Diamond: Banking transition will sort the wheat from the chaff March 30, 2011 BARCLAYS chief executive Bob Diamond has warned that many banks will not survive the transition to “the new environment” of higher capital and liquidity requirements. Speaking at a conference hosted by Morgan Stanley, Diamond also said that Barclays is “at an advanced planning stage” with its “living will” or resolution plan, in cooperation with several [...]
Labour market recovery boosts optimism on US March 30, 2011 AN ADP report yesterday showed that private employers added 201,000 jobs in March – slightly below consensus expectations for an increase of 208,000 jobs. Small and medium firm payroll growth remained strong in March, adding 102,000 and 82,000 jobs, while large firms added 17,000 jobs. “This indicates continued momentum in the pace of labour market [...]
FTSE rally continues despite earnings woes for retailers March 30, 2011 THE FTSE 100 closed higher for a sixth consecutive session yesterday, its best run since August 2010, as investors ditched retailers over earnings worries in favour of growth sectors such as industrials and mining. Dixons issued a profit warning and gloomy outlook as a survey from the CBI showed the underlying trend for retail sales [...]
The clock is ticking to keep your savings from the taxman March 30, 2011 IF YOU are in the 20 per cent of Londoners who, according to research from Fidelity, put off getting their individual savings account (Isa) to the last week of the financial year, now is the time to shelter your savings from taxation. You will have to act quickly to pick up the best deals. Of [...]
Senior rainmaker who advised Harrods sale March 29, 2011 KEN Costa’s contacts book will be sorely missed at Lazard, which he is leaving at the end of this week for unknown reasons. During his three and a half years at the firm he is best known for pulling off the £1.5bn sale of Harrods to the Qatari royal family, a deal in which he [...]
Barclays Capital hires Morgan Stanley’s Connor to boost team March 29, 2011 BARCLAYS Capital yesterday hired Josh Connor from Morgan Stanley to lead its global transportation banking group within the firm’s Global Industrials Investment Banking Group. Connor will be based in New York and will join the firm in July. The hire follows a series of moves by the bank over the past few months to bolster [...]
UBS: Barclays too big for UK March 29, 2011 BARCLAYS will have no choice but to consider leaving the UK, according to prominent UBS banks analyst John Paul-Crutchley. In a note to investors asking if the bank could be “the first to leave” London, Paul-Crutchley said yesterday that Barlcays and JP Morgan are “broadly comparable”, except that the Fed has given JP Morgan permission [...]
Only 4.2pc of top bankers are women March 28, 2011 ONLY 17 of the top 220 most senior bankers on investment banks’ executive committees or equivalent are women, according to research published yesterday. The study, carried out by Financial News, shows that women make up just eight per cent of banks’ executive, corporate and investment banking committees – fewer than one female member for each [...]
Barclays Wealth mulls move back to Mayfair March 28, 2011 BARCLAYS Wealth is considering moving its high net worth team back to its Mayfair office after just over a year in Canary Wharf, City A.M. can confirm. Barclays Wealth, which has around 60 bankers in its high net worth division to manage assets for those with more than £5m to invest, could move back into [...]
Brokers’ notes boost UK banks March 28, 2011 SHARES in two major UK banks were boosted by bullish notes from brokers yesterday. Barclays and HSBC spent topped the FTSE 100 risers board after analysts at JP Morgan and Barclays Capital said investors should buy European banks. Barclays Capital analysts, led by Simon Samuels, said 11 of Europe’s biggest banks were trading at an [...]