Lloyds renews job cutting plan with another 940 staff to go January 23, 2013 LLOYDS staff in roles from IT support to insurance to branch management were yesterday notified they will be leaving the bank as it continued to roll out its plan to cut another 15,000 jobs. Lloyds informed 940 staff across the country they will be losing their jobs over the next three to six months, depending [...]
Hilco snaps up HMV debt pile to take control January 22, 2013 HMV was given a potential lifeline yesterday after restructuring firm Hilco bought the crisis-hit music retailer’s debt for about £40m, effectively giving it control of the group. Hilco – which already owns HMV Canada – confirmed yesterday it had acquired HMV’s debt from the group’s consortium of lenders led by the Royal Bank of Scotland [...]
Scots housebuilder Cala Group mulls sell-off to Patron Capital January 20, 2013 UPMARKET housing developer Cala Group has a new front runner in the race to snap up the 138 year-old firm – private equity shop Patron Capital led by ex-Lehman Brothers banker Keith Breslauer. Cala Group, the first Scottish company ever to list on the London Stock Exchange, is in exclusive talks with Breslauer’s Patron Capital [...]
Wall street is back January 16, 2013 THE TOP US investment banks defied gloomy market conditions to rack up big jumps in profits last year, fourth quarter results showed yesterday, as central bank support and a renewed focus on cost control breathed new life into the troubled sector. A boom in debt underwriting alongside strong fixed income, currency and commodities client execution [...]
City Moves for 17 January 2013 | Who’s switching jobs January 16, 2013 Lloyds Bank The bank’s commercial banking division has appointed Karin Cook chief operating officer. She joins from HSBC, where she was most recently global chief operating officer for its private bank. Cook has over 20 years’ experience in the industry, and has also held roles at Goldman Sachs and Morgan Stanley. Saffery Champness The accountancy [...]
Property firm Hammerson hires Sainsbury’s head as chairman January 14, 2013 DAVID Tyler, the chairman of Sainsbury’s, is to take on another FTSE 100 role, after it was announced yesterday he will replace John Nelson as chairman of property giant Hammerson. Tyler, who has also been a non-executive director at luxury group Burberry for more than a decade, will join the board with immediate effect on [...]
FTSE falls from four-year high as analysts warn on energy shares January 14, 2013 BRITAIN’S leading shares fell yesterday after touching a 4-1/2 year high early in the session, with technical analysts noting the index could be set for a minor correction. Energy stocks, among Friday’s biggest gainers, were the main drag on blue-chip sentiment as Nomura warned that the sector was inexpensive for a reason and attractive price-to-earnings [...]
Business surveys suggest third recession is starting January 13, 2013 THE UK may be falling into its third recession in four years, marking the third dip since the credit crunch, two business surveys indicated this morning. The UK returned to growth in the third quarter of 2012. However, British firms’ output weakened to 93.1 in the fourth quarter of 2012, accountants BDO said, from 93.4 [...]
Lloyds boss in line for bonus of up to £4.4m January 13, 2013 LLOYDS’ chief executive is in line for a bonus of up to £4.4m for 2012, it emerged over the weekend, after the bank’s share price soared and complaints dropped last year. Antonio Horta Osorio was brought in to clean up the bank, and it is thought that solid progress towards that goal, as well as [...]
Market shrugs off high street gloom as FTSE 100 hits four-year high January 9, 2013 LONDON’S FTSE 100 index soared to its highest level since May 2008 during yesterday’s trading, as bullish investors continued to drive the New Year rally. The blue chip index peaked at 6,112.27, led by strong banking and mining stocks and an optimistic outlook to the beginning of the US earnings season. The FTSE finally closed [...]