City Moves for 15 August 2013 | Who’s switching jobs August 14, 2013 Fitch Learning The financial education firm has announced the appointment of David Gumley to its sales division. Gumley was most recently at BPP Professional Education, where he was commercial director for the northern region. Lloyds Banking Group Eric Jenkins has joined the bank as a director in its acquisition finance division. Jenkins has over 15 years’ [...]
Barclays finance director to step down early August 14, 2013 As City A.M. reported this morning, Barclays has announced its group finance director and board member Chris Lucas will step down earlier than expected due to health reasons. Lucas will leave his post on 16 August rather than the previously announced date of 28 February 2014. Lucas said his health was a “key factor” behind [...]
UK borrowing costs up as 2015 rate rise looms August 13, 2013 BRITISH government borrowing costs hit their highest level since 2011 yesterday as markets began doubting whether interest rates can stay at rock bottom for as long as the Bank of England believes. Bank governor Mark Carney indicated he will only consider raising rates from their current 0.5 per cent when unemployment falls below seven per [...]
Barclays’ finance boss Chris Lucas to leave in coming days August 13, 2013 FINANCE director Chris Lucas is leaving Barclays sooner than expected on grounds of ill health, the bank is expected to announce today. In February the board member revealed his plans to quit and was expected to stay until early 2014. But he has accelerated the timetable, which will see JP Morgan’s chief finance officer Tushar [...]
Analyst Views: Do these results justify Resolution’s restructuring? August 13, 2013 MARCUS BARNARD ORIEL SECURITIES The company is starting to look more interesting as it reorganises its businesses to add value and grow. The shares have performed well but the company is still addressing issues of integration and reorganisation. We would look for more evidence of delivery and growth to drive a further re-rating. Hold. [...]
City Moves for 14 August 2013 | Who’s switching jobs August 13, 2013 Aviva Investors The asset management business has announced the appointment of Sunita Kara as portfolio manager for European high yield. Kara has over 14 years’ experience in the investment industry. She was most recently at Baring Asset Management, where she was global high yield portfolio manager. Prior to that, she was a senior credit analyst [...]
US deficit reduction on track despite July adding $98bn to red August 12, 2013 THE US government is on track to substantially reduce its budget deficit for the current financial year, despite spending $98bn (£63.4bn) more than it took in last month. Figures released last night showed July’s deficit up sharply from the $69.6bn recorded in the same month of 2012, yet statisticians said this was due to different calendar timings [...]
Any Other Business – 13/08 August 12, 2013 ■ The City could soon be awash with mini-Mervyns. The name of the ex-Bank of England governor blasted into the baby names rankings for 2012, perhaps in a tribute to the central banker. Five Mervyns were born last year, up from none in 2011. Last year also saw 15 girls and seven boys named Diamond. [...]
Barclays in need of €12bn capital to meet tough new regulations August 11, 2013 BARCLAYS will need to raise around €12bn (£10.3bn) of new capital over the next five years in order to meet tough new European regulations, according to research by Royal Bank of Scotland (RBS). The report lays bare the scale of the deleveraging required to meet Basel III requirements and concludes Eurozone banks will have to [...]
Boris Bikes set to get harder to find as staff stage two-day strike August 11, 2013 BORIS Bike workers last night began a 48-hour strike over pay and conditions, in a move that is set to reduce the number of cycles available on London’s streets. Around 150 staff have refused to work until 9pm tomorrow, meaning there will be fewer drivers to move bikes to areas with high demand. “Staff running [...]