City Moves for 28 April 2014 | Who’s switching jobs April 28, 2014 Octopus Investments The fund management company has appointed Alex Miller as chief operating officer. He was most recently at Lloyds Bank, where he was director of strategy and operational performance. Prior to that, Miller held senior roles at BT Group and Orange UK. HSBC The bank has announced the appointment of Ian Stuart as head [...]
City Moves for 22 April 2014 | Who’s switching jobs April 21, 2014 DWF The law firm has appointed Stephen Miles as chief executive of its commercial services division. He joins from Pinsent Masons, where he was head of financial institutions and human capital, and a member of its leadership team. Miles is a transactional banking lawyer, and has acted for the national acquisition and leveraged finance teams [...]
Downgrade for RBS over risky cost cut plans March 13, 2014 RBS was downgraded last night by credit ratings agency Moody’s which said the bank’s latest structural reforms will “depress profitability” at a time when the bank has little money to spare should things go wrong. The bank announced plans to slash costs and streamline the business last month, and Moody’s said the aim itself is [...]
4 things RBS’s results tell us about its future February 27, 2014 Despite its ongoing efforts to deleverage and tighten its belt, RBS's results this morning were considerably weaker than expected. Pre-tax loss came in at £8.2bn – a 25 per cent miss versus consensus – and the bank set aside £3.8bn for litigation and PPI mis-selling – one of the things that hit earnings. The woeful [...]
Allen & Overy names five new London partners in promotions February 26, 2014 FIVE London lawyers at Magic Circle firm Allen & Overy were yesterday named as partners, as part of a 16-strong round of promotions worldwide . Banking specialist Troy Edwards, international capital markets lawyers Guy Antrobus and Luke Lewis, and litigation duo Alice Englehart and Mahmood Lone will become partners on 1 May. The firm also promoted [...]
Lloyds returns to profit and ups bonus pool 8pc February 13, 2014 Lloyds Banking Group has reported it returned to profit in 2013 – the first time since its bailout six years ago. Statutory profit before tax stood at £415m for the year – an 140 per cent increase from the £606m loss it made in 2012. The results, said boss Antonio Horta-Osorio, confirm the 33 per [...]
Barclays ups bonus pool by 10pc in 2013 February 11, 2014 Having said yesterday that profit before tax fell by a third (32 per cent) over 2013 to £5.2bn, Barclays has announced this morning that it upped its bonus pool by 10 per cent to £2.4bn in 2013. Bonuses for investment bankers rose 13 per cent to £1.57bn in the year. Revenue at the investment bank [...]
Swoop for debt firm heralds pay day for founder February 10, 2014 A DEBT collection agency founded in a living room in Wimbledon was sold yesterday to a JC Flowers-backed business for £295m, netting its founder about £25m. Marlin Financial, which was founded 12 years ago by entrepreneur Martin Dunphy, was sold to JC-backed Cabot Credit Management after a deal was struck over the weekend. The acquisition [...]
Barclays releases key profit figures early February 10, 2014 We've got some early Barclays news. The bank has released some key figures ahead of its full year results (due tomorrow at 7.00am). Within the results, Barclays will announce adjusted profit before tax for 2013 of £5.2bn and statutory profit before tax of £2.9bn. Barclays' pre-released figures don’t factor in additional charges for litigation and [...]
Credit Suisse’s recovery hurt by legal costs February 6, 2014 MORTGAGE and tax litigation costs knocked Credit Suisse’s fourth quarter results, published yesterday, reversing some of its recovery over 2013. Profits came in at SFr267m (£182m) in the three-month period, up two per cent on the same period of 2012. But for the year as a whole profits came in at SFr3.1bn, more than double [...]