Employees reap a $4.9bn pay day March 3, 2010 STANDARD Chartered dished out a $4.9bn compensation package for its employees as it announced record profits. Its remuneration ratio is 32 per cent of its $15.2bn revenue – slightly down from the 34 per cent handed out the year before. It works out at $64,000 for each of its 77,000 staff. The amount given in [...]
Miners and Vodafone drag but banks offer some cheer November 10, 2009 BRITAIN’S leading share index ticked down 0.1 per cent yesterday, ending a four-day winning run, as weakness in miners and Vodafone offset strength in banks, underpinned by a strong update from HSBC. The FTSE 100 closed 4.63 points lower at 5,230.55, after hitting a two-week high earlier in the session. “After last week’s slew of [...]
New look board behind the turnaround at RBS February 25, 2010 The Royal bank of Scotland chairman yesterday pinned the bank’s change in fortunes on the strength of its new board. Philip Hampton said the people who brought the institution to the brink of collapse have all been culled. The board, which has stemmed RBS’ losses at £3.6bn after it lost £24bn the year before, has [...]
CITY MOVES | WHO’S SWITCHING JOBS March 28, 2010 Principal Global Investors The asset management firm has appointed Andrea Muller as chief executive of its east Asian operations and managing director for the Asia ex-Japan region, effective from tomorrow. Muller has over 23 years of experience with large multinational firms and was most recently the head of the Fitch ratings agency in the Asia [...]
Analysts say Lloyds could still exit APS September 23, 2009 LLOYDS Banking Group could avoid the government’s Asset Protection Scheme (APS) altogether if it can raise £16bn via a rights issue, analysts from stockbroker Execution said yesterday. The APS is a “sub-optimal way to recapitalise the sector”, analysts led by Joseph Dickerson said, adding that rights issue would lower the bank’s wholesale funding costs. “Our [...]
Analysts say Lloyds could still exit APS September 23, 2009 LLOYDS Banking Group could avoid the government’s Asset Protection Scheme (APS) altogether if it can raise £16bn via a rights issue, analysts from stockbroker Execution said yesterday. The APS is a “sub-optimal way to recapitalise the sector”, analysts led by Joseph Dickerson said, adding that rights issue would lower the bank’s wholesale funding costs. “Our [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2010 THE SUNDAYS The Sunday Telegraph NORTHERN ROCK £400M LOSS Northern Rock made multi-million pound losses for a third year running in 2009, the nationalised lender will reveal this week. The bank will report pre-tax losses of about £400m, analysts believe, a marked improvement on the £1.36bn of losses in 2008. Since the Government bailed it [...]
Lloyds non-executives quit board ahead of new guidelines from Walker Review September 22, 2009 LLOYDS Banking Group yesterday announced the resignation of non-executive directors Carolyn McCall and Phillip Green. McCall, also the chief executive of media firm Guardian Media Group and Green, who is chief executive of water company United Utilities, cited worries that the role would take up too much time. The Walker Review into corporate governance recommended [...]
Lloyds recruits new top banker September 9, 2009 LLOYDS Banking Group named former Goldman Sachs banker James Garvey as head of capital markets yesterday, one of the bank’s highest profile appointments since it was rescued with state cash. Garvey will head the capital markets and advisory business. He retired from Goldman Sachs as a partner earlier this year after spending 10 years at [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 18, 2009 FINANCIAL TIMES LLOYDS OFFLOADS MALL FOR £300MHammerson, the UK real estate investment trust, has emerged as the preferred buyer of a £300m shopping mall near Glasgow being sold by Lloyds Banking Group after the original owner defaulted on the loan. The UK commercial property market has seen few sales by the larger lending banks, in [...]