Bank bonuses chopped back after year of scandal January 29, 2013 BARCLAYS and RBS are expected to slash bonus payouts in the coming months after a series of scandals hit the industry. The deepening payment protection insurance crisis has hit both banks to the tune of several billion pounds and shows no sign of ending, while Barclays was hit by a £290m Libor fine last year. [...]
City Moves for 30 January 2013 | Who’s switching jobs January 29, 2013 Pinsent Masons Michael Isaacs has been appointed partner in the law firm’s financial sector disputes practice. He is a banking litigation specialist, and joins from Addleshaw Goddard. Issacs has over 20 years’ experience in the sector. Mizuho International The London-based securities and investment banking arm of Mizuho Financial Group has appointed Antony Slotboom as head [...]
Fed is ahead in the battle of the central banks January 29, 2013 ALTHOUGH the US has shown signs of rebounding, a scratch beneath the surface reveals that there are still issues dragging on the world’s largest economy. By historical standards, the pace of its current recovery is feeble. Research from Bank of America Merrill Lynch points out that the average annual growth rate of this recovery is [...]
FTSE 100 smashes through 6,300 level January 29, 2013 The FTSE 100 nudged back over the 6,300 level this morning – which it smashed through for the first time in almost five years yesterday – as it edged up around 0.15 per cent. Steelmaker Evraz was the biggest blue chip gainer this morning, adding 2.38 per cent. Global miner Anglo American rose two per [...]
City’s brightest named in legal hot 100 line-up January 28, 2013 SOME of the City’s top lawyers have been named on the industry’s annual Hot 100 list, including the silk helping Guardian Care Homes pursue Barclays for Libor-related mis-selling and the partner leading Co-op through its bid for Lloyds bank branches. The Lawyer magazine’s 2013 list, released yesterday, singles out 100 legal names to watch this [...]
BoAML clinches broker remit for insurer RSA January 28, 2013 BANK of America Merrill Lynch has beaten off strong competition from rivals, including Barclays and UBS, to become new joint brokers to RSA, the insurance giant. BoAML is replacing Deutsche Bank as joint broker alongside JP Morgan for the group which has changed its advisory line-up following the appointments of Simon Lee as chief executive and [...]
FTSE breaches the 6,300 mark but loses steam January 28, 2013 BRITAIN’S top share index breached the 6,300 level for the first time since May 2008 yesterday, driven by strength in banking and energy stocks, although that heady height failed to hold for the close. Global giant HSBC added the most points to the FTSE 100 index, with its 1.0 per cent advance alone, accounting for [...]
FTSE 100 steadies near highest level since 2008 January 28, 2013 The blue chip index was steady this morning, flatlining near its highest level in four and a half years at the start of a busy week for FTSE 100 earnings news. Buoyant copper prices pushed up Eurasian Natural Resources and Chilean miner Antofagasta, up 1.27 per cent and 0.8 per cent respectively. Russian precious metals [...]
What the other papers say this morning January 27, 2013 FINANCIAL TIMES Hands to ‘move on’ with fundraiser Guy Hands, founder of private equity firm Terra Firma, aims to bolster his plans to raise funds this year by returning €3bn to investors through disposals within the next 12 to 18 months. Mr Hands is pressing ahead with a €3bn fund to buy green energy infrastructure [...]
EasyJet chair to quit after three turbulent years January 27, 2013 EASYJET chairman Sir Mike Rake plans to step down from the board this summer, after three years of locking horns with the budget airline’s founder and biggest shareholder. Sir Mike faced down calls for his resignation last year from Sir Stelios Haji-Ioannou, whose family holds a 37 per cent stake in EasyJet. Sir Stelios dubbed [...]