Banks help FTSE to end May on a high but fear still reigns May 31, 2011 BANKS and energy stocks, buoyed by hopes of a second bailout for Greece, helped Britain’s FTSE 100 higher yesterday, but traders remained concerned about buying momentum in the short-term. “Uncertainty for the near term outlook still remains bearish until the markets can pick up positive momentum and clear hurdles to give the bulls a chance [...]
Banks bolster FTSE at the close May 25, 2011 London stocks struggled to gain ground today as poor economic data on both sides of the Atlantic dismayed investors. A rally led by banking stocks late in the afternoon helped push the FTSE back into the black, with the FTSE 100 just 0.2 per cent higher at 5,870.14 at the close. Miners made muted gains [...]
HSBC plans £2.1bn savings May 11, 2011 HSBC is reviewing its US cards business and streamlining its wealth management and retail banking operations as it eyes savings of up to $3.5bn (£2.1bn), Europe’s biggest bank has said. HSBC said the savings would help it reduce the proportion of revenue spent on expenses to 48-52 per cent by 2013 from 61 per cent [...]
HSBC plans £2.1bn savings May 11, 2011 HSBC is reviewing its US cards business and streamlining its wealth management and retail banking operations as it eyes savings of up to $3.5bn (£2.1bn), Europe’s biggest bank has said. HSBC said the savings would help it reduce the proportion of revenue spent on expenses to 48-52 per cent by 2013 from 61 per cent [...]
Being the world’s local bank isn’t cheap May 9, 2011 ANOTHER bank, another case of soaring costs. Investors thought it was bad enough when HSBC announced its cost-to-income ratio had hit 58 per cent in the second half of 2010. Gulliver tried to assuage shareholder concern by stating his intention to reduce it to 52 per cent, although he did insist it was a long-term [...]
CITY MOVES | WHO’S SWITCHING JOBS May 8, 2011 Man Group The investment management firm has made two appointments to its board. Emmanuel Roman, chief operating officer, becomes an executive director and Matthew Lester, chief finance officer of the Royal Mail Group, becomes a non-executive director. Roman joined Man as COO following the acquisition of GLG Partners, which he joined in 2005 after 18 [...]
CITY MOVES | WHO’S SWITCHING JOBS May 8, 2011 Man Group The investment management firm has made two appointments to its board. Emmanuel Roman, chief operating officer, becomes an executive director and Matthew Lester, chief finance officer of the Royal Mail Group, becomes a non-executive director. Roman joined Man as COO following the acquisition of GLG Partners, which he joined in 2005 after 18 [...]
Recruitment slows down at StanChart May 4, 2011 STANDARD Chartered’s headcount fell by 800 during the first-quarter of this year as the bank slowed hiring to control costs, the firm revealed in a trading update yesterday. However, overall expenses rose and headcount increased in its wholesale division. “We are maintaining a firm grip on expenses,” the bank said, adding that the increase is [...]
Standard Chartered lifted by Asian markets May 4, 2011 Standard Chartered said it has had an excellent start to the year as key Asian markets lifted income by over 10 per cent, although costs rose at a faster rate after a hiring spree last year. The Asia-focused bank said its staff headcount had dropped but this was only temporary. Costs rose more than income [...]
CITY MOVES | WHO’S SWITCHING JOBS April 20, 2011 Barclays Corporate Barclays Corporate has appointed Tan Kah Chye as head of trade and working capital, joining from Standard Chartered Bank in Singapore, where he held the position of global head of trade finance for the past six years. At Barclays, Chye will use his experience in senior trade finance roles in Asia and Europe [...]