CITY MOVES WHO’S SWITCHING JOBS July 5, 2009 Canada Life International The wealth management firm has appointed Mark Armstrong as its new head of operations. Armstrong joins from Axa in the Isle of Man, where he was director of technical and proposition support. He has over 20 years of experience in offshore financial services, having also previously worked as finance director at Allied [...]
JJB Sports set to raise extra funds July 5, 2009 Struggling sportswear retailer JJB Sports has confirmed it is considering selling shares to raise extra funds. The group, which has been undergoing a rescue turn-around led by retail veteran Sir David Jones, confirmed it was “reviewing a range of possible options to provide additional capital.” It is understood that JJB Sports is looking to raise [...]
CITY BANKERS CHEER AS BONUSES RETURN July 2, 2009 THE CITY is set for a return to the champagne-soaked days of old, after it emerged yesterday that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses to rival those from the pre-credit crunch compensation heyday. Goldman Sachs is on course to pay out up to $700,000 (£427,000) per employee [...]
Chris Hohn’s TCI reveals a 73 per cent jump in profits July 2, 2009 THE activist hedge fund firm TCI, which is run by Chris Hohn, has seen profits surge 73 per cent, according to accounts published yesterday. The Children’s Investment Fund Management (UK) LLP reported profit available for sharing among members of £555.8m for the year to end-August 2008, up from 320.8m a year before. The firm paid [...]
Bonuses done right are an essential tool July 2, 2009 SO bonuses are back. This is great news for many readers of this newspaper, the majority of whom work in financial services; but many others will find this return of the mega-payout to be entirely offensive. After all, the “bonus culture” – when huge financial rewards are meted out, regardless of real, long-term performance – [...]
Titan Clifford Chance loses its lead spot July 1, 2009 CLIFFORD Chance was yesterday knocked off the top spot as the world’s biggest law firm after revealing a 37 per cent plunge in full year profits. Average partner earnings at the London-based firm slumped from £1.16m in 2007-08 to £733,000 over the 12 months to 30 April as its key banking and corporate clients struggled [...]
FTSE gains on commodities rally after price of oil rises July 1, 2009 THE FTSE 100 closed 2.2 per cent higher yesterday, fuelled by a rise in the oil price which prompted a strong rally in commodity stocks, and on hopes that the recession may be drawing to a close. The index was up 91.50 points at 4,340.71, after closing 1 per cent lower on Tuesday. “When (the [...]
Shrinking economy shakes market but Wolseley grows June 30, 2009 WEAKER than expected consumer confidence figures in the US drove some shares lower yesterday, with banks, miners and food retailers leading the fallers. The FTSE 100 shed one per cent, or 44.82 points, to close at 4,249.21. But the index is up 8.2 per cent on the quarter, the best such performance since the final [...]
BEST OF THE BROKERS June 30, 2009 ARRIVAInvestec was disappointed by Arriva’s trading update, which showed a weakening in all areas of the business, especially the Cross Country rail franchise. The broker said that further deterioration in trading is likely to emerge in time and it expects to downgrade its estimates. Despite a poor share price performance, Investec remains cautious on the [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]