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Banking
Nationwide aims to fill lending gap with move for small firms
Nationwide Building Society today laid out plans to fill the gap in small business lending and challenge its bigger rivals by expanding its personal banking business through more loans and credit cards.
Andrew Tyrie: Triple review of Bank performance too little, too late
THE Bank of England’s actions at the height of the financial crisis are to be scrutinised by three separate reviews, its non-executive arm said yesterday.
Barclays hoists ‘for sale’ notice over £3.8bn BlackRock stake
BARCLAYS Bank yesterday put its remaining $6.1 billion (£3.8bn) stake in money manager BlackRock up for sale in an effort to boost profits and capital buffers ahead of a tightening of legislation for lenders.
Troubled Man in £52m FRM deal
Hedge fund manager Man Group is to buy investment firm Financial Risk Management (FRM) as it seeks to reduce its dependence on its flagship AHL fund.
Lloyds and NBNK yet to hold formal talks on sale
LLOYDS Banking Group is playing “hardball” with banking consolidation vehicle NBNK, according to senior sources, following the regulatory knockback the lender received during its negotiations with the Co-op to try and offload 632 branches.
‘Safe pair of hands’ Paul Manduca set for Prudential promotion
CITY asset management doyen Paul Manduca could be named as insurer Prudential’s chairman within days, replacing out-of-favour Harvey McGrath.
1 commentLady Susan Rice appointed president of Scottish Council for Development and Industry
LADY Susan Rice, managing director of Lloyds Banking Group Scotland, has been appointed president of the Scottish Council for Development and Industry (SCDI).
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‘Shareholder spring’ continues with bid to block election of HSBC chairman
ADVISORY body PIRC is calling on investors to oppose the re-election of HSBC chairman Douglas Flint at the banking group’s annual meeting on Friday in a further sign that the ‘shareholder spring’ is set to continue.
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Comment: Pain in Spain a headache for everyone
TWO telephone calls out of the blue at the end of last week brought disturbing news. The first was from a well-connected source in Brussels; the second from a contact in Spain.
Braveheart unveils £50m fund joint venture in Northern Ireland
INVESTMENT manager Braveheart yesterday laid out details of the joint venture it has set-up to run a £50 million growth loan fund in Northern Ireland.
Watchdog backs Branson sale but has harsh words for Treasury
THE SALE of Northern Rock to Sir Richard Branson’s Virgin Money last year was the best way to draw a line under taxpayer losses from the bank’s 2007 state bail-out, Britain’s public spending watchdog claims today.
1 commentBarclays among top global banks that need extra £358bn says Fitch
The world’s top 29 banks may need a total of $566 billion (£358bn) to meet tougher new capital rules, cutting returns by a fifth and forcing them to curb investor payouts and raise customer charges, Fitch Ratings said yesterday.
Lloyds says government could get bail-out cash back in 2 years
Lloyds Banking Group board yesterday insisted that taxpayers will get their bail-out money back in full within as little as two years regardless of the wider market.
1 commentAnd Pru is forced to pledge pay practices review
INSURER Prudential suffered a backlash over pay yesterday as 30 per cent of shareholders voted against its remuneration report, prompting the company to pledge a review of its pay practices.
Aviva reveals turnaround battle
The performance that prompted Aviva shareholders to oust chief executive Andrew Moss was laid bare in figures today.
1 commentF&C plans growth in Edinburgh
F&C Asset Management, the fund manager with a sizeable presence in Edinburgh, has unveiled plans to beef up its consumer business ahead of rules coming into force under the retail distribution review (RDR).
JP Morgan chief Jamie Dimon scrapes home in vote to strip him of title
The chief executive of JP Morgan yesterday survived a shareholder push to strip him of the title of chairman of the board, just five days after he disclosed a $2 billion (£1.2bn) trading loss by one of the bank’s traders in London
Comment: Fresh pleas to stop bashing Britain’s bankers
WESTMINSTER got a reality check from City heavyweights yesterday on the likely extended wait for taxpayers to get their money back from the state-sponsored bailouts of Royal Bank of Scotland and Lloyds Banking Group.
2 commentsShareholders win £16m Cattles compensation
Shareholders who refused an offer of 1p a share for their stakes in sub-prime lender Cattles were yesterday celebrating a £16 million settlement.
Drew quits as JP Morgan Chase losses could top $3bn mark
ONE of the most highly-regarded figures on Wall Street was forced to step down at JP Morgan Chase yesterday after America’s biggest bank unveiled a shock $2 billion (£1.2 billion) loss.
‘I was dead wrong,’ says contrite JP Morgan chief
The chief executive of JP Morgan, which last week stunned the market by announcing a $2 billion (£1.2bn) loss caused by its London operations, has admitted he was “dead wrong” to dismiss concerns about the bank’s trading last month.
Lloyds edges closer to sale of branches to the Co-op
Lloyds Banking Group was yesterday thought to be a step closer to selling 632 branches to the Co-operative group after putting forward a “hybrid” deal to the Financial Services Authority.
Clients facing £6m losses over Dunedin
FAILED wealth adviser Dunedin Independent has left creditors more than £400,000 out of pocket and clients facing losses of up to £6 million on mis-sold investments, new documents have revealed.
Shock $2bn loss for JP Morgan hits UK banks
SHARES in British banks took a knock on Friday after US peer JP Morgan Chase announced a shock $2 billion (£1.2bn) loss caused by its London operations.
Martin Currie fined £8.6m
MARTIN Currie, the Edinburgh-based fund manager, has been fined £8.6 million by British and US regulators over the fraudulent use of client funds.
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Scottish Life figures hit as drawdown sales tumble
MUTUAL life and pensions firm Royal London yesterday reported a 10 per cent fall in first-quarter new business as its Scottish Life brand, which accounts for the bulk of sales, was hit by a slide in demand for “drawdown” pensions.
UK woes push NAB profits lower
Clydesdale owner National Australia Bank (NAB) today said profits dropped 15.5 per cent in the first half as its UK operations fell into the red.
Aegon UK back in the black after £80m cut in annual costs
AEGON UK, the Edinburgh-based life and pensions company, has returned to profitability, though falling sales indicate a continuing tough climate.
City talks up possible delay in EU-enforced Lloyds branch sale
LLOYDS Banking Group could press the European Commission to extend the deadline for selling 632 branches and other assets because regulatory hurdles are hindering their sale, City sources claimed yesterday.
Pru threat to move to Asia
Prudential may move its head office out of Europe because of new rules on how much cash it must hold in reserve, the insurer warned yesterday, as it unveiled a better-than-expected 9 per cent rise in first-quarter sales.
City bonuses set to slump – with taxman hit too
CITY bonuses are expected to collapse this year and next, to levels not seen since 1998 as wholesale banking performance stalls, a think tank has warned.
Shareholders fight plans to switch Scots fund from tracker to ‘active’
sHAREHOLDERS have thrown down a gauntlet to the Edinburgh-based managers of an investment trust after its board announced plans to change the fund’s strategy.
HSBC sets aside extra £290m for mis-selling claims as profits soar
HSBC announced on Tuesday that it had set aside a further £290 million to cover claims for mis-sold payment protection insurance (PPI) as it unveiled a better-than-expected 25 per cent hike in profits.
Andrew Moss quits Aviva as shareholder pay revolt claims latest victim
AVIVA’s chief executive Andrew Moss quit on Tuesday, the third big corporate boss to fall on their sword after an upsurge of recent shareholder anger around remuneration and under-performance.
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Wonga.com moves into business loans market as banks ‘let down’ small firms
SMALL businesses unable to secure funding from banks in the wake of the credit crunch are being targeted by online loans provider Wonga.com.
1 commentRBS appoints head of UK branches
Royal Bank of Scotland has appointed Ross McEwan as head of its UK-wide branch banking network.
Bill Jamieson: ‘Beckham’ model misses the target
WHEN the head of the central bank declares “with hindsight we should have shouted from the rooftops”, a clearer signal could not have been given of problems at the heart of monetary and interest rate policy.
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Things looking up, says Stephen Hester but no plans for RBS sale yet
ROYAL Bank of Scotland boss Stephen Hester hailed its progress on Friday from the dark days of the financial crisis but said there were no imminent plans for the government to sell its stake.
Comment: Shareholders flex muscles – and want action
THE board of Aviva must have thought that chief executive Andrew Moss had taken the sting out of a looming showdown with investors when he agreed to waive a near-5 per cent pay rise.
Lawyers offering ‘Restitution’ for small businesses suing their banks
A LAW firm yesterday launched a fund to help smaller businesses with the cost of bringing legal action against banks and other financial institutions.
RBS to repay its £163bn rescue loans next week
Royal Bank of Scotland is expected to take another step on the road to recovery today when it announces plans to fully repay its £163 billion of emergency loans.
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Aviva stunned as shareholders vote against executive pay deal
INSURANCE giant Aviva was yesterday rocked by the latest shareholder revolt over executive pay, suffering the biggest protest vote seen at a major company for three years.
Small firms are top priority says Lloyds as bank talks up progress
LLOYDS chief executive Antonio Horta-Osorio yesterday revealed further progress in the bank’s rehabilitation and pledged that supporting small firms was his top priority.
3 commentsAegon loses top marketing man Paul McMahon
PAUL McMahon, the head of marketing for insurer Aegon UK, has been put on gardening leave in a surprise move ahead of taking on a new role with financial services technology company, FNZ.
Lloyd’s escapes disasters
THE Lloyd’s of London insurance market said on Tuesday that there had been no change to its expected financial performance this year thanks to a lack of major claims during the first quarter.
Standard & Poor slashes ratings on 11 Spanish banks
Ratings agency Standard & Poor’s yesterday downgraded the credit ratings of 11 Spanish banks, including Santander, as it was confirmed the country had fallen into its second recession in just over two years.
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Clydesdale owner cuts 1,400 jobs as financial solutions centres axed
Clydesdale Bank’s Australian owner announced earlier today it was drastically scaling back its operations in England in a move that would account for the bulk of 1,400 job cuts across the group,
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Aviva chief executive Andrew Moss waives pay rise
INSURANCE group Aviva’s chief executive Andrew Moss today bowed to shareholder concerns over executive pay and waived his 2012 salary increase which would have taken it past the £1 million mark.
Equity demand drives rise in AAM revenue and profit
STRONGER demand for equities lifted revenues and profits for Aberdeen Asset Management (AAM), the firm announced earlier today.
Guy Hands’ group in £825m swoop for Four Seasons
CARE home operator Four Seasons today confirmed that it is being sold to financier Guy Hands’ private equity firm for £825 million.
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Rangers takeover: Duff & Phelps threaten legal action against BBC
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Weather for Edinburgh
Friday 25 May 2012
Today
Sunny spells
Temperature: 9 C to 21 C
Wind Speed: 14 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 9 C to 19 C
Wind Speed: 15 mph
Wind direction: North east
