Barclays may overhaul its remuneration January 23, 2011 BARCLAYS could completely overhaul the way it remunerates its top staff next month. Bob Diamond is considering paying a portion of bonus payments for his top 1,000 staff in contingent convertible bonds – known as Cocos. Cocos are a more politically acceptable form of remuneration as they convert from debt to equity if a bank [...]
Davos ready for a deluge of bankers January 23, 2011 FINANCIAL services firms are set to make a strong reappearance at the World Economic Forum in Davos this week. Guests at the forum will include Barclays’ Bob Diamond, JP Morgan’s Jamie Dimon, Deutsche Bank’s Josef Ackermann, HSBC’s Stuart Gulliver and outgoing Lloyds chief executive Eric Daniels among others. The strong presence of banking executives comes [...]
CITY MOVES | WHO’S SWITCHING JOBS January 23, 2011 Navigant Navigant has announced the appointment of Romek Matyszczyk as a director in its London-based disputes and investigations team. With over 20 years of specialist valuation experience, Romek has advised on all aspects of valuing businesses, companies, listed and unlisted securities, intellectual property and intangible assets. Prior to joining Navigant, he was a partner in [...]
The pensions chief who says that investors are no longer a soft touch January 23, 2011 It is easy to see why the chairman of the National Association of Pension Funds (NAPF) looks more relaxed these days – this coalition government is less keen on beating shareholders over the head. Lindsay Tomlinson is lounging on a sofa in a bright modern office in the NAPF’s headquarters on Cheapside, opposite the recently-opened [...]
United rebuff talk of £2bn takeover by Qatar Holding January 23, 2011 MANCHESTER UNITED insist the club is not for sale and have denied suggestions that the Glazer family, which owns the club, has held talks with a Qatari consortium over a potential £2bn takeover. Qatar Holding, the £40bn investment company owned by the Gulf kingdom’s royal family, is thought to have had a £1.5bn offer for [...]
Inflation peril after factory prices rocket January 20, 2011 BRITAIN’S manufacturing boom looks set to continue – although rising factory gate prices are threatening to stoke inflation even higher, a survey revealed yesterday. Manufacturing output prices rose at the fastest pace since October 2008 in the final months of last year, according to a survey by the Confederation of British Industry. And in the [...]
Saving up your coppers in the vault January 20, 2011 IN JOSEPH HELLER’S modern classic, Catch 22, the entrepreneurial mess officer Milo Minderbinder seizes the opportunity to buy up the entire Egyptian cotton crop. The result is a disaster – Milo finds himself unable to sell the cotton to anyone. After trying to turn it into food, eventually he unloads it onto the government. Today [...]
CITY MOVES | WHO’S SWITCHING JOBS January 20, 2011 Lloyds Banking Group Lloyds Bank Corporate Markets has promoted Chris Birt to director in its acquisition finance team in London, reporting to Ian Sale. Birt, 33, has eight years of experience at Lloyds Banking Group after joining the corporate banking graduate scheme and has held his current position since 2006. Chris has led and co-led [...]
FTSE 100 falls back as bank, mining and retail stocks slide January 19, 2011 BANKING and mining stocks weighed on London’s top share index yesterday as concerns over the global economic recovery resurfaced, while sentiment among retailers was dented after some disappointing updates. The FTSE 100 closed down 79.73 points, or 1.3 per cent lower at 5,976.70, ebbing away from Tuesday’s fresh 31-month high. “The market moved a long [...]
CITY MOVES | WHO’S SWITCHING JOBS January 19, 2011 Alvarez & Marshal Alvarez & Marsal, the global professional services firm, is expanding its European real estate advisory business in Europe with the appointment of London-based directors, Patrick Anderson and Caspar Vredenbregt. Anderson and Vredenbregt both have over 12 years of experience in real estate development, investment and finance. Prior to joining A&M, Anderson was [...]