How to rob your bank January 19, 2011 SANTANDER has brought back its switching deal, giving new customers £100 when they move their main current account to its offering which pays 5 per cent interest for the first year. However, the bank has been voted worst for customer service in a string of surveys by organisations including Moneywise, MoneySavingExpert.com and consumer group Which? [...]
Goldman earnings prompt FTSE sell-off January 19, 2011 A surprisingly sharp sell-off on the FTSE this afternoon pushed the index below the 6,000 mark, to close down 79.73 points or 1.32 per cent, at 5,976.70. A bigger than expected fall in earnings at leading US investment bank Goldman Sachs sparked a rout among investors across all sectors. Earlier in the day, more bad [...]
UK bank “stress tests” could start this week January 19, 2011 A team from the International Monetary Fund will ask the UK’s biggest banks for detailed information this week as it assesses the health of lenders in five European countries. The IMF is checking UK banks before wider “stress tests” by the European Union, three industry sources told Reuters. A separate source said the team was [...]
Barclays fined £7.7m for serious failings in sales January 18, 2011 BARCLAYS has been fined £7.7m for mis-selling two Aviva funds after one in seven of the investors complained to the City regulator. The Financial Services Authority (FSA) yesterday imposed its largest-ever fine for retail sales breaches after identifying “serious failings” in Barclays’ sales practices for two Aviva income funds. The bank raised £692m from 12,331 [...]
Thai exports market picks up January 18, 2011 Thailand’s exports grew 18.8 per cent last month, compared to the previous year, according to data revealed yesterday. The rise was above the expectations of economists. The pick-up is in line with conditions in other parts of the region such as South Korea and Taiwan, said Rahul Bajoria of Barclays Capital.
Treasury locked in talks over state bank bonuses January 17, 2011 PRIME Minister David Cameron insisted yesterday that bonuses at state-owned banks Lloyds and RBS are not “a done deal”, even as private banks prepare to award bonuses as usual this week. Reports have circulated recently that RBS chief executive Stephen Hester is in the running for a £2.5m bonus, though nearly all of it is [...]
Novus toasts Xmas party lift as revellers splash out January 17, 2011 CHRISTMAS revellers helped the owner of the Tiger Tiger bar chain to a boom in sales. Novus Leisure, the privately owned bar and restaurant operator – it also has Babble, Jewel and the Zoo Bar in Leicester Square – enjoyed an almost eight per cent surge in revenues in December and late November. Chief executive [...]
CITY MOVES | WHO’S SWITCHING JOBS January 17, 2011 RSM Tenon The financial services firm has appointed two new directors and an associate director in London. Nick Atkinson has been promoted to a risk management director, specialising in internal audits of the NHS. Nick Davies (pictured) has been promoted to business advisory director in the audit, tax and advisory team, specialising in corporate clients. [...]
Cameron says bank bonuses not a “done deal” January 17, 2011 Prime Minister David Cameron said that he was still talking to banks about their bonuses and that big payouts at state-backed lenders were not a “done deal.” Asked about reports of a £2.5m payout for Royal Bank of Scotland chief executive Stephen Hester, Cameron said: “It isn’t a done deal … You will have to [...]
FTSE dampened by commodities and banks January 14, 2011 LONDON eased to a close just over the 6,000 mark after stronger Wall Street sentiment failed to shake off concerns over China’s monetary policy tightening. The FTSE 100 ended down 21.81 points, or 0.4 per cent, at 6002.07, having closed 0.4 per cent lower yesterday, pulled lower by commodity stocks and banks. China’s central bank [...]