Former FSA chief joins Barclays as head of compliance December 12, 2012 Barclays has appointed former Financial Services Authority chief Hector Sants as head of compliance and government and regulatory relations. Sants, who will join the executive committee of Barclays, will report directly to chief executive Antony Jenkins. The former City watchdog boss will oversee all compliance activities across Barclays, including all regions in which the bank [...]
FTSE 100 edges up on US stimulus hopes December 12, 2012 The blue chip index ticked slightly higher in early deals this morning, staying above the important 5,900 level, underpinned by expectations of more stimulus measures from the Federal Reserve at a meeting later today. Anglo American pushed up the index in early trading. The miner added more than 1.5 per cent on the back of [...]
Three men arrested in Libor probe December 11, 2012 THE UK fraud office yesterday stepped up the global investigation into the Libor fixing scandal by arresting three City bankers in connection with the probe. The men, aged 33, 41 and 47, were detained by the City of London police on the orders of the Serious Fraud Office in an early morning raid on three [...]
Tullow snaps up Norway oil firm but shares sink December 11, 2012 BLUE CHIP explorer Tullow Oil plummeted more than eight per cent in trading yesterday as it announced it is to acquire Spring Energy Norway for up to $672m (£417m). Spring, a Norwegian oil exploration company, holds 28 offshore licences in the North, Norwegian and Barents Sea covering more than 18,000 square kilometres. Since 2008, it [...]
Who’s switching jobs December 11, 2012 UBS James Broderick has been appointed chief executive of wealth management, UK and Jersey, at the bank. He joins from JP Morgan, where he was head of its asset management business in Europe, Middle East and Africa. Broderick previously held roles at Wellington Management Company. Royal London Asset Management Rob Williams has been appointed head [...]
FTSE 100 hits a nine-month closing high after strong German figures December 11, 2012 BRITAIN’S blue-chip index posted its highest close in nine months yesterday, supported by strong German economic data but enduring a late sell-off as it balked at technical resistance. The FTSE 100 closed up 3.34 points, or 0.1 per cent, at 5,924.97, edging off an intraday high of 5,937.93 on a bout of selling in the [...]
HSBC’s fine stands as the first step on a lengthy journey December 11, 2012 HSBC is to pay a settlement of around $1.9bn (£1.2bn) under the terms of a deferred prosecution agreement reached with the US Department of Justice. It is the largest settlement of its kind to date, dwarfing fines paid by financial institutions like Standard Chartered and Barclays. But why is it so big? Firstly, it reflects [...]
FTSE flat as Tullow Oil sinks December 11, 2012 The blue chip index was broadly flat in early trading this morning, as explorer Tullow Oil, which this morning said it was to acquire a Norwegian exploration company and dispose of its North Sea operations, dropped almost five per cent. Miners ENRC and Kazakhmys dropped 2.64 per cent and 1.86 per cent respectively on the [...]
More banks set to be dragged into EU’s rate rigging scandal December 10, 2012 THE European Union is expected soon to accuse several banks of attempted collusion in the setting of lending rate benchmark Euribor, the Wall Street Journal reported, citing people briefed on the probe. Barclays has already acknowledged trying to rig the Euribor rate, and other banks are likely to be pressed by regulators in the United [...]
Bubbles and bankruptcy at the British Museum December 10, 2012 THE LATEST offering from the money team at the British Museum, Bubbles and Bankruptcy, is a exhibitional journey through financial crises in Britain since the first stock bubbles of 1700 to the fiscal woes of present. The exhibition aims to “explore the fertile history of satire and protest about financial crises, represented by historic prints, [...]