VIRGIN: THE TOP TEAM January 9, 2012 CHAIRMAN SIR DAVID CLEMENTI City grandee David Clementi is a former deputy governor of the Bank of England, a role he held until 2002. He has also been chairman of FTSE 100 insurer Prudential and chief executive of private bank Kleinwort Benson. CHIEF EXECUTIVE JAYNE-ANNE GADHIA Jayne-Anne Gadhia has worked at a range of RBS and Virgin [...]
House prices fall in December January 6, 2012 House prices fell 0.9 per cent on the month in December, mortgage lender Halifax said, confounding expectations of a modest pick-up. House prices fell 1.3 per cent in the three months to December versus a year ago, a bigger decline than the 0.8 per cent drop forecast by analysts. The average price of a home [...]
Euro woes return with a vengeance January 5, 2012 EUROPEAN banks were caught in a wave of new anxiety yesterday as doubts over capital-raising plans and Hungary’s solvency caused investors to drop stock in the continent’s major lenders. Shares in UniCredit, Italy’s biggest bank, dropped 17.3 per cent to their lowest level since 1985 as markets fret over its heavily discounted rights issue, which [...]
Banks drag FTSE down as UniCredit prices at discount January 4, 2012 CONCERNS over the Eurozone sent Britain’s top shares into reverse yesterday after the previous session’s sharp gains, as Italian lender UniCredit priced a rights issue at a huge discount, and a German bond auction failed to excite. The FTSE 100 fell 31.46 points, or 0.6 per cent, to 5,668.45, albeit in light volume, at 79 [...]
FSA: time for common sense on mortgages December 18, 2011 LENDERS will not face mandatory limits on how much they can lend to house-buyers, the Financial Services Authority (FSA) announced today, but will be expected to use more “common sense” when issuing mortgages. Draft rules out this morning argue that too many risky loans were made on the basis that house prices would always rise, [...]
Lenders expect repossessions to rise in 2012 December 15, 2011 MORTGAGE lenders expect the number of repossessions to shoot up by over 20 per cent next year, figures out yesterday revealed. Around 37,000 properties have been repossessed this year, the Council of Mortgage Lenders (CML) estimates, and it expects the figure to rise to around 45,000 in 2012. And while mortgage lending grew in November [...]
COMEBACK KID December 14, 2011 THE EXHAUSTED boss of Lloyds Banking Group is to jump back in the saddle of the beleaguered lender after doctors said he made a “full recovery”, chairman Sir Win Bischoff has announced. The bank also said that it has entered exclusive talks with the Co-operative Group over the sale of 632 branches, leaving rival bidder [...]
Bank of America agrees $315m Merrill Lynch settlement December 6, 2011 Bank of America has agreed to pay $315m to settle claims from investors who said they were misled by Merrill Lynch when they bought mortgage-backed securities in the run-up to the financial crisis. The settlement is one of the highest ever agreed against a bank over the mis-selling of the securities, which were shown to [...]
House prices dip December 6, 2011 House prices fell by 0.9 per cent in November, mortgage lender Halifax said on Tuesday, though it said it expected the housing market to hold steady in the coming months. House prices fell by one per cent in the three months to November compared with a year ago, weaker than the 0.7 per cent decline [...]
Downgrade bombshell puts brakes on FTSE gains December 6, 2011 The brakes were slammed on the recovery in European markets this morning after ratings agency Standard and Poor’s warned 15 Eurozone countries – including Germany – that they were teetering on the edge of a downgrade. Asian stocks and the euro fell after S&P piled pressure on a plan to solve the region’s debt crisis [...]