Lloyds loses rich US clients in rules blow June 14, 2009 LLOYDS Banking Group has told a group of UK-based, high-net worth American clients at one of its investment management arms it can no longer run money for them, due to a regulatory hitch. The bank last week contacted around 30 wealthy clients of its Bank of Scotland Portfolio Management Service by letter informing them it [...]
BISCHOFF TO TAKE CHAIR AT LLOYDS July 27, 2009 SIR WIN Bischoff will succeed Sir Victor Blank as chairman of Lloyds Banking Group, the bank announced yesterday, prompting criticism from some quarters. Bischoff, former chairman of Citigroup, will be paid £700,000 a year without shares or a bonus and will assume the role on 15 September, long before next year’s annual meeting, the deadline [...]
Fears over pace of economic recovery see FTSE stumble August 17, 2009 THE FTSE 100 fell 1.5 per cent by the close yesterday with mining, oil and banking stocks leading the losers, as global markets retracted amid concerns over the pace of global recovery. The index closed 68.96 points lower at 4,645.01, extending losses from Friday when it shed 0.9 per cent and marking its biggest one [...]
TORIES WILL PROBE POWER OF BIG BANKS July 20, 2009 LLOYDS Banking Group and Royal Bank of Scotland could be carved up under a Conservative government, shadow chancellor George Osborne signalled yesterday. Speaking as he set out his vision of the future of financial regulation, Osborne said the Tories would task the Office of Fair Trading (OFT) and the Competition Commission with probing whether consolidation [...]
Banks gear up to report on the first half of a tough year August 2, 2009 The market’s attention is likely to be dominated this week by the banks, which will be reporting their first-half results during the five days. But there will be plenty more for investors to sink their teeth into, with insurers, bookmakers and industrials all on the radar too. Barclays and HSBC kick the week off this [...]
Goldman justifies its bonus pool December 3, 2009 GOLDMAN SACHS has been holding talks with shareholders to justify its pay policy, which has seen the US investment bank set aside a $16.7bn (£9.4bn) bonus pool for staff over the first nine months of 2009, it emerged yesterday. Goldman has also put a detailed 14-page memo up on its website, detailing its remuneration scheme. [...]
CITY MOVES WHO’S SWITCHING JOBS November 10, 2009 Syndicate Asset ManagementThe fund management group has hired Mark Cheshire, 51, as chief executive of its newly-formed Ashcourt Rowan wealth management businesses, which are due to formally launch in January. Cheshire was previously director of UK private wealth management at Lloyds TSB and, prior to that, chief executive and managing director at Lloyds TSB Private [...]
End is nigh for free banking as OFT ruling looms November 22, 2009 THE UK faces an end to free banking this week, as the Supreme Court makes its final ruling over whether customers have been unfairly charged on their overdrafts. The government has piled the pressure on banks to settle the matter quickly rather than appeal, and millions of customers could be eligible for a payout after [...]
Professional services are a bedrock of City success November 11, 2009 AN insurer talking to accountants may not sound like much of a crowd-drawer in the traditional sense. But when Lord Levene, chairman of Lloyd’s of London, addressed a breakfast briefing at Chartered Accountants Hall yesterday, his comments were enough to spark real interest among the audience. Levene’s salient point was that we cannot allow one [...]
CITY VIEWS: ARE BRITISH AIRWAYS’ STAFF RIGHT TO STRIKE? December 14, 2009 BOB AYERS | BULLIVANT & PARTNERS “The timing to strike over the Christmas period could not be more cruel. I really can’t understand why the staff have decided to strike bearing in mind BA’s dismal performance. It will damage the company, no doubt, and striking staff are unlikely to achieve much.” STUART PHILLIMORE | ROYAL [...]