Banks already bouncing back from a disastrous year January 1, 2013 LAST year will be remembered as a terrible one for the banking industry. In previous articles I have described the wider impact scandals such as Libor-rigging had on the reputation of the industry as a whole. However, 2013 is a new year and consumer perception could be looking up for the likes of Barclays and [...]
City Moves for 6 August 2013 | Who’s switching jobs January 1, 2013 White and Case The law firm has announced the appointment of Ross Allardice as partner in its UK and European private equity team. He has 11 years’ experience working with private equity funds, and was most recently at Kirkland & Ellis. Barclays The bank’s corporate and employer solutions division has recruited Sean McGowan to its [...]
Three trading resolutions for 2013 January 1, 2013 SUCCESSFUL traders constantly learn and try to improve. The New Year is a great time to reflect on how you could erase some of your bad trading habits, and here are some pearls of wisdom from three respected traders. RESEARCH DEEPLY There were periods of low volatility in 2012, making opportunities hard to find. As [...]
FTSE 100 down as US budget deal hopes fade December 21, 2012 The leading share index slipped back this morning – the final full trading day before Christmas – and fell 0.7 per cent in early deals, as a deal on the US budget looked less likely. US Republican lawmakers have rejected party leader John Boehner’s proposal in the fiscal cliff talks, leading to fears that $600bn [...]
Who’s who on Andrew Tyrie’s committee December 20, 2012 THE Parliamentary Commission on Banking Standards (PCBS) was established in the wake of the Libor scandal earlier this year and has already proved controversial with today’s report. The commission is looking into ways in which standards in the banking industry can be raised. It will probe the industry more broadly than an earlier commission led [...]
City Moves | Who’s switching jobs December 20, 2012 Squire Sanders The law firm has announced two appointments to its financial services practice group. Philippa Chadwick joins as a partner from Berwin Leighton Paisner, where she led its project finance team. Paula Laird joins as a banking and finance partner from Wragge & Co, where she was head of banking. Laird has also held [...]
Santa rally stumbles as FTSE 100 flat December 20, 2012 The Santa rally stumbled this morning, as the blue chip index remained flat in early trading, stalled by tensions in US budget talks. Yesterday, the FTSE 100 closed just four points behind the year’s highest closing mark. The ongoing Libor scandal, which continued in the spotlight for another day as two UBS traders were charged, [...]
Rate-riggers to face trial in USA December 19, 2012 SWISS bank UBS was yesterday hit with almost £1bn of fines for Libor fixing around the globe – a fine three times larger than the penalty paid by British bank Barclays in June. And the US authorities announced two former traders, including one Briton, have been charged with conspiracy and face extradition. Dozens of traders [...]
Diamond’s fall was less to do with Libor, more with image December 19, 2012 THOSE that care about such things have long suspected that the Barclays management led by Bob Diamond achieved little for themselves by being the first to settle allegations earlier this year that the bank manipulated a key interest rate. By doing so, they may have done well for their shareholders by agreeing a less costly [...]
No more heads to roll at UBS for key rate fiddling December 19, 2012 UBS chief executive Sergio Ermotti yesterday led the charge to rehabilitate the bank’s image, insisting major changes have already been made to make sure Libor fiddling can never happen again. The fine comes after a series of blows shaking up the bank, from rogue trader Kweku Adoboli losing £1.4bn to the bank deciding to wind [...]