Sixteen lenders accused of Libor manipulation March 17, 2014 SOME of the biggest banks across the UK, US and Europe are being sued by the Federal Deposit Insurance Corporation (FDIC) in the US over claims their traders manipulated Libor interest rates. The regulator is launching legal action against 16 banks, including HSBC, Barclays, RBS, JP Morgan and Deutsche Bank. The British Bankers’ Association (BBA) [...]
The week in brief March 16, 2014 Reebok unveils new logo In the second overhaul of the sportswear company’s logo in its 121-year history, Reebok has unveiled a new design to reflect its focus on fitness. Chief marketing officer Matt O’Toole said: “The new brand mark signals a clear purpose for our brand.. It is a symbol of change – an invitation [...]
Inside Track: Co-op board spat highlights need for change March 12, 2014 COMPANIES usually ban the use of social media sites to stop employees idling away work-time on frivolous gossip. In the case of the Co-operative Group, it might have been better advised to put a filter on the internet access of Euan Sutherland, its now-former chief executive. Sutherland took to Facebook on Sunday to denounce the [...]
London Report: G4S tagging woes drag FTSE down to a one-month low March 12, 2014 THE UK’S top share index fell to a one-month low yesterday, led down by G4S after the security firm agreed a settlement with the government over an offenders’ tagging scandal. G4S sank 5.3 per cent in brisk trade after agreeing to repay £108.9m to the British government after overcharging it on a contract to tag [...]
Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
City Moves for 12 March 2014 | Who’s switching jobs March 11, 2014 MHA MacIntyre Hudson The accounting firm has announced the appointment of Sarah Jarvie as a manager in its restructuring and recovery team. She has over 15 years’ experience, and was most recently at KPMG. PwC The professional services firm has appointed two data analytics partners to its financial services risk and regulation team. Nick Bouch joins [...]
Greek bank in bond issuance March 6, 2014 PIRAEUS Bank is the first Greek lender to return to the bond markets five years after investors locked the industry out in the wake of the financial crisis. The bank wants to raise as much as €500m (£414m) and has hired HSBC, BNP Paribas, Credit Suisse, Deutsche Bank and Goldman Sachs to tap up investors [...]
Gold investor launches legal case over market manipulation claims March 5, 2014 AN AMERICAN investor has launched a law suit against five banks accused of manipulating prices in the gold market. It is alleged that traders sought to artificially adjust the London gold price. The benchmark is considered particularly useful as gold is typically traded over the counter, in bilateral trades rather than through an exchange which determines [...]
Banks speed up compensation for small firms March 5, 2014 BRITAIN’S biggest banks have accelerated their compensation payments to small firms who were mis-sold interest rate products, the City watchdog said yesterday. It comes as the Financial Conduct Authority’s (FCA) May deadline for repaying the businesses looms. All of the small businesses who are thought to have been affected and have been deemed to be unsophisticated [...]
City Moves for 06 March 2014 | Who’s switching jobs March 5, 2014 BNP Paribas The investment bank has appointed Stephanie Sfakianos as head of sustainable capital markets for fixed income. She was most recently its head of liability management, having joined the bank in 2002. Sfakianos previously held fixed income roles at Deutsche Bank and HSBC. Allen & Overy The law firm has hired Karan Dinamani as a partner [...]