City Moves for 13 February 2013 | Who’s switching jobs February 12, 2013 RBS The bank has announced the appointment of Jonathan Barrow as regional director for the east of England in its corporate and institutional banking coverage team. Barrow joined RBS 17 years ago, and has worked in various regional corporate locations in the UK, as well as at RBS’s New York office. Smith and Williamson The [...]
Barclays leads FTSE to top day of month so far February 12, 2013 ASURGE in Barclays’ shares led the FTSE 100 past the psychologically important 6,300 level yesterday, as the blue chip bank’s planned overhaul raised hopes for the troubled sector’s revival. Barclays gained 8.4 per cent, leading FTSE 100 gainers and adding over 12 points to the index alone, after unveiling plans to slash annual costs by [...]
Tighter regulations won’t restore the City’s reputation for integrity February 12, 2013 FINANCIAL regulation is often defended on the grounds that financial products are complex and consumers do not understand them properly. But that is nothing special in itself. I know little about car repair. When I take my car to the garage, the mechanics start talking Esperanto to me about their plans, followed by “OK?” We [...]
Letters to the Editor February 12, 2013 EU food testing [Re: Horse row no laughing matter – but NHS scandal even worse, yesterday] On the subject of Britain’s food chain, this article completely misses the point – along with most of the media. Food testing is an EU competence as part of the Single Market. All the faults, therefore, lie with the [...]
FTSE boosted by Barclays February 12, 2013 The FTSE 100 edged up in early trading, with Barclays topping the blue chip leader board. The bank this morning unveiled new cost-cutting measures in a restructuring that will see it axe 3,700 jobs this year. It rose more than 2.5 per cent in early deals. “Significant management changes have been implemented, a universal banking [...]
Barclays to axe 3,700 jobs in strategic restructuring February 12, 2013 Barclays is to axe at least 3,700 jobs across the company this year, in a bid to reduce the bank’s cost base by £1.7bn in 2015 as part of a strategic restructuring announced this morning. Within the job cuts, 1,800 will come from the corporate and investment bank and 1,900 will come from within the [...]
Who said money can’t buy love February 11, 2013 THERE are many ways to show your love to the object of your affection this Valentine’s Day. However, expressing it by “downloading a message for them on a Barclays personalised debit card” is perhaps not one of them. There are some things money can’t buy – but a thoughtful, romantic gift isn’t one of them. [...]
City Moves for 12 February 2013 | Who’s switching jobs February 11, 2013 UBS The bank’s global asset management division has appointed Gavin Lewis business development director. Lewis has over 11 years’ experience in the investment industry. He joins from Russell Investments, where he was responsible for relationship management. MN The fiduciary management firm has announced three new appointments. Christy Jesudasan joins as senior account manager after 14 [...]
FTSE pauses for breath beneath the 6,300 mark February 11, 2013 BRITAIN’S FTSE 100 was lifted yesterday by strength in energy stocks and food retailers, but the index was still struggling to break through the four-and-a-half year highs hit at the start of February. London’s blue chip index gained 13.13 points, or 0.2 per cent at 6,277.06, holding within the 70-point range of the last five [...]
Bank ringfences will solve little February 11, 2013 Chief Market Strategist, Cantor Index I AM enormously proud to have survived 50 years in the City of London. Over the last week, however, there has been little news involving banks to be remotely glad about. We heard some “mea-culpa” testimony to the Parliamentary Commission on Banking Standards from Lloyds Banking Group’s chief executive Antonio [...]