WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2010 FINANCIAL TIMES CREDIT SUISSE TO ISSUE COCOS EARLY Credit Suisse’s chief executive said he hoped to begin issuing billions of dollars in contingent-capital bonds in the next year to help shore up the bank’s financial strength well ahead of new Swiss regulations. Brady Dougan also defended Credit Suisse’s decision to award one-off payments to about [...]
CITY MOVES | WHO’S SWITCHING JOBS October 27, 2010 Speechly Bircham The law firm has appointed Jonathan Crawford as a partner in its corporate practice. Crawford joins from Mayer Brown, where he was also a partner in the London corporate group. He specialises in the financial services sector, where he has a wealth of previous experience of large, often cross-border, transactional work including mergers [...]
HSBC profits hit by write-downs March 1, 2010 HSBC has reported a 24 per cent drop in annual pre-tax profits (£4.7bn) for 2009 after a raft of write-downs. However, when one-off factors such as the write-downs are taken out of the equation, its underlying profits rose by 56 per cent to £8.8bn. HSBC has not received direct government support unlike Lloyds and RBS. [...]
REWRITING THE RULE BOOK FOR CITY LIFE November 10, 2010 RULES, rules, rules – it’s probably fair to say the financial services industry is getting a little sick of them by now, after being hit by a hammer blow of regulatory changes in the wake of the crisis. But that hasn’t deterred Canon David Parrott, guild vicar of the St Lawrence Jewry church on the [...]
Chinese bid to block BHP Billiton tie-up September 5, 2010 CHINESE officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton’s $39bn (£25.3bn) bid for Potash. In response to the directive, sources say Sinochem is holding meetings with several banks, including Citigroup, HSBC and Morgan Stanley. The order from Beijing underscores the seriousness with which China is taking the [...]
Recession… what recession? November 1, 2010 Buoyant manufacturing figures from the UK, the US and China boost hopes for global recovery Factories continued to fire back to life last month, with manufacturing in the UK, the US and China rebounding more strongly than economists had expected. In the UK, the manufacturing sector kicked off the fourth quarter on a high note, [...]
Hit the ground running with offshore banking August 5, 2010 ANYBODY who has moved to the UK for work will know how stressful, difficult and time-consuming it can be to open up a simple bank account and manage your finances. For people who regularly relocate for business, opening an offshore account can offer numerous advantages. First, you get 24-hour telephone banking and internet access wherever [...]
We must adjust to new global order November 11, 2010 IT takes time for new realities to sink in, especially in economics and geopolitics. One reason why the G20 meeting in Seoul won’t achieve anything of any real substance is that the old order still believes that it can play by the old rules – and by that I mean primarily the Americans. The Fed’s [...]
CITY MOVES | WHO’S SWITCHING JOBS October 18, 2010 Matrix The financial services group has appointed Simon Elvidge as its new group head of compliance and assurance. Elvidge has over 20 years of experience in the sector and joins from Numis Securities, where he was head of compliance. Prior to that, he spent time working at HSBC, Société Générale and at Newedge Group, the [...]
Anti-banker populism is backfiring November 16, 2010 THIS is turning out to be a decent year for the global investment banking industry, despite weaker trading results and even though some firms are doing better than others. True, Wall Street’s total profitability – as defined by the broker-dealer operations of New York Stock Exchange members – will collapse 69 per cent this year [...]