CITY MOVES | WHO’S SWITCHING JOBS April 20, 2010 Merrill Lynch The bank has appointed Patrick Ramsey as chief executive of Merrill Lynch Bank Suisse, the Swiss wealth management division. Ramsey, who will report to Merrill’s EMEA head of wealth management David Jervis, joined the group in 2002. He most recently held the role of head of European private banking. Prior to joining Merrill, [...]
Tech stocks the apple of every trader’s eye April 19, 2010 AS THE recovery gathers momentum, business spending on technology is creeping back. In the leaner, greener post-recession world, enhancing productivity through more efficient technology is one way that firms are able to keep costs down. Now that firms are more confident about their business prospects they can start to make investment decisions – analysts are [...]
Concerns over Goldman Sachs weigh on the FTSE 100 as mining shares fall April 19, 2010 UNCERTAINTY over the fallout from fraud charges against Goldman Sachs and the grounding of flights across Europe depressed London blue chips yesterday, led by risk-sensitive banks and miners and travel firms. The FTSE 100 closed down 16.05 points, or 0.3 per cent, at 5,727.91, extending Friday’s 1.4 per cent fall. Banks were rattled as investors [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 18, 2010 THE SUNDAYS The Sunday Telegraph BARCAP TO RAID ECM BANKERS Barclays Capital, the investment banking arm of barclays bank, is creating a bold plan to catapult its equity capital markets (ECM) business into a global top-three player in under five years. The ambitious strategy just 18 months after its $1.85bn (£1.2bn) acquisition of Lehman Brothers’ [...]
Third former Northern Rock banker caught up in scandal April 18, 2010 A THIRD former Northern Rock executive has been implicated in the scandal that last week saw the stricken bank’s former deputy chief executive slapped with a £504,000 fine. It was reported yesterday that David Jones, the bank’s former finance director, is being investigated by the Financial Services Authority (FSA). It is alleged Jones was aware [...]
CITY MOVES | WHO’S SWITCHING JOBS April 18, 2010 Withers The law firm has appointed Kenneth Mullen as a partner in the firm’s London office, continuing the expansion of the firm’s European commercial practice. Mullen joins from Shepherd and Wedderburn, where he was a partner in the media and technology team in London. He is a specialist in transactional intellectual property, technology and outsourcing, [...]
Thomas Cook dips into the bonds market April 16, 2010 TRAVEL firm Thomas Cook has raised £650m through new sterling and euro bond issues. The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent. In the past the company, Europe’s second largest agent, has relied on bank loans. The bonds will [...]
Liverpool FC up for sale under Broughton April 16, 2010 BRITISH Airways’ head Martin Broughton has been appointed as the new chairman at Liverpool FC, as the club’s owners confirmed that it is up for sale. He will help owners Tom Hicks and George Gillett find buyers for the club at the right price. Meanwhile Barclays Capital has been retained by the Americans to lead [...]
Demand for bank shares lifts FTSE 100 to a 22-month high April 15, 2010 THE FTSE 100 share index hit a 22-month high for the second day yesterday, as US data and earnings reports fanned hopes that a recovery in the world’s largest economy was gathering pace, with banks also buoyed by bullish broker comment. The FTSE 100 closed 28.76 points higher at 5,825.01 – its highest close since [...]
BarCap raids senior banker at Rothschild April 15, 2010 BARCLAYS Capital has poached a third senior banker from Rothschild’s financial institutions group (FIG) in the form of Ben Davey, a ten-year veteran of the firm. Davey, who was one of three co-heads of Rothschild’s UK FIG team, becomes co-head of European FIG at BarCap. He joins former colleague Stefano Marsaglia, who jumped ship from [...]