBS now [...]