RBS to face unexpected divestments November 2, 2009 A RADICAL restructuring of part-nationalised Royal Bank of Scotland due to be unveiled today will include unplanned disposals, the bank admitted for the first time yesterday, amid speculation it could be forced to sell off some of its most profitable assets. The European Commission is today expected to detail divestments it expects RBS and Lloyds [...]
RBS FEARS THAT BREAKUP PLANS WILL GO TOO FAR November 1, 2009 ROYAL Bank of Scotland is deeply anxious that a proposed restructuring plan being drawn up by the European Commission and the Treasury could materially damage its ability to operate as a standalone entity. Sources close to the bank have warned that getting RBS back to standalone strength, a key factor in reimbursing the taxpayer for [...]
CITY MOVES WHO’S SWITCHING JOBS November 9, 2009 SVG Investment ManagersAdam Steiner has been promoted to chief executive of the investment management firm from his previous position as head of research. Steiner replaces Tony Dalwood, who formerly co-founded the firm’s public equities team with him in 2002 and has now been appointed as chief executive of SVG Advisers and chairman of the SVG [...]
CITY A.M. SHADOW MPC November 4, 2009 ALLISTER HEATH CITY A.M.“The MPC should hold QE – or at the very least increase it by less than £25bn while signalling that the measures are coming to an end. The latest PMI figures show that growth is slowly but surely returning to the UK.” SIMON WARD HENDERSON NEW STAR“Hold rates, suspend QE. The weight [...]
Branson ups ante with launch of Virgin Bank October 26, 2009 SERIAL entrepreneur Sir?Richard Branson is back with another audacious venture. This time, he is applying to City watchdog the FSA for permission to turn his Virgin Money business into a fully fledged bank – but the move has divided the City. Virgin has been trying to boost its financial services presence for some time now. [...]
CITY MOVES WHO’S SWITCHING JOBS November 3, 2009 Gleacher ShacklockThe corporate advisory firm has appointed Peter Alcaraz as a senior adviser, effective from next spring.Alcaraz, who will be tasked with helping to develop the firm’s franchise in the services sector, joins from Close Brothers Corporate Finance, where he was most recently a managing director and head of the services sector team. He has [...]
CITY MOVES WHO’S SWITCHING JOBS November 3, 2009 Gleacher ShacklockThe corporate advisory firm has appointed Peter Alcaraz as a senior adviser, effective from next spring.Alcaraz, who will be tasked with helping to develop the firm’s franchise in the services sector, joins from Close Brothers Corporate Finance, where he was most recently a managing director and head of the services sector team. He has [...]
RBS in EC branch sale threat October 14, 2009 EUROPEAN Commission (EC) lawmakers may force Royal Bank of Scotland (RBS) to sell off 312 of its RBS-branded bank branches, under new rules for firms receiving state bailouts. Neelie Kroes, the EC competition commissioner, is considering forcing the bank to slash its small business banking operations by 10 per cent. This would be achieved if [...]
RBS in EC branch sale threat October 14, 2009 EUROPEAN Commission (EC) lawmakers may force Royal Bank of Scotland (RBS) to sell off 312 of its RBS-branded bank branches, under new rules for firms receiving state bailouts. Neelie Kroes, the EC competition commissioner, is considering forcing the bank to slash its small business banking operations by 10 per cent. This would be achieved if [...]
Lloyds braced for tax row September 20, 2009 LLOYD Banking Group is facing an investigation by HM Revenue & Customs (HMRC) over allegations that it helped wealthy clients avoid tax. Footage obtained by BBC’s Panorama shows a banker at the Jersey arm of Lloyds TSB Offshore telling an undercover reporter posing as a customer that he can channel funds through Hong Kong to [...]