Industry body joins bosses in fight to repair banks’ image September 16, 2012 THE BRITISH Bankers’ Association (BBA) will take the fight to the enemy, its new boss announced over the weekend, vowing to proactively promote the industry rather than just defend banks when they are under pressure. Anthony Browne is taking up the push spearheaded by Lloyds chief executive Antonio Horta Osorio and RBS head Stephen Hester, [...]
FTSE 100 up sharply on US economic stimulus September 14, 2012 The blue chip index jumped sharply in early trading, as it consolidated gains in the US in the wake of QE3. Headline miners led the index up, with Ferrexpo jumping 15.15 per cent in early trade, as metal prices rose on hopes of increased demand. South Africa-focused Aquarius Platinum jumped 12.48 per cent, Evraz soared [...]
Boris Bikes for south London September 13, 2012 SOUTH and west London will benefit most from plans to add 2,400 extra bikes and 5,000 new docking stations to the Barclays Cycle Hire scheme by 2014. Transport for London yesterday said more than 200 locations in Wandsworth, Hammersmith & Fulham, Lambeth and Kensington & Chelsea have been picked for new stations. Residents will be [...]
Barclays pay will be based on good behaviour September 13, 2012 NEW CHIEF executive Antony Jenkins yesterday told staff that every individual in the bank would be assessed to ensure they are keeping up with the cultural reforms that he is pushing through. The move is part of a wide-ranging push to repair Barclays’ damaged image after the Libor-rigging scandal. The reforms will include the introduction [...]
LGIM appoints Tomlinson September 13, 2012 ■ Fund manager Legal and General Investment Management (LGIM) has appointed former BlackRock man Lindsay Tomlinson onto its board. Tomlinson, a former chairman of the National Association of Pension Funds, has been appointed to the role of non-executive director. Tomlinson had been UK chief executive of Barclays Global Investors in the 90s.
Who’s switching jobs September 13, 2012 Arbuthnot Latham Linda Amili Clack has been appointed to the position of international banking director and head of Middle East private banking. She was most recently head of Mubarakia Limited Family Office. Amili Clack has over 30 years’ experience in banking, and has also held senior roles at Coutts and the Bank of Bahrain & [...]
FTSE 100 down as BAE and EADS in the spotlight September 13, 2012 The blue chip index was trading slightly down this morning, as the mega-merger between BAE Systems and EADS grabbed the headlines. Investors were also cautious ahead of a key policy decision from the US Federal Reserve, which is expected later. Publisher Centaur was a big riser in early deals, up 11.56 per cent, on news [...]
Walker’s fury at bad incentives ruining banks September 12, 2012 QUARTERLY reporting, the growth of sales-based commission and the increasing use of new technologies all contributed to a damaging culture of short-termism which led in part to the financial crisis and the mis-selling scandals, incoming Barclays chairman Sir David Walker said yesterday. The City grandee told the new Parliamentary Commission on Banking Standards (PCBS) that [...]
Petrofac agrees credit facility September 12, 2012 ■ FTSE 100-listed Petrofac yesterday agreed a $1.2bn (£746m) five-year revolving credit facility, to be used for general corporate purposes. Barclays and Standard Chartered acted as coordinators for the facility. The miner had initially estimated it would require around $1bn, but this was increased given the “significant level of subscription” from banks.
Banks must change sales incentives, says incoming Barclays chairman September 12, 2012 Banks must curb their focus on incentives and open themselves up to more scrutiny, the incoming Barclays chairman said this morning. Speaking to MPs this morning as a witness in an inquiry into banking standards, sir David Walker said banks should be forced to disclose how many staff earn a salary of more than £1m [...]