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 [...]
FTSE 100 jumps on German court ruling September 12, 2012 The leading share index was up in early trading, as investors reacted positively to news that German judges ruled in favour of the Eurozone’s rescue fund. Meanwhile, holding company Chesnara led the fallers on the FTSE All-Share, down 6.87 per cent. Embattled platinum miner Lonmin shed 5.56 per cent, as strikes continued at its Marikana [...]
China Falters September 11, 2012 ■ Growth forecasts slashed on weak global economy ■ Burberry shares slump on falling Chinese demand ■ Leader-in-waiting goes missing for key meetings ECONOMISTS have slashed China’s GDP growth forecasts as the emerging giant stumbles on the twin pressures of the global economic slump and bad domestic investments. Premier Wen Jiabao was forced to hint [...]
PPI complaints soar as banks struggle under weight of claims September 11, 2012 COMPLAINTS over banks’ slow or unsatisfactory responses to PPI complaints soared over the first six months of 2012, according to data published yesterday by the financial ombudsman service (FOS). The mis-selling scandal has seen banks and other financial institutions pay billions in compensation to customers, and shows little signs of slowing down. The FOS received [...]