HSBC to face up to $1.5bn in US fines November 5, 2012 BANKING giant HSBC will today announce that it is having to put aside another half a billion pounds to pay fines for breaking anti-money laundering regulations. The bank’s lax security controls failed to stop drug dealers laundering money through the bank’s Mexican operations. In July it set aside $700m (£437m) to pay the anticipated fines, [...]
Raft of firms set to release figures as Bank debates if more QE needed November 4, 2012 THE biggest question for UK investors this week is whether the Bank of England’s Monetary Policy Committee (MPC) will opt for more quantitative easing. The decision, which will be announced on Thursday, comes after strong jobs and GDP data. “Strong third quarter GDP data suggested that underlying growth was slightly stronger than previously thought and [...]
Retail banks have changed – but don’t blame investment banking November 4, 2012 AT A recent debate, the Bank of England’s Andy Haldane called for a culture change in retail banking. He claimed that a structural separation of retail banking from investment banking would end damaging cross-contamination. Retail banking could return to its roots in relationship management and judgement, based on local knowledge. But Haldane’s comments were based [...]
FTSE 100 down as investors await US jobs report November 2, 2012 The leading share index was trading down in early trading, as investors were cautious ahead of October’s US jobs report. The key US data is forecast to show non-farm payrolls rose 125,000 last month following a 114,000 increase in September. Insurer Admiral Group was the biggest blue chip loser this morning, shedding more than five [...]
FTSE 100 down as investors await US jobs report November 2, 2012 The leading share index was trading down in early trading, as investors were cautious ahead of October’s US jobs report. The key US data is forecast to show non-farm payrolls rose 125,000 last month following a 114,000 increase in September. Insurer Admiral Group was the biggest blue chip loser this morning, shedding more than five [...]
Regulators ask banks to hold more capital November 1, 2012 GLOBAL regulators yesterday said Citigroup, Deutsche Bank, HSBC and JPMorgan Chase will need to hold the most extra capital of 28 banks considered so large and complex they need an extra buffer to absorb potential losses. The four global banks will be required to hold an extra 2.5 per cent of common equity as a [...]
Biggest banks earmark £10bn to cover mis-selling claims November 1, 2012 THE BIGGEST banks have now set aside more than £10bn to cover PPI mis-selling compensation payouts, and analysts believe the total for the industry has smashed the £12bn mark. RBS today sets aside an additional £400m to cover the claims from aggrieved customers, taking its individual total to £1.725bn so far. And analysts believe HSBC [...]
Manufacturers say trading is getting worse November 1, 2012 DISMAL trading for British manufacturers kept the sector’s purchasing managers’ index (PMI) firmly in negative territory in October, with the gloomy conditions reflected across the world. Just a week after the UK economy was shown to have grown one per cent in the quarter to the end of September, Markit and CIPS’ PMI reading for [...]
FTSE 100 up on earnings boost November 1, 2012 The leading share index was higher in early deals this morning, buoyed by upmarket manufacturing data from China and blue chip earnings. Lloyds Banking Group, Royal Dutch Shell, BT Group, BSkyB and Legal & General all flattered the FTSE 100 in early trading. On the FTSE All-Share, credit card insurer CPP Group continued its rise [...]
Bank’s Paul Tucker stumbles upon a Barclays bonus truce October 31, 2012 IT has become the City’s most wearyingly familiar formula: bank floats pay proposals with investors; investors cry foul; bank showers its largesse on employees regardless; bank suffers revolt at annual meeting. Repeat, year after year. The 2013 bonus round should, at last, provide an antidote to the toxic relationship between Britain’s biggest lenders and the [...]