Ireland eyes mortgage debt restructuring August 22, 2011 The Irish government is likely bring in legislation to restructure mortgage debts for thousands of troubled loanholders as it does not have the resources to fund a significant debt forgiveness programme, a junior minister has said. Ireland’s ruling coalition has promised to examine ways to ease the burden on mortgage holders struggling to cope with [...]
CITY MOVES | WHO’S SWITCHING JOBS August 8, 2011 Santander The retail and commercial bank has promoted Robin Foale, formerly the divisional managing director for corporate and commercial banking in Thames Valley & South West, to managing director for its business banking division. In his new role, Foale will review the services offered to small businesses in Santander’s branch and telephone network. Prior to [...]
City firms need to be prepared for the Olympics August 7, 2011 London 2012 TIME TO GET READY WITH London 2012 less than a year away, companies around the capital need to prepare for the impact the Games will have on their business. The good news is that the City is leading the way in business preparedness. According to research from London 2012 and Transport for London, [...]
Audits to be probed by Competition Commission July 29, 2011 The UK’s audit market is likely to be referred to the Competition Commission to investigate whether it blocks new companies from taking on clients among the UK’s largest companies. Auditors have come under scrutiny from the Office of Fair Trading over concerns that the Big Four – PwC, KPMG, Ernst & Young and Deloitte – [...]
Laird board turns down Cooper’s sweetened offer July 28, 2011 LAIRD yesterday rebuffed an improved £533m approach from its US rival Cooper Industries, saying the offer “continues to undervalue the firm”. The British electronics firm has refused to fully open its books, objecting to certain preconditions by Cooper, including its right to reduce its 200p offer if Laird declares a dividend for its shareholders. But [...]
Auditors told to stand up to banks July 25, 2011 Britain’s company auditors should question management more closely about how their revenue forecasts stand up against a backdrop of poor economic conditions and weak markets, the industry’s watchdog said today. Auditors are facing pressure to be more assertive with banks in particular after many gave lenders a clean bill of health in the run up [...]
CITY GRANDEES DEBATE FUTURE OF UK BANKING July 25, 2011 MAGIC circle law firm Freshfields Bruckhaus Deringer’s Fleet Street offices played host last night to a City crowd debating one of the most pertinent questions currently facing the UK’s politicians, regulators and bankers – whether the country’s biggest banks should be forcibly broken up, or whether other kinds of reforms are the best way forward. [...]
More bonus curbs could be on way July 20, 2011 BRITISH firms could be subject to an even more restrictive bonus regime under the terms of a new EU directive published yesterday. The Capital Requirements Directive 4 (CRD IV), which is the EU’s version of Basel III, suggests that financial institutions could have to endure yet more interference in their remuneration practices following a tome [...]
CITY MOVES | WHO’S SWITCHING JOBS July 6, 2011 Brooks Macdonald Asset Management The independent private client investment manager with £2.8bn of funds under management has appointed Richard Harley as an intermediary sales manager. Harley previously worked for Hornbuckle Mitchell, where he specialised in SIPP, SSAS and retirement options; prior to that, he worked for Friends Provident as an adviser and AXA Sun Life [...]
CITY MOVES | WHO’S SWITCHING JOBS July 5, 2011 Daiwa Capital Markets The investment banking arm of Japanese brokerage Daiwa Securities Group has appointed Keith Meekins as chief executive of its subsidiary firm Daiwa Capital Markets Europe. Meekins, who was previously head of fixed income and a member of the firm’s executive committee, will lead the investment bank’s strategy across Europe and the Middle [...]