Banks unable to meet tougher leverage rules April 21, 2014 EUROPE’S banks would have to raise another $196bn (£116.7bn) if regulators increased the minimum leverage ratio to five per cent, according to a study by SNL Financial, published yesterday. Under current plans banks have to meet a three per cent ratio, holding capital amounting to three per cent of their total assets. Some regulators have [...]
City Moves for 02 May 2014 | Who’s switching jobs May 1, 2014 Henderson The asset management firm has announced the appointment of James de Bunsen as co-manager of its value trust division. He joined in January 2013 as manager of the Henderson Multi-Manager Absolute Return fund from Armstrong Investment Managers. De Bunsen also previously spent five years at Insight Investment, where he was part of its UK retail [...]
What you need to know before the US open March 14, 2014 US futures had been moving higher today, pointing to a more optimistic open for markets after a difficult week. But bond yields have slipped after an unexpected fall in producer prices: The producer price index fell 0.1 per cent in February, with services decreasing 0.3 per cent. Goods, however, rose 0.4 per cent. Consumer confidence, [...]
Europe’s biggest banks face risk from emerging market turmoil February 11, 2014 INTERNATIONAL banks like Barclays and Santander are at risk from the volatility which has struck some emerging markets in recent weeks, credit ratings agency Fitch warned yesterday. Although the risks are currently manageable, the analysts believe the danger could grow if there is contagion between more emerging and developed markets. Groupo Santander is the most exposed, [...]
Longest serving banker retires from JP Morgan January 20, 2014 JP MORGAN’S longest serving investment banker in London yesterday announced his retirement after 34 years. Klaus Diederichs helped found the bank’s investment banking arm and his most recent role was chairman of investment banking in Europe, the Middle East and Africa. According to a memo seen by City A.M. he is stepping down in April but will [...]
Europe Report: Europe gains as US shuts for Thanksgiving November 28, 2013 EUROPEAN stocks gained ground yesterday in light trade, with Italian shares outperforming after the country’s Senate expelled former Prime Minister Silvio Berlusconi, fuelling hopes of stability for the current government. The FTSEurofirst 300 index of top European shares gained 0.4 per cent at 1,305.02 points, hitting its highest closing level since 2008. Volumes were thin, [...]
Merlin set to close books early after strong demand November 4, 2013 MERLIN Entertainment is planning to close the books on its £3bn stock market flotation ahead of schedule thanks to the strength of demand from institutional investors. The operator of Legoland, Alton Towers and Madame Tussauds is now expected to close the book on its initial public offering (IPO) later this week, instead of 11 November [...]
Alitalia investors approve share issue to keep firm from crashing October 15, 2013 INVESTORS in Alitalia unanimously approved a €300m (£253.5m) share issue to keep the near-bankrupt Italian airline flying yesterday. Alitalia’s biggest investor Air France-KLM, which had said it would seek tough conditions as part of any involvement in the capital raising exercise, gave its approval along with the airline’s other shareholders during an all-night meeting. The [...]
Bosses defend big bank firms September 4, 2013 THE CHIEF executives of Deutsche Bank, Societe Generale and Unicredit have defended the need for large banks even as global regulators seek to force lenders with large balance sheets to shrink. SocGen chief Frederic Oudea said large banks were needed to maintain Europe’s capacity to finance large companies and its infrastructure. “On these markets, the [...]
City Moves for 05 September 2013 | Who’s switching jobs September 4, 2013 PwC The professional services firm has announced the appointment of Lindsay J’afari-Pak as a partner to lead its tax services to the life insurance industry. J’afari-Pak was most recently at Friends Life Group, where she was group tax director. UBS Global Asset Management Nick Rider has joined the asset management business as institutional sales director. Rider [...]