Blankfein will not get $100m February 1, 2010 INVESTMENT bank Goldman Sachs yesterday moved to quash speculation among rival bankers that its chief executive Lloyd Blankfein may be in line for a bumper bonus of up to $100m (£62.8m), claiming the figure had been distorted out of hand. “Although the board has yet to determine executive compensation, given everything we have said and [...]
Credit is becoming easier to obtain March 22, 2010 THIS column has been quite gloomy about Britain’s prospects in recent months, and will be even more so for the remainder of this Budget week. So here is a positive story for a change: it is clear that credit is becoming steadily more available, albeit at a higher price than in the bad old days. [...]
Traders beat daily record at Goldman March 1, 2010 GOLDMAN Sachs smashed its $100m (£66.7m) plus trading day record by 41 days in 2009, despite taking on greater trading risks during the year. On 131 days last year the investment bank made at least $100m in net trading revenues, up from 91 days in 2008, according to an annual report filed with the Securities [...]
FTSE hits a high but sale of Barclays shares prompts dip October 20, 2009 Britain’s top shares fell 0.7 percent yesterday, led down by banks after Qatar sold shares in Barclays while weaker-than-expected US data added to the negative sentiment. The benchmark FTSE 100 closed down 38.14 points at 5,243.40, having hit a fresh high for the year at 5,298.54 earlier in the session. Barclays fell 4.8 per cent [...]
Blank makes comeback as UKTI adviser February 1, 2010 FORMER Lloyds Group chairman Sir Victor Blank has been brought in to advise the government on attracting overseas investment to the UK. Sir Victor, who resigned from the Lloyds board last year in the wake of its ill-fated takeover of HBOS, has taken a seat on a panel set up by Prime Minister Gordon Brown [...]
Shadow MPC votes for hold March 3, 2010 A MAJORITY of City A.M.’s Shadow Monetary Policy Committee (MPC) think that interest rates and quantitative easing (QE) should remain unchanged this month, ahead of the Bank of England’s decision scheduled for midday today. Eight members voted for a pause with many believing that now is the time for the MPC to take stock after [...]
Darling: Rock won’t be sold to big bank September 3, 2009 CHANCELLOR Alistair Darling signalled yesterday that he would block large banks from buying Northern Rock or the government’s stakes in Royal Bank of Scotland and Lloyds Banking Group in a bid to promote competition. Speaking at a dinner hosted by employers’ organisation the CBI, Darling said the government would sell its banking stakes in a [...]
KINGMAKER CLEGG: BAN BANK BONUSES February 23, 2010 SENIOR bankers should no longer be paid bonuses, Liberal Democrat leader Nick Clegg said yesterday. Clegg, who will play the role of kingmaker after the election if polls pointing to a hung parliament are correct, said the ban should apply to all variable pay – including deferred stock. It would cover executive board members and [...]
TORIES MULL TAX ON BAILED-OUT BANKS October 7, 2009 A TORY government would consider a “windfall” tax on UK banks that have received state support, in an apparent sign of shadow chancellor George Osborne’s willingness to play hardball with the City. One possibility for the tax, currently being discussed at the highest levels within the party, would take the shape of a new accounting [...]
Banks take FTSE 100 lower after US figures disappoint October 15, 2009 THE FTSE 100 closed lower on yesterday as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The index ended down 0.6 per cent, or 33.15 points at 5,222.95, retreating from a 56-week closing high set on Wednesday. Although third-quarter earnings from Goldman Sachs and Citigroup came [...]