Top MP hits out at Barclays tax dodge claims September 5, 2012 BARCLAYS’ evidence to the Treasury Select Committee of MPs on tax avoidance measures directly contradicts that given by the chancellor, the committee’s influential chairman Andrew Tyrie declared today, demanding an explanation from the bank. HM Revenue and Customs retrospectively clamped down on the bank in February after it reduced its tax bill by roughly £300m [...]
Barclays names European retail banking boss September 5, 2012 Barclays’ new chief executive Antony Jenkins has handed the running of its Continental European retail and business banking division to Curt Hess, currently the division’s chief financial officer, the bank said today. In one of Jenkins’ first significant appointments, Hess will lead the European Retail and Business Banking (ERBB) division, covering Spain, Portugal, France and [...]
FTSE 100 opens lower on weak economic data September 5, 2012 The index fell in early trading, as investors were cautious on sluggish economic data. A contraction in US manufacturing, following a production slowdown in China, meant shares were little changed ahead of the European Central Bank’s monthly meeting tomorrow. Oil firms and miners clustered in the fallers, with natural resources group Bumi leading the pack, [...]
Wheatley: Review pay rules to stop misselling September 4, 2012 TOP BANK bosses will today be told to review pay practices to make sure customers are not being ripped off by unscrupulous sales tactics, as Martin Wheatley unveils his report into mis-selling. The managing director at the Financial Services Authority (FSA) is not expected to ban commission-based remuneration, but is expected to warn that such [...]
City Moves | Who’s switching Jobs September 4, 2012 DAC Beachcroft Anthony Menzies has been appointed as a partner in the law firm’s London-based global insurance team. He joins from Taylor Wessing, where he was a partner in its insurance and reinsurance group. Menzies is a specialist in marine, energy and engineering law, and has also previously held roles at Clyde & Co and [...]
FTSE 100 falls on negative investor sentiment September 4, 2012 The blue chip index lost yesterday’s gains as shares across the board fell, as investors were cautious over muted economic data. Data out today from the British Retail Consortium showed that retail sales fell in August as the Olympics failed to encourage spending. Household goods manufacturer McBride led the fallers in early deals, down 6.44 [...]
Banks slash juniors’ pay September 3, 2012 INVESTMENT bankers’ pay tumbled further this year, with junior staff’s bonuses plunging on poor market conditions, a lack of competition in the sector and sustained pressure to avoid public outrage. Average bonuses fell 25 per cent on the year for analysts in the investment banks’ merger and acquisitions (M&A) units, following a fall of 10 [...]
Karpo is a curate’s egg but its kitchen still impresses September 3, 2012 RESTAURANT KARPO 23-27 Euston Road, NW1 2SD Tel: 020 7843 2221 FOOD *** SERVICE **** ATMOSPHERE *** Cost per person without wine: £30 Train stations don’t tend to attract the nicest crowds. Wherever you go in the world, the very worst people from that area will naturally gravitate towards the train station; the pimps and [...]
What the other papers say this morning September 2, 2012 FINANCIAL TIMES CIC sells bulk of its BlackRock stake China Investment Corp has sold most of its stake in BlackRock, the world’s largest asset manager, as part of a wider strategy by the sovereign wealth to cut its holdings in global financial institutions. CIC bought just under 3 per cent of BlackRock’s shares, worth about [...]
Jenkins set to cut bad products September 2, 2012 BARCLAYS could look to cut unprofitable business lines in its investment banking and other arms under a structural review planned by new boss Antony Jenkins. The incoming chief executive has pledged to keep the investment bank intact and said he values the universal banking model. But his background in commercial and retail banking means some [...]