Business news in brief: Lloyds | FSA | Citigroup | Bank of America | Margiotta | Equator

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Edinburgh Airport has completed its senior management team with the appointment of John Watson as its chief commercial officer.

The former Lloyds Banking Group director joins the airport this month and will oversee the aviation, property and retail teams and will be directly involved in the development of routes. Last year, Global Infrastructure Partners bought the airport for £807 million from BAA.

FSA successor told to raise standards

The Treasury Select Committee today urged the replacement body for the Financial Services Authority to learn from past mistakes and ensure customers are not failed again by “widely discredited box-ticking”.

Committee chairman Andrew Tyrie said former KPMG chief John Griffith-Jones, chair of the Financial Conduct Authority, faces a “difficult task” when the regulator replaces the City watchdog in April.

US bank giants post weaker earnings

Citigroup and Bank of America Merrill Lynch both reported disappointing fourth-quarter profits yesterday.

Citigroup posted $2.32 billion (£1.45bn) of charges for layoffs and lawsuits in the first figures to be announced by recently appointed chief executive Michael Corbat.

Bank of America’s profits dropped after it took some $5bn of charges related to home loans.

Competition hurts profit at Margiotta

GROCERY store chain Margiotta has seen its profit margins squeezed after cutting prices in the face of growing competition from supermarket convenience stores.

The family-owned company, which operates shops across Edinburgh, including a flagship site in Dundas Street, saw sales rise by 9 per cent to £8.13 million in the year to 30 April. Pre-tax profits fell to £198,028 from £359,365 a year earlier.

Equator grows girth in recruitment drive

DIGITAL marketing agency Equator is recruiting 15 staff for its Glasgow head office after winning a number of contracts.

The company currently employs 92 staff, working on a range of projects for customers including AXA, Disney, Scottish Hydro owner SSE and Tesco Bank.

Equator specialises in web development, design, social media and search engine optimisation.