CITY MOVES | WHO’S SWITCHING JOBS December 6, 2010 RBC Wealth Management Royal Bank of Canada Wealth Management has announced the addition of two directors to its UK-based private clients team led by Philip Harris. Joanne Pickles (pictured) joins the firm from Barclays Wealth, where she has worked since 1999. Ross Jennings also comes from a wealth management background, having worked at Barclays Wealth [...]
Investment banking salaries up 20 per cent December 3, 2010 THE average basic salary for investment banking staff in the City has risen by 20 per cent over the last year, a survey by financial services recruitment company Astbury Marsden said on Friday. As political pressure mounts on City firms to curb their end-of-year bonus packages, many companies have sought to offset this by increasing [...]
ECB keeps liquidity flowing December 2, 2010 EUROPEAN Central Bank (ECB) president Jean-Claude Trichet emerged victorious from his skirmish with markets yesterday, as stocks stabilised and the euro gained on the back of ECB announcements. The ECB announced that it would continue its special liquidity programme that are keeping Europe’s banks out of default. However, the Bank dashed hopes that it would [...]
Mouchel calls in Deloitte as austerity bites December 2, 2010 MOUCHEL yesterday confirmed Deloitte has been drafted in to examine how far the firm’s future income could drop, sparking fears it could follow Connaught and Rok into administration. The engineering consulting and design group has been rocked by swingeing cuts in government spending, resulting in the haemorrhaging of contract income. Deloitte was called in by [...]
Car registrations up in key Eurozone areas December 2, 2010 NEW car registrations are up across core Eurozone countries, according to figures released yesterday by Barclays Capital Research. The group estimates that car sales across the single currency area could rise to 10.26m in November, a 4.3 per cent rise on October. French sales have maintained their momentum, in spite of a government scrappage scheme [...]
Growth steady in Europe but Greece still in decline December 2, 2010 THE Eurozone economy expanded by 0.4 per cent in the three months to September, it was revealed yesterday. The rate of growth slowed, down from one per cent in the previous quarter, said the European Commission’s Eurostat office. Yet household consumption also grew, creeping up by 0.3 per cent. Growth continued to be driven by [...]
PERSONAL FINANCE NEWS December 2, 2010 MORGAN STANLEY UNVEILS GROWTH PLAN Morgan Stanley this week announced the launch of its new FTSE Defensive Digital Growth Plan, which lasts for six years. The plan offers a fixed return of 60 per cent at maturity if the FTSE 100 rises or even if it falls by less than 20 per cent over the [...]
FED’S $3 TRILLION IN EMERGENCY AID December 1, 2010 Ben Bernanke: Banks and firms used our temporary liquidity facilities 21,000 times during the crisis EUROPEAN banks were some of the biggest beneficiaries of the Federal Reserve’s $3.3 trillion emergency loan programmes during the darkest days of the financial crisis when the US central bank desperately tried to keep the global system functioning. The biggest [...]
Optimism for US recovery December 1, 2010 STEADY growth is being observed in the US, the central bank reported last night. In its latest beige book, the Federal Reserve said the economy “continued to improve, on balance” from early/mid-October to mid-November. Manufacturing activity continued to grow in “almost all” districts, reflecting optimistic results from yesterday’s ISM manufacturing index. The beige book found [...]
BarCap to cut hundreds of London jobs December 1, 2010 BARCLAYS Capital has confirmed plans to shed hundreds of jobs in its UK office even as the firm continues to hire in growth hotspots in Asia. Both front and back office jobs are set to go as the firm cuts down on costs in line with a fall in revenues this year. BarCap – the [...]