Bank of America names global capital co-heads February 9, 2010 BANK of America Corp, the largest US bank by assets, yesterday said it appointed Alastair Borthwick and Lisa Carnoy as co-heads of its global capital markets business. The reshuffling of the unit, which was an earnings powerhouse for the bank as it battled losses in consumer-lending businesses last year, follows a shake-up of top management [...]
BEST OF THE BROKERS February 9, 2010 ICAP Bank of America Merrill Lynch adds ICAP to its “Europe 1” buy list saying its current share price ignores the company’s strong portfolio of assets. Despite its revised earnings guidance for the third quarter, it believes its recent share price fall has been overdone. It notes half ICAP’s profits will come from electronic businesses [...]
MILLION-DOLLAR MAN THAIN LEARNS ERROR OF HIS PRICEY OFFICE WAYS February 8, 2010 HAPPY days for John Thain, the former Merrill Lynch chief executive who demonstrated yesterday that not only has he managed to stage an impressive comeback on Wall Street, but has actually learnt a lesson on the way as well. Thain, of course, is best remembered among the financial community for the dual distinctions of having [...]
Barclays Wealth snaps up three UBS bankers February 8, 2010 Barclays Wealth, the private banking arm of Barclays, has hired another three bankers from UBS, adding to the 10 who were recruited in August last year. Vikram Malhotra, who led a team of UBS bankers in Singapore and Hong Kong serving millionaires of Indian origin, joined Barclays Wealth yesterday as head of South Asia where [...]
Rallying miners offset weaker finance firms to help the FTSE 100 edge up February 8, 2010 BRITAIN’S top share index closed 0.6 per cent higher yesterday, as gains in rebounding miners and strength in defensive issues more than offset weaker financials, which were weighed by ongoing eurozone debt issues. The FTSE 100 rose 31.41 points at 5,092.33 in choppy trade. The index fell 2.5 per cent last week, its fourth straight [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 8, 2010 THE SUNDAYS The Sunday Telegraph MANDELSON ATTACKS US AND EUROPE The full scale of world tension between governments over the way to deal with the banking crisis has been revealed today after Peter Mandelson, the business secretary, said that neither America nor the European Union had shown global leadership on the issue. As the G7 [...]
Barclays chief set for grilling February 7, 2010 BARCLAYS chief executive John Varley is expected to echo president Bob Diamond’s defence of big banks when he appears before the Treasury Select Committee tomorrow. Varley, who will be quizzed as part of the committee’s “too important to fail” inquiry into the banking sector, will insist that large institutions with the ability to buy and [...]
FOOTBALL FUND LAUNCHES OUT TO CHAMPION THE BEAUTIFUL GAME February 7, 2010 GIVEN the City’s penchant for all things football-related, it’s something of a miracle that the new London Nominees Football Fund has managed to keep its launch virtually entirely under wraps – particularly as it’s got some of the beautiful game’s best known names on board. The fund officially launched at the beginning of the month, [...]
BEST OF THE BROKERS February 7, 2010 BARCLAYS Shore Capital has reiterated its “buy” recommendation, saying it continues to view Barclays as the most attractively valued UK bank on a risk/return basis. The broker has downgraded earnings and rebased dividend forecasts, reflecting a quieter fourth quarter for BarCap, tighter margins and a focus on capital preservation. ROYAL DUTCH SHELL Morgan Stanley says [...]
Defender of business says a hung parliament would be disastrous February 7, 2010 HE MIGHT have parted company with the CBI four years ago, but Lord Digby Jones is still one of the staunchest defenders of the private sector. When he gives me his business card at the opening of a Vodafone store in the City, it is emblazoned with a motto that sums up his philosophy: “Only [...]