Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Betfair to launch its own trading system August 15, 2010 ONLINE gambling group Betfair is gearing up to launch a trading platform in London later this year, becoming the latest in a line of companies to compete with the London Stock Exchange. Following approval from the FSA at the end of July, developers are working to complete the platform based on Betfair’s existing gambling programmes, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2010 FINANCIAL TIMES BARCLAYS REFUSES TO USE TARGETS The head of Barclays’ small business division has firmly refused to sign up to UK lending targets in a move that could fuel government criticism of the industry’s willingness to ease credit constraints in the economy. Speaking to the FT after Barclays broadened the remit of its business [...]
Credit Suisse sheds 75 jobs in the capital August 12, 2010 CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount. The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain [...]
TfL signs up 44,000 to use Barclays Cycle Hire August 12, 2010 LONDON’S cycle hire scheme has been used for more than 100,000 journeys since its launch on 30 July, Transport for London (TfL) said yesterday. Around 44,000 people have signed up to the hire programme, and are between them making up to 14,000 journeys per day. Around 70 extra docking stations are under construction, bringing the [...]
PERSONAL FINANCE NEWS August 12, 2010 BEWARE PHONE CALL SCAM HM Revenue & Customs has issued a warning to taxpayers after reports that thieves were making phone calls pretending to be the taxman. According to reports, fraudsters say that you are due a tax rebate and ask for your bank details over the phone. They then try to gain access to [...]
GUARDIAN DRAGS ITS HEELS OVER RENEWING HAY SPONSORSHIP DEAL August 11, 2010 WHAT with an enthusiastic push into online investment, a string of ill-advised private equity deals and a move to swanky new offices at Kings Cross, it appears more traditional stalwarts of the Guardian’s extra-curricular programme could be coming under threat. A little bird tells The Capitalist that the newspaper’s long-standing sponsorship of the Hay literary [...]
CITY MOVES | WHO’S SWITCHING JOBS August 11, 2010 Coutts The private bank has appointed Jeff Stubberfield as a commercial banker in its media banking team, looking after clients in the music, TV and entertainment business. Stubberfield has over 15 years of experience in financial services and joins from Barclays, where he spent eight years, latterly as a relationship director managing a portfolio of [...]
BEST OF THE BROKERS August 11, 2010 ANGLO AMERICAN Morgan Stanley downgrades Anglo American to “equalweight” from “overweight” and lowers its price target to 3,208p. Believes all the positives have been priced into the shares, which are trading at at a 10 to 15 per cent premium to the sector. Believes that investors should switch into Xstrata which it rates as “overweight”. [...]
UK stocks sag after gloomy news from Bank of England August 11, 2010 BRITAIN’S top share index fell sharply to a three-week low closing yesterday, with banks and commodity stocks leading a broad-based sell-off after US and UK central banks voiced concerns over the economic recovery. Technology firm Smiths Group, however, topped the list of a handful of gainers, up 3.9 per cent as traders cited break-up hopes [...]