City Views | Do you think the coalition relaunch will succeed? January 7, 2013 DAN BROWN LOGICALIS Any advertising is good advertising at the moment for the coalition. I guess it is about showing unity and affirming they are still together, and the purpose is internally just as much as an external target audience. I would like them to announce that the deficit is going down, and a reaffirmation [...]
Diamond’s fall was less to do with Libor, more with image December 19, 2012 THOSE that care about such things have long suspected that the Barclays management led by Bob Diamond achieved little for themselves by being the first to settle allegations earlier this year that the bank manipulated a key interest rate. By doing so, they may have done well for their shareholders by agreeing a less costly [...]
Who’s switching jobs December 13, 2012 Carmignac Gestion Vincent Steenman has been appointed to the asset management firm’s portfolio management team. He joins from Zadig Asset Management, where he was a partner. Steenman has also held roles at the LVMH Group Arnault Family Office and Morgan Stanley. Allele Fund John Shea has been appointed to the investment fund’s advisory board. He [...]
Boris poaches City economist Lyons to become finance guru December 11, 2012 MAYOR of London Boris Johnson yesterday appointed top City economist Gerard Lyons, formerly of Standard Chartered, as his chief economic adviser to help preserve’s Square Mile’s dominance as a global financial hub. Lyons, who stepped down as chief economist at Standard Chartered earlier this month after 13 years at the bank, will be paid an [...]
HSBC’s fine stands as the first step on a lengthy journey December 11, 2012 HSBC is to pay a settlement of around $1.9bn (£1.2bn) under the terms of a deferred prosecution agreement reached with the US Department of Justice. It is the largest settlement of its kind to date, dwarfing fines paid by financial institutions like Standard Chartered and Barclays. But why is it so big? Firstly, it reflects [...]
Is the historic $1.9bn settlement between HSBC and US regulators a reasonable result? December 11, 2012 YES Roger Francis HSBC said today that it had agreed to pay $1.92bn (£1.2bn) as part of a settlement with US regulators. Although the settlement sets a new record for penalties on a bank, it should be viewed in the perspective of HSBC’s huge earnings power and the bank’s breaches of money laundering and sanctions [...]
US regulator slaps record fine on HSBC December 10, 2012 HSBC has agreed to pay out a record $1.9bn (£1.2bn) to US authorities over charges related to money laundering, it emerged last night. In a major victory for prosecutors, the British bank will today admit to breaking laws by transferring billions from drug cartels and terrorists through the US financial system. The sum – an [...]
What the other papers say this Morning December 10, 2012 FINANCIAL TIMES Warning on cost of shares for rights George Osborne’s “shares for workers’ rights” initiative could end up costing Britain £1bn a year in lost revenues, the Office for Budget Responsibility has warned, at the same time as the government battles to clamp down on tax avoidance schemes. The long-term potential cost of the [...]
StanChart set for another $330m US fine December 6, 2012 SHARES jumped in British bank Standard Chartered yesterday, as it revealed its final fine for breaking US sanctions against Iran will be smaller than previously feared. It expects to pay $330m (£205.6m) to regulatory authorities including the Federal Reserve, the Department of Justice, the Treasury department and the local district attorney. That takes Standard Chartered’s [...]
FTSE up despite regulatory probes December 6, 2012 The FTSE 100 was up in early trading, rising 0.4 per cent to break through the important 5,900 barrier, with some of the main share price moves driven by regulatory investigations. Rolls-Royce fell heavily after admitting that it was co-operating with the Serious Fraud Office on a probe into potential corruption and bribery at its [...]