Rathbone to buy fund unit from Lloyds October 15, 2009 LLOYDS Banking Group is in advanced talks with private bank Rathbone Brothers over the sale of its Scottish private fund management operations, the bank confirmed yesterday. The bank said it was selling the Bank of Scotland Portfolio Management Service (PMS), a business with a headcount of around 50 staff that specialises in putting together investment [...]
Tories: no more cash bonuses October 25, 2009 GEORGE OSBORNE will today call on the Treasury and Financial Services Authority to stop high street banks paying out cash bonuses of more than £2,000. Retail banks such as state-owned Lloyds Banking Group and Royal Bank of Scotland must be banned from paying out cash bonuses, he will say, to allow profits to be pumped [...]
Meet steely Neelie Kroes, the queen of UK banks November 4, 2009 Brussels competition chief Neelie Kroes yesterday unveiled the most radical shake-up of UK retail banking in living memory, ordering Royal Bank of Scotland and Lloyds Banking Group to sell off assets and authorising an extra £40bn injection of taxpayer money into the banks. The extra capital from the Treasury only served to stoke the anger [...]
FTSEdrops as windfall tax worries offset mining gains December 7, 2009 Britain’s top shares ended 0.2 per cent lower yesterday, with banks weak on concerns over a possible windfall tax, offsetting modest gains in miners and energy stocks which rebounded from earlier losses. The FTSE 100 closed 11.70 points lower at 5,310.66 points, paring some losses from earlier in the session when the index dropped to [...]
Hike in commodity costs hits miners and energy stocks November 19, 2009 Britain’s top share index fell 1.4 per cent yesterday as sagging commodity prices dented miners and energy stocks, while reduced risk appetite hurt banks. The FTSE 100 ended down 74.43 points at 5267.70, its biggest daily fall for three weeks, after closing 0.1 per cent lower on Wednesday. Miners were the biggest drag on the [...]
Ailing share price could cost Lloyds’ Eric Daniels millions February 15, 2010 LLOYDS chief executive Eric Daniels is line to forego a long-term incentive bonus worth millions of pounds as the bank’s share price continues to linger in the doldrums, City A.M. can reveal. Daniels, whose pay is under scrutiny this week ahead of Lloyds’ annual results on 26 February, is now likely to see his combined [...]
Northern Rock pays out bonuses as mulls a sale March 10, 2010 NORTHERN Rock chief executive Gary Hoffman will waive his £700,000 annual bonus and in turn hand staff £15m in bonuses as the bank dramatically cut its losses for the year. Hoffman will instead be placed on a long-term incentive scheme that will see his bonus linked to performance objectives for the bank. Management at Northern [...]
CITY A.M. | SHADOW MPC April 7, 2010 ALLISTER HEATH | CITY A.M. “The Bank should hike rates by a symbolic 0.25 per cent to show that it is serious when it comes to fighting inflation and that it is confident the economy is growing again. The UK is weak but no longer in recession.” SIMON WARD | HENDERSON “Raise rates by 25 [...]
Northern Rock break-up is good for competition November 1, 2009 Leaving the debate over who should be the first “President of the EU” aside, the EU Commission’s recent decision to allow the break-up of Northern Rock into separate “good” and “bad” banks was a major step forward to restoring healthy competition in the banking sector. Restructuring Northern Rock and selling off its viable parts will [...]
Banks agree new FSA code for reporting October 26, 2009 THE MAJOR UK-based banks have agreed to implement a new code for financial reporting which aims to address investor concerns over the disclosure of complex, risky products. The Financial Services Authority (FSA) yesterday confirmed that the institutions – including bailed-out banks Lloyds Banking Group and Royal Bank of Scotland – have agreed to apply the [...]