Plus a change, plus c’est la mme chose October 29, 2009 IT is becoming increasingly clear that the current crisis is much more similar to previous booms and busts than is usually understood. London’s secondary banking crisis of the 1970s, for example, saw a number of financial institutions that raised funds on the money markets go bust after the Bank of England hiked interest rates and [...]
CITY MOVES WHO’S SWITCHING JOBS October 29, 2009 MarshThe insurance broker and risk adviser has hired Simon Curtis as chief operating officer of its UK operations, based in London. He succeeds Ian Clarke, who continues as a board member and a member of the firm’s international executive group. Curtis joins from Jardine Lloyd Thompson, which he joined in 2000 after its acquisition of [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]
Lloyd’s of London is the City’s great gem October 27, 2009 IT was Lord Davies, the former boss of Standard Chartered and current trade minister, who put it best. Speaking at a gathering of senior figures at Drapers’ Hall organised by the City of London on Monday night, he pointed out that among all the chaos in financial services, there is one player that has emerged [...]
Lloyd’s: equity market rally is nearing end October 27, 2009 THE stock market rally has run out of steam, according to Lloyd’s of London. The world’s oldest insurance market yesterday poured cold water over hopes that surging equity prices would continue to rise into the latter stages of the year and into 2010. Pointing out that shares had risen 50 per cent since March, Lloyd’s [...]
City Moves for 28 October 2009 | Who’s switching jobs October 27, 2009 GAMThe investment management firm has appointed Niall Gallagher as an investment director, effective from 2 November. Gallagher, who will be responsible for managing GAM’s European long-only equity strategies, previously managed pan-European and continental European equities at T. Rowe Price. He also formerly worked at BlackRock for nine years, having begun his career as an economist [...]
Lloyd Webber diagnosed with cancer October 25, 2009 ANDREW Lloyd Webber has been diagnosed with prostate cancer, a publicist for the composer and theatre tycoon confirmed yesterday. “The condition is in its very early stages,” said the publicist. “Andrew is now undergoing treatment and expects to be fully back at work before the end of the year.” Lloyd Webber is best known for [...]
The tributes pour in as City A.M. gets to 1,000 October 22, 2009 GORDON BROWNPrime Minister“Congratulations to City A.M. on reaching a thousand editions. Your paper has kept both Westminster and the City informed at a time of great turbulence in the world economy.” SIR VICTOR BLANKFormer chairman, Lloyds Banking“City A.M. has developed into a quality newspaper which sparks boardroom debate with its insight and analysis. It is [...]
Goldman sends LSE shares down despite praise for CEO October 21, 2009 The FTSE 100 was all about the power of the analyst today, with a number of individual movers spurred up or down by words of wisdom from the City’s finest. The London Stock Exchange (LSE) shed 2.2 per cent to close at 914p after Goldman Sachs cut its rating on the stock to “neutral” on [...]
BORIS ATTACKS BANKS IN U-TURN October 19, 2009 BORIS Johnson is prepared to haul bankers into City Hall to berate them over bonuses after he threw away his cheerleader outfit and attacked the City’s culture of “greed”. In a massive U-turn that followed months of outspoken defence of banks and the City, Boris said he would take a harder line with the industry. [...]