Barclays hit by charge on restructuring March 22, 2010 BARCLAYS yesterday updated the market on the broad-ranging reorganisation of its group structure, admitting it will take a £100m charge in the first half of 2010 as a result of the restructuring of Barclays Corporate. The £100m charge reflects redundancy and other costs from Barclays’ exit from its Bank Akita retail arm in Indonesia, a [...]
Barclays Capital chief in line for a bumper £60m payday March 21, 2010 BOB Diamond, Barclays’ highly-respected investment banking chief, has been handed a equity-based incentive pay package by the bank which could be worth up to £60m by the time the shares are cashed in. Diamond, whose basic salary is £384,000, has already been handed £6m of shares which vest in three years’ time. He could also [...]
Barclays to boost new business March 21, 2010 BARCLAYS, the UK’s second-largest bank, is today launching a campaign to boost renewed optimism in the business world, offering £500,000 to the country’s most promising entrepreneurs in conjunction with Ariadne Capital boss and City A.M. columnist Julie Meyer. The “Take One Small Step” competition will award an equal share of £500,000 in cash to each [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 18, 2010 FINANCIAL TIMES ALARM WAS RAISED ON LEHMAN Securities and Exchange Commission and Federal Reserve officials were warned by a leading Wall Street rival that Lehman Brothers was incorrectly calculating a key measure of its financial health months before its collapse in 2008, people familiar with the matter say. Former Merrill Lynch officials said they contacted [...]
Lehman in fresh attack on BarCap March 18, 2010 Lehman Brothers fired new allegations at Barclays Capital yesterday, saying the British investment bank got a $13bn (£8.5bn) “windfall” profit from its deal to buy Lehman’s US brokerage in September 2008. In documents filed in US bankruptcy court in Manhattan, Lehman claimed new evidence showed that, while Barclays said it had a “day one” accounting [...]
Business lending in January slumps at fastest annual rate since records begin March 18, 2010 LENDING to businesses fell at its fastest annual rate in January since records began more than a decade ago, figures from the Bank of England (BoE) showed yesterday. The flow of net lending fell £6.5bn in January, nearly twice as fast as in December, the BoE said in its Trends in Lending report. That pushed [...]
FSA recruits two new female board members March 18, 2010 BAIGRIE Davies director Amanda Davidson and Dame Sandra Dawson, professor of management at Cambridge University have joined the Financial Services Authority (FSA) board as non-executive directors. Ethical investment specialist Davidson has been a director of Baigrie Davies since 2005. She was also a founding director of Chase de Vere and held a directorship at Holden [...]
CITY MOVES | WHO’S SWITCHING JOBS March 18, 2010 Avoca Capital Holdings The European credit investment manager has hired Clayton Perry, formerly principal and managing director at Broadchalk Advisors, as its new chief operating officer. Prior to establishing Broadchalk, Perry was head of global collateralised loan obligation (CLO) business at Credit Suisse, responsible for CLO transactions in the US and Europe. The appointment comes [...]
FTSE closes flat as miners and banks fall, while pharmaceuticals gather pace March 18, 2010 BRITAIN’S top shares ended flat yesterday as banks and miners paused for breath after recent gains, offsetting a rally in drugmakers and energy stocks. The FTSE 100 finished almost unchanged at 5,642.62, having closed at a 21-month closing peak on Wednesday. Banks and miners slipped after recent strong gains, with Barclays, Royal Bank of Scotland [...]
GLIMMERS OF HOPE WITHIN THE UK’S SLUGGISH RECOVERY March 17, 2010 IT seems that every week the UK economy clocks up more evidence of its disappointing recovery from the recession. The spectre of a hung parliament and a mountainous fiscal deficit is only adding to the image of the UK as the sick man of Europe. And the UK does indeed look sick. It can’t even [...]