EU unveils bank bonus rules
10th Dec 2010 15:31
European Union banking supervisors have unveiled their final guidelines for controlling bankers' pay and bonuses, with few changes from the tough-talking original draft in October. The guidelines are part of the EU's drive to bring bonus payments into line with the risks bankers' are taking and wil
Read moreSamir Assaf to head HSBC investment banking division
10th Dec 2010 11:31
HSBC's head of global markets has been named as the new boss of the bank's investment banking operations in its latest management shake-up. Samir Assaf will take up the position as chief executive of the Global Banking and Markets business from 1 January, having led global markets, part of the wide
Read moreLondon close: Footsie clings to lead
9th Dec 2010 16:40
A weak morning session on Wall Street did London no favours Thursday, although the big banks helped the leading index to only its second close above 5,800 in over three weeks. Barclays, Lloyds and Royal Bank of Scotland were top of the pile. HSBC also did well, but fellow Asia-focused player Stand
Read moreHSBC sued for $9bn over Madoff fraud
6th Dec 2010 12:35
A court-appointed trustee trying to recover funds for people who were defrauded by the financier Bernard Madoff is suing HSBC for $9bn (£5.7bn). The trustee, Irving Picard, accuses the bank of failing to act on signals that should have prompted it to stop channelling funds to Madoff's operations. H
Read moreUK banks received one third of US bail-out funds
2nd Dec 2010 12:16
UK banks borrowed a third of the $3.3trn lent by the US Federal Reserve to keep the banking system afloat during the credit crunch, with Barclays alone borrowing over $860bn. News of the loans were revealed by disclosures under the newly introduced Dodd-Frank Wall Street Reform Act. The Fed detaile
Read moreLondon close: Shares slump as eurozone saga continues
29th Nov 2010 16:45
The leading share index closed with triple-digit losses Monday as jitters over the eurozone debt situation continued to plague the markets. Financial markets are still betting either Portugal, Spain, or both, will need a rescue deal similar to the €85bn Irish bail-out, rubber-stamped over the weeke
Read moreLondon afternoon: Euro-zone fears resurface
29th Nov 2010 14:18
Thoughts that the euro-zone boil had been lanced by the agreement of a bail-out package for Ireland have proved premature, with rising Spanish bond yields suggesting that the prospect of Spain being the recipient of an EU/IMF aid package cannot be ruled out. An underwhelming response to the latest
Read moreFTSE 100 movers: More delays for Cairn Indian deal
29th Nov 2010 13:33
A delay in the Indian government's decision on the sale of Cairn Energy's Indian assets to Vedanta has hit Cairn's shares. The decision will not be made until February. The deal includes the transfer of ownership of exploration blocks which requires government approval. JPMorgan Cazenove has sta
Read moreLondon midday: Footsie deep in the red after reversal
29th Nov 2010 12:30
The leading share index is now firmly in the red after giving up the strong gains it was posting this morning. Markets remain jittery over the eurozone debt crisis. The euro hit new lows against a basket of currencies this morning, despite claims by European politicians that the €85bn Irish bail-o
Read moreLondon open: Banks lead market higher
29th Nov 2010 08:54
UK shares have made a bright start to the week led by the banks after Ireland signed up to the EU/IMF bail-out at the weekend. Royal Bank of Scotland is the best performer. It has the largest exposure of the UK banks to Ireland. Lloyds, Barclays and HSBC are all going well. Bank of Ireland, meanwh
Read moreHSBC shuffles management team
26th Nov 2010 12:02
HSBC's new chief executive-elect Stuart Gulliver has nailed his colours to the mast of retail banking with his first appointment in his new role. Paul Thurston, the current head of HSBC's UK retail bank, will return to Hong Kong to run all the retail and wealth management businesses around the glob
Read moreThursday newspaper round-up: British banks, Irish banks, PIGS
25th Nov 2010 06:02
Britain's biggest banks are working on a joint plan to cut bonus payouts and boost lending to small business. As political pressure grows ahead of January's bonus round, The Times has learnt that senior executives from Barclays, HSBC, Standard Chartered and Royal Bank of Scotland held discussions l
Read moreLondon close: Late recovery not quite enough
19th Nov 2010 16:57
Shares recovered heading into the weekend but not enough to haul the leading share index into the blue. Outsourcing giant Capita, which yesterday said revenue growth in the second half of 2010 had been subdued due to government cuts in public spending, suffered more falls today. Miners continue to
Read moreLondon afternoon: Stocks still struggling
19th Nov 2010 15:31
A poor start on Wall Street has done nothing to help a recovery in London where the leading index is stuck near 5,700. Outsourcing giant Capita, which yesterday said revenue growth in the second half of 2010 had been subdued due to government cuts in public spending, is suffering more falls today.
Read moreLondon midday: Footsie stuck in the red as miners weigh
19th Nov 2010 12:11
Footsie remains firmly in the red amid losses in the mining sector. Outsourcing giant Capita, which yesterday said revenue growth in the second half of 2010 had been subdued due to government cuts in public spending, is suffering more falls today. Miners Rio Tinto, BHP Billiton, Kazakhmys and Angl
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