Santander chief in line for £75m retirement scheme March 21, 2010 THE boss of Spanish banking juggernaut Santander has clocked up a £75m pension pot, dwarfing the amount handed to Sir Fred Goodwin on leaving Royal Bank of Scotland. Alfredo Saenz, a 68-year-old with a reputation for turning around failing lenders, is to be awarded an annual sum of around £5m plus one third of his [...]
FTSE 100 hits 22-month high as solid US results boost investor sentiment April 14, 2010 BRITAIN’s top share index hit a 22-month closing high yesterday, as solid results from JP Morgan and Intel and strong US retail sales lifted hopes that a recovery in the world’s biggest economy is gaining momentum. The FTSE 100 closed up 34.59 points, or 0.6 per cent, at 5,796.25 — its highest close since June [...]
Banks boost FTSE after Euro bailout May 10, 2010 BRITAIN’S leading share index scored its biggest one-day per cent rise in nearly 18 months yesterday as the $1 trillion (£645bn) Eurozone rescue package doused concerns of EU debt defaults and further economic dislocation. Bank stocks, which plunged last week on their exposure to debts of Greece and other EU states, led the advance as [...]
Oil and mining shares drag FTSE lower as commodity price falls take their toll April 13, 2010 BRITAIN’S leading shares shed 0.3 per cent yesterday as oils and miners fell back on lower commodity prices, while banks moved lower on investor caution ahead of first-quarter results in the United States. At the close, the FTSE 100 was down 15.99 points at 5,761.66, having been stuck in a tight 37 point trading range [...]
Osborne labels Budget empty and unrealistic March 25, 2010 GEORGE Osborne, shadow chancellor, tore into Alistair Darling’s budget proposals in the Commons yesterday, labelling them “empty” and “an exercise in politics, not an example of governing”. The chancellor failed to outline plans on how the government would cut the Budget deficit, which could yet see the UK’s credit rating slashed before the next general [...]
Galliford secures new properties February 11, 2010 HOUSEBUILDING and construction group Galliford Try yesterday acquired the 50 per cent share held by Bank of Scotland in four residential development joint ventures in and around London. The property group handed over a nominal £1 for each of the sites and paid off the £42.5m debt held by the Bank of Scotland. Galliford Try [...]
RBS set to sell Williams & Glyn’s March 4, 2010 Royal Bank of Scotland has begun the process to offload its small business and retail bank Williams & Glyn’s. It has issued a sale memorandum for the group which the European Commission told RBS last year it must sell after it was bailed out by the government. Santander and Virgin Money are both believed to [...]
RBS hit with £29m fine for price sharing March 30, 2010 Royal Bank of Scotland has been slapped with a £29m fine after being caught attempting to share loan prices with its biggest rival. The move backfired when Barclays staff shopped the RBS workers to the regulator. The Office of Fair Trading said RBS executives broke competition law by giving their counterparts at Barclays information on [...]
Goodwin adviser Greenburgh retires from BoA Merrill Lynch March 28, 2010 VETERAN dealmaker Matthew Greenburgh has retired from Merrill Lynch and is considering studying for a PhD in English Literature after 28 years in the City. Dubbed “Sir Fred Goodwin’s banker” for helping Royal Bank of Scotland take over ABN Amro in 2007, Greenburgh leaves a gap in the top ranks of the bank. Henrietta Baldock, head of [...]
Choosing the right lender is crucial in a tough market June 3, 2010 HOUSES are selling like hotcakes thanks to fierce competition among buyers. The latest monthly survey from the Royal Institution of Chartered Surveyors (RICS) showed that houses are shifting quicker than new ones could come on to the market, despite the number of new sellers increasing. Even the dreaded gazumping is back. In such a market, [...]