Eurozone optimists are suffering from cognitive dissonance May 30, 2012 MY abiding memory of the credit crisis was the delusion that continued to grip the City and Wall Street long after it became apparent to objective observers that a terrible recession was about to begin. Most people kept their heads firmly in the sand when HSBC’s US sub-prime unit reported losses, for example, or when [...]
Greece frozen out as insurers cut cover for exporting to Athens May 30, 2012 TWO of the world’s biggest trade insurers, Euler Hermes and Coface, have suspended cover for exporters shipping to Greece amid fears the debt-laden nation could be forced out of the euro, hindering Greek importers’ ability to pay their bills. “Euler Hermes has decided no longer to cover deliveries to Greece for the foreseeable future,” a Euler [...]
FSA moves to ward off threat of bank runs May 28, 2012 BRITISH banks will be obliged to display information in branches about how the government insures their deposits up to a value of £85,000, the FSA said yesterday. From September onwards, all retail deposit takers will have to display posters and stickers letting customers know they are insured if their bank goes bust and giving details of the [...]
Three graduates share their experiences May 28, 2012 MARK TAPLEY An investment veteran recalls his CFA journey I FINISHED my MBA at the London Business School in 1974 and joined JP Morgan in New York. As a trainee, one of the first things the firm did was to slap a CFA application form on my desk. There was, of course, overlap between my [...]
Debate rages over call to end free banking May 24, 2012 CONSUMER groups and politicians yesterday joined the debate on bank fees following claims by a top Bank of England official that free current accounts are a “dangerous myth”. Andrew Bailey, the Bank’s executive director and chief executive-elect of the new banking regulator the Prudential Regulatory Authority, said the lack of clarity on current account fees “may [...]
HSBC seals the deal to sell 195 US branches May 21, 2012 HSBC has completed its sale of 195 branches in upstate New York to First Niagara Bank in a deal first announced in July last year. The move, which bagged the banking group $900m (£570m), is the latest completion in a string of transactions aiming to rid the bank of retail operations it sees as “subscale”. HSBC [...]
How to get on the housing ladder May 20, 2012 THERE is no doubt about it. It’s tough out there for first time buyers. But stricter lending criteria don’t necessarily mean it’s impossible to get on the housing ladder. However, you must know the basics so you can build your decision on strong foundations. DO THE MATHS Incentives matter. It was recently confirmed by the [...]
WHO’S SWITCHING JOBS May 15, 2012 Bank of Ireland Adrian Olsen has been appointed as Bank of Ireland’s new head of business banking in the UK. He has been with the bank for 12 years as a managing director and head of global project finance for its UK corporate banking division. Olsen has also previously held senior positions at Dresdner Kleinwort [...]
A Facebook bank is far more likely than you imagine May 13, 2012 THE internet gives banks innovative ways of providing services to customers. But it also brings new dangers. Online giants like PayPal, Facebook and Amazon are leading the way on customer experience. Could they go further, and take on banks directly? Facebook has already moved into the world of “virtual currency”. Facebook Credits, costing 10 cents [...]
Sales slump at Old Mutual as turmoil reigns May 10, 2012 THE chief executive of Old Mutual yesterday warned over the health of the banking sector as the group posted a 10 per cent drop in quarterly sales. Anglo-South African Old Mutual recorded life insurance sales of £269m in the three months to March, beating the £262m expected. “The banking world generally has still got a [...]