Former RBSchair McKillop takes board role at pharma firm UCB November 26, 2009 SIR Tom McKillop, the former chairman of Royal Bank of Scotland (RBS) has been appointed to the board of UCB, a large biopharmaceutical company which is listed in Brussels, it emerged yesterday. McKillop was one of the four bank executives who was publicly blamed for his role in the near-collapse of RBS. He was hired [...]
Miners push FTSE higher but M&S weighs on retail shares January 7, 2010 BRITAIN’S top shares added 0.1 percent yesterday as a rally by heavyweight miners, in tandem with stronger metal prices, offset weakness in energy issues, with retailers upset by a disappointing update from M&S. At the close, the FTSE 100 index was 7.54 points higher at 5,530.04, another 16-month closing high. “It looks like the big [...]
Miners push FTSE higher but M&S weighs on retail shares January 6, 2010 BRITAIN’S top shares added 0.1 percent yesterday as a rally by heavyweight miners, in tandem with stronger metal prices, offset weakness in energy issues, with retailers upset by a disappointing update from M&S. At the close, the FTSE 100 index was 7.54 points higher at 5,530.04, another 16-month closing high. “It looks like the big [...]
Bank stocks ruffle the FTSE 100 as investor sentiment is hit by shake-up November 3, 2009 THE FTSE 100 briefly dipped below 5,000 for the first time in over a month yesterday, as banking stocks were hit by the shake-up of Royal Bank of Scotland (RBS) and Lloyds Banking Group. Royal Bank of Scotland was the worst hit of the five large-cap banks, dipping by 15 per cent in early trading. [...]
Kingman gets City transfer November 22, 2009 JOHN Kingman, the former UK Financial Investments boss, has agreed to refrain from working with state-owned banks for 12 months after he takes up his new role at NM Rothschild. Rothschild will announce today that Kingman will start in March as a managing director at the 200-year-old investment bank. But his appointment has already sparked [...]
End is nigh for free banking as OFT ruling looms November 22, 2009 THE UK faces an end to free banking this week, as the Supreme Court makes its final ruling over whether customers have been unfairly charged on their overdrafts. The government has piled the pressure on banks to settle the matter quickly rather than appeal, and millions of customers could be eligible for a payout after [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 17, 2010 FINANCIAL SERVICES CITY’S ROLE AS FINANCIAL CENTRE SET FOR NEW BOOST, SAYS TOP HEDGE FUND London will thrive as a financial centre over the next decade by becoming the natural western hub for emerging market growth, according to one of the City’s best-known hedge funds. In stark contrast to bankers’ doom-laden predictions about the City’s [...]
European firms are sitting on extra 270bn pension deficit November 16, 2009 Top European firms are underestimating their pension obligations by €300bn (£270bn), with Royal Bank of Scotland and Lloyds Banking Group among the worst offenders, according to new figures. Lloyds has underestimated its obligations by €14.2bn, more than any other European firm, followed by RBS, which has unrecognised liabilities of €13.3bn, according to calculations by equity [...]
Insight deal completed as staff go November 2, 2009 LLOYDS Banking Group yesterday cut another 120 staff as part of the completion of the £235m sale of its Insight Investment Management business to Bank of New York Mellon. On another bleak day for banking jobs, Lloyds said 331 staff would move to BNY Mellon as part of the deal while 12 would be kept [...]
Treasury hits back at WTO’s bailout attack November 22, 2009 THE government last night defended bank bailouts in retaliation to suggestions by the World Trade Organisation that Britain may have contravened trade laws in keeping Royal Bank of Scotland and Lloyds Banking Group afloat. The Treasury responded with surprise to comments from WTO director general Pascal Lamy that bank bailouts may amount to “financial protectionism”. [...]