Banks told to “ring fence” retail arms April 11, 2011 Top banks should shield their retail operations from riskier investment banking activities and hold more capital to protect taxpayers in the event of another financial crisis, a report said. Radical shake-up proposals outlined appear harshest for Lloyds Banking Group, which may be forced to sell hundreds more branches in addition to the 600 already on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2011 FINANCIAL TIMES FED SEEKS ANNUAL US BANK STRESS TESTS The Federal Reserve wants to subject US banks to annual capital tests, reserving the right to veto dividend pay-outs if they do not pass. A draft of the new rule is set to be approved by the Federal Reserve Board and put out for public comment [...]
Private sector hire rate jumps April 12, 2011 THE RATE at which the private sector in London took on staff hit its quickest pace for almost three years in March. A survey by Lloyds TSB and Markit, which indicates growth with a score above 50, shot up to 57.7 last month. The last time the private sector in the capital hired at a [...]
CITY MOVES | WHO’S SWITCHING JOBS May 5, 2011 Norton Rose The law firm has appointed renewable energy finance specialist Antje Günther as a partner in the firm’s Frankfurt office. Günther, who joins from DLA Piper, where she has worked since 2006, represents financial institutions, corporates and funds in domestic and cross-border transactions. Norton Rose opened a third German office in Hamburg on 1 [...]
Lloyd’s profits hit by catastrophe claims March 30, 2011 London’s insurance market Lloyd’s of London has posted a £2.2bn pre-tax profit for 2010 despite a year of heavy catastrophe losses for the industry. Lloyd’s, which operates in 175 countries, wrote £22.6bn of gross premiums last year, up 2.9 per cent from £22bn in 2009, but pre-tax profit fell 43 per cent from the £3.9bn [...]
Lloyd’s profits hit by catastrophe claims March 30, 2011 London’s insurance market Lloyd’s of London has posted a £2.2bn pre-tax profit for 2010 despite a year of heavy catastrophe losses for the industry. Lloyd’s, which operates in 175 countries, wrote £22.6bn of gross premiums last year, up 2.9 per cent from £22bn in 2009, but pre-tax profit fell 43 per cent from the £3.9bn [...]
CITY VIEWS: WOULD YOU SWITCH BANK ACCOUNT IF IT WAS EASIER? April 11, 2011 SAVE OR BORROW PEER TO PEER AT RATESETTER.COM STEPHEN BANNON | ACE EUROPEAN GROUP “Probably not. I have been with my bank for a few years now. I haven’t looked into the process but if it is difficult I would welcome a change.” STEVEN JONES | LLOYD’S OF LONDON “No. Easiness is not a crucial [...]
CITY VIEWS: WOULD YOU SWITCH BANK ACCOUNT IF IT WAS EASIER? April 11, 2011 SAVE OR BORROW PEER TO PEER AT RATESETTER.COM STEPHEN BANNON | ACE EUROPEAN GROUP “Probably not. I have been with my bank for a few years now. I haven’t looked into the process but if it is difficult I would welcome a change.” STEVEN JONES | LLOYD’S OF LONDON “No. Easiness is not a crucial [...]
RIVERSIDE HQ MARKS NOMURA’S NEW START April 4, 2011 THE humanitarian disaster in Japan was never far from the City’s minds at the opening of Nomura’s new offices at One Angel Lane, which started with a one-minute silence as a mark of respect for the victims and survivors of the tragedy. The Japanese bank’s president and chief executive Kenichi Watanabe paid tribute to Londoners [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2011 FINANCIAL TIMES RBS TAKES CONTROL OF 42 MARRIOTT HOTELS Royal Bank of Scotland has taken control of a £1bn property portfolio of Marriott hotels after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom. RBS on Tuesday night appointed Ernst & Young as receivers to [...]