Daniels quits as Lloyds boss September 20, 2010 LLOYDS Banking Group chief executive Eric Daniels yesterday became the third UK banking boss to quit his position in just two weeks, during a turbulent time at the top of the industry. Lloyds said Daniels would retire in a year’s time, giving it time to conduct a thorough search for his successor both externally and [...]
Odey sets up private client weath fund October 10, 2010 LEADING City fund manager, Crispin Odey, has launched a new wealth management business aimed at private clients. Odey Wealth Management will charge clients a flat fee of one per cent and it has hired Tim Bond, a former managing director of Barclays Capital and Peter Martin a former managing director of Rothschilds. Odey, the investment [...]
Damages claim will be very difficult, warn legal experts October 13, 2010 TOM HICKS and George Gillett turned to US courts after Mr Justice Floyd’s emphatic verdict in the High Court gave them virtually no chance of appeal and only a slim hope of pursuing a claim for damages, sports law experts told City A.M. The judge’s verdict that the Liverpool owners were not entitled to sack [...]
Weak bank figures send FTSE lower October 26, 2010 WEAK banks helped drive Britain’s top share index to a lower close yesterday, with sentiment hit by a loss at UBS’s investment bank and as investors locked in profits after sharp gains over the last two months. The FTSE 100 closed 44.68 points, or 0.8 per cent, lower at 5,707.30, its biggest one-day percentage drop [...]
Posen: We need QE to start again September 28, 2010 QUANTITATIVE EASING (QE) must be restarted if Britain is to avoid persistent high unemployment and economic stagnation, Bank of England Monetary Policy Committee (MPC) member Adam Posen said yesterday. In a speech delivered in Hull yesterday, Posen was the first MPC member to call explicitly for a second round of QE. His comments put him [...]
Posen: We need QE to start again September 28, 2010 QUANTITATIVE EASING (QE) must be restarted if Britain is to avoid persistent high unemployment and economic stagnation, Bank of England Monetary Policy Committee (MPC) member Adam Posen said yesterday. In a speech delivered in Hull yesterday, Posen was the first MPC member to call explicitly for a second round of QE. His comments put him [...]
CITY VIEWS: IS BARCLAYS RIGHT TO TRY AND BUY AN AMERICAN BANK? March 10, 2010 CHRIS HARRIS| INSIDE INVESTMENT “What I think on the subject is that it seems like a good idea. Considering the fact that values at financial companies are depressed at the moment, it’s probably a good acquisition for Barclays.” RAPHAEL VIALLET | FIRST STATE INVESTMENTS “Barclays has already had some experience in this area and with [...]
China Development Bank to review Barclays tie-up March 4, 2010 CHINA Development Bank (CDB), a former policy lender that has become a commercial bank, yesterday said it will review its strategic tie-up with Barclays, including its equity stake in the British bank. “We are now reviewing our ties with Barclays,” China Development Bank president Jiang Chaoliang said on the sidelines of the Chinese People’s Political [...]
Credit Suisse warns on investment bank September 29, 2010 CREDIT Suisse Group chief executive Brady Dougan cautioned yesterday that the performance of the Swiss firm’s investment bank was mixed in the third quarter but added that the bank as a whole is well-positioned to deal with difficult market conditions. Dougan said volumes in some businesses, including fixed income and currency trading, have been “a [...]
Looking ahead to 2011: some likely winners and laggards December 14, 2010 FROM sovereign debt crises threatening the very future of the euro to currency wars and more quantitative easing, 2010 has been an eventful year in the foreign exchange markets. Currency traders will be pleased to hear that volatility, which has been so characteristic of the FX markets since the crisis, is unlikely to disappear any [...]