CITY MOVES | WHO’S SWITCHING JOBS March 25, 2012 Coutts Jennifer Mathias has been appointed chief financial officer of the wealth division of the Royal Bank of Scotland, with immediate effect. Mathias joins from Lloyds Banking Group, where she was finance director of the corporate banking division. She will report to Fiona Davis, finance director for retail and wealth within the Royal Bank of [...]
Manduca in line for chairman’s role at the Pru May 20, 2012 PAUL MANDUCA, one of the City’s best-known fund managers, is set to become the new chairman of Prudential, putting an end to a five-month search for Harvey McGrath’s successor. Manduca, 60, joined the board of Prudential, the UK’s biggest life assurer, as a senior independent director in October 2010 and has been overseeing the search [...]
TNT Post bids to rival Royal Mail’s service March 22, 2012 TNT POST is further encroaching on Royal Mail territory by launching an end-to-end delivery trial in London as part of a long-term plan to rival the government-owned postal service. Following a successful trial in Liverpool, TNT postal workers will hit the streets of west London from mid-April to test the waters for extending the company’s [...]
Brits’ savings dwarfed by large Chinese nest eggs February 2, 2012 CHINESE people save around nine times more than Britons, as a proportion of income, according to figures released yesterday. Since 2001 the savings ratio in China spiked from 27 per cent to a staggering 47 per cent, according to research from Lloyds TSB. In the UK the recession saw the savings ratio rise to seven [...]
Irish Life & Permanent losses widen April 2, 2012 Irish Life & Permanent’s banking arm reported a wider full-year loss due to soaring impairment charges ahead of a split from the group’s life division and a government decision on whether it can remain as a standalone lender. Once lauded as the only Irish lender to avoid a state bailout due to its lack of [...]
CITY A.M. | SHADOW MPC April 4, 2012 ALLISTER HEATH | CITY A.M. “Hold rates. Strong survey data shows the economy has been recovering through the first quarter, firmly eliminating any need for more easing. Indeed, markets are already providing some tightening of their own, putting up mortgage rates and borrowing costs.” SIMON WARD | HENDERSON “Hold rates and suspend gilt purchases. The [...]
Rising output eases fears of recession March 11, 2012 PRIVATE sector output has continued to expand in nearly every English region, a survey by Lloyds TSB revealed this morning. The latest purchasing managers’ index showed that output grew in every region except for the south west. “Despite an overall dip in growth from January’s high, private sector activity across the English regions still expanded [...]
Households hit by rising cost of living March 18, 2012 HOUSEHOLD finances remain under intense pressure from rising living costs, according to several leading surveys released this morning. Despite a slowdown in the UK’s official measure of consumer price inflation in recent months, people still fear more price hikes. “Households’ current inflation observations climbed to a six-month peak [this month], while price expectations for the [...]
House prices flat as Britons stuck renting February 26, 2012 HALF of Britons do not expect to buy a house until they are in their forties, a survey showed today, while the housing market stayed flat again through February. Average rents rose to £890 per month at the end of 2011, but 61 per cent of renters cannot afford to buy, according to a survey [...]
Irish Life picks new bank boss January 16, 2012 Irish Life & Permanent has hired Jeremy Masding as the new chief executive of its banking business, Permanent TSB. The bailed-out bank, which is splitting its business in late March, said its current chief executive David Guinane will leave the firm when Masding joins in February. Masding spend 23 years at Barclays, after which he [...]