MPs told a full split may push banks from UK October 31, 2012 BANKS could leave the UK if they are forced to fully split their retail and investment arms entirely, former Barclays chief Martin Taylor told MPs and peers yesterday. The member of the Independent Banking Commission, which recommended the two parts of banks be ringfenced, was giving evidence to the Parliamentary Commission on Banking Standards. “Had [...]
Bank’s Paul Tucker stumbles upon a Barclays bonus truce October 31, 2012 IT has become the City’s most wearyingly familiar formula: bank floats pay proposals with investors; investors cry foul; bank showers its largesse on employees regardless; bank suffers revolt at annual meeting. Repeat, year after year. The 2013 bonus round should, at last, provide an antidote to the toxic relationship between Britain’s biggest lenders and the [...]
2012’s seven best Women in the City October 31, 2012 THE Museum of London Docklands was the venue for this year’s Woman of Achievement Awards, where ladies from around the City gathered in Canary Wharf to find out who had been chosen as one of the seven winners. In no particular order they included Heather Dixon at American Express for accountancy, Accenture’s Emma McGuigan for [...]
Bad day for BG Group and Barclays helps send FTSE 100 into the red October 31, 2012 UK shares fell yesterday, ending the month on a down note as a string of gloomy earnings and outlooks from firms such as Barclays and GlaxoSmithKline weighed on sentiment. The FTSE 100 was down 1.2 per cent, or 67 points, at 5,782.70 at the close, more than shedding the previous session’s gains, led down by [...]
FTSE 100 higher as US stockmarket prepares to open October 31, 2012 The large cap index was trading marginally higher this morning, led by an upswing in mining stocks thanks to an uptick of base metal prices. Following two days of closure, the US stockmarket is preparing to open today. Airline group IAG was the top blue-chip riser this morning, while utility stocks and Barclays made up [...]
Barclays posts third quarter loss as profit hit by PPI October 31, 2012 High street bank Barclays this morning posted a third quarter loss of £47m, following charges to cover costs relating to missold payment protection insurance (PPI). The loss compares with a £2.4bn profit over the third quarter of last year. Adjusted profits for the bank, which do not take into account additional items, came in at [...]
30 lenders now ready to take state funding October 30, 2012 THE NUMBER of banks and building societies looking to take cheap funding from the government more than doubled in the last month, according to official figures published yesterday. The Bank of England revealed another 17 have signed up to the Funding for Lending Scheme (FLS), which offers lenders cheap funds in the hope that they [...]
BP results boost FTSE 100 October 30, 2012 The blue chip index was trading up this morning, as a strong performance from oil major BP pushed up the FTSE 100. Trading volumes were expected to be thinner than usual, as hurricane Sandy shut Wall Street for a second consecutive day. Oil behemoth BP, which this morning announced it was hiking its dividend by [...]
Barclays faces first Libor damages trial as UK judge sets key precedent October 29, 2012 BARCLAYS will face a full trial over Guardian Care Homes’ (GCH) claims that the bank mis-sold it an interest rate swap product, in a landmark legal case which will determine which other firms can claim banks mistreated them. As part of the trial Barclays will have to send GCH 1.2m emails logged in its Libor [...]
Drug maker needs a high October 29, 2012 PHARMACEUTICAL giant GlaxoSmithKline will announce its third quarter trading results tomorrow. The drug maker has had a mixed year, and shares currently lie towards the middle of their 52-week range. GSK has appointed headhunters to find a replacement for Sir Chris Gent, who had been chairman since 2005, and traders will want details about when [...]