Barclays warns over regulation as profit jumps to £6.1bn February 15, 2011 Barclays said it plans to streamline operations to boost profitability as it grapples with tougher regulations which it says will lower its returns. The warning came as the bank reported a forcast-beating 32 per cent rise in annual earnings on , beating expectations. Bob Diamond, the American investment banker who took over as chief executive [...]
Advisers line up for the biggest deal in town February 14, 2011 WHEN you’re trying to build up a franchise in mergers and acquisitions, there’s nothing better than being signed up to work on one of the biggest deals in town. So naturally Barclays Capital and RBC Capital Markets were as pleased as punch to be advising the London Stock Exchange on its £4.3bn merger with Canada’s [...]
Chinese trade gap shrinks giving it ammunition in battle with the G20 February 14, 2011 CHINA’S trade surplus fell to its lowest in nine months in January after imports surged, supporting the government’s case ahead of a G20 meeting that it is doing enough to spur domestic demand without speeding up currency appreciation. The trade surplus shrank to $6.5bn (£4.1bn) from $13.1bn in December, well short of forecasts for a [...]
FTSE drops as mining rally fails to counter bank jitters February 14, 2011 BRITAIN’S leading share index closed marginally lower yesterday as weaker financials prevailed over a mining rally inspired by upbeat economic data from China. Chip designer ARM Holdings was the top riser, up 6.6 per cent, with traders citing favourable broker comment as the mobile world met in Barcelona. Goldman Sachs said ARM’s management underscored its [...]
BarCap to be star turn in bank figures February 13, 2011 BARCLAYS is expected to rely on its investment banking division, Barclays Capital, for over 70 per cent of its pre-tax profits when it reports its full-year results tomorrow. Analysts are anticipating a loss at the bank’s corporate division, meaning that despite a difficult year for investment banks, BarCap will bring in the vast majority of [...]
HIG buys British telecoms firm February 13, 2011 HIG Europe, the European arm of global private equity house HIG Capital, has acquired Aircom International, the mobile phone services provider. Bought from Advent International for an undisclosed price, the Aircom investment marks HIG’s eighth new deal investment in the last 12 months. Barclays and HSBC provided a “joint debt package” to support the group [...]
BA severs ties with UBS February 13, 2011 BRITISH Airways has severed ties with UBS, the corporate broker the airline has used for 24 years. The carrier has chosen Deutsche Bank and Barclays Capital, following its merger with Spanish airline Iberia. The newly formed International Consolidated Airlines Group (IAG), which listed in London and Madrid last month, decided to end its relationship with [...]
Project Merlin has to avoid mistakes of past February 13, 2011 LAST week, George Osborne announced to the House of Commons that the four largest UK banks – HSBC, Barclays, RBS and Lloyds – have finally signed up to what has been dubbed project Merlin. There is no doubt this agreement is good news if it starts to rebuild the banks’ relationship with the government and [...]
CITY MOVES | WHO’S SWITCHING JOBS February 13, 2011 Barclays Wealth Solomon Soquar (pictured) has joined the asset manager as head of the strategic solutions group, which is a core part of its ultra-high net worth operation. He will report to Stefanie Drews. Soquar joins the firm from Citi Private Bank, where he was in capital markets. Previously, he has worked at Merrill Lynch [...]
FTSE will open higher but relief over Egypt may wane February 13, 2011 A positive start is expected for stock markets this morning, continuing the relief rally that began on Friday when President Mubarak’s decision to stand down was announced. GFT is quoting the FTSE 100 index to open up 15 points from Friday’s close, at a level of 6,077. Elsewhere in Europe the German Dax is called [...]