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Banking news from the last 4 weeks or so: From the Telegraph: - Barclays is looking at various of Spains Cajas banks in order to bolster their high street banking position.
- A UBS Analyst stated that one option for stability it for Government to provide funding guarantees
- Emerging markets fund manager Ashmore had a 10pc reduction in funds under management in the last quarter
- Dexia the retail bank has been nationalised.
- Bruce Carnegie-Brown and Tony Dalwood have formed Branton Capital in order to co-invest along side other private equity firms
- Arbuthnot Banking Group intends to float its small business lending arm Secure Trust Bank
From the Guardian: - Goldman Sachs has reported a third quarter loss of $393mn
- Co-operative bank is continuing to open bank branches in its stores – the latest in Hove
From the FT: - UniCredit – Italy’s largest bank by assets has had a visit from the Italian police. The police have seized funds of €245mn as they continue to investigate a potential tax fraud
- Bank of America has reported third quarter profits of $6.2bn
- Wells Fargo have reported 6pc lower revenues, the third quarter in a row with lower revenues. Wells Fargo is the biggest US bank by market capitalisation
From Deloitte Monday Briefing: - Bank of England's governor Mervyn King said that we are going through the "most serious financial crisis we've seen at least since the 1930s" – financial crisis
- The Bank of England announced a further purchase of gilts worth £75bn – quantitative easing
- Germany and France say they will announce a full response to the Euro debt crisis, including measures to recapitalise banks, by the end of October – Euro debt crisis
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A collection of banking headline over the last month. August 4th 2011 - Thomas Ammann a former London based investment banker with Mizuho International, has been charged by FSA for insider dealing the FT reports.
- BNY Mellon are going to start charging on deposits of $50mn+ as a ward against people looking for havens for their cash. (A nice problem to have).
- Headcount at RBS has been cut from 24000 in 2007 to 19000 in the first quarter of 2011. RBS will be shedding an additional 2000 investment banking jobs as it completes the integration of the horrendously timed ABN acquisition.
- Contrary to that Standard Chartered are looking to recruit an additional 2000 banking staff in 2011. Standard Chartered also announced good profits throughout Asia
- In the middle of News of World scandal Co-operative Bank stopped advertising in the newspaper as it did not fit with its moral standing in the world
- Aldermore the bank that launched a couple of years ago for small business and homeowners has reached breakeven after two years
- HSBC announced first half year profits of $11.5bn
- Virgin Money made a bid for the nationalised bank Northern Rock
- Bank of America announced a record busting quarterly loss of $8.83bn
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Update from The Sunday Times 12.06.11 - Lloyds Banking Group are expected to shed another 15,000 banking jobs. Most of the banking jobs to go are thought to be from the middle management area.
- There is $22bn fraud case is being heard in the high court in London. This involves two Saudi families and came to light when The International Banking Corporation (TIBC) said they had suffered the fraud and couldn’t afford to repay interest payments to other banks such as Deutsche Bank and HSBC. The Bahrain based bank said they had been “ the victim of one of the largest financial frauds in history”.
- Small business owners, industry experts and former bank managers have thrown their weight behind the Sunday Times call to give branch bank managers more power to make lending decisions.
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Investment Banking News June 3rd - Several senior investment bankers at UBS are leaving to join Citigroup. This includes the co head of global mergers and acquisitions
- The FT have reported that Citigroup, the large US Investment Bank have formed a joint venture with Orient Securities of China which will allow them to underwrite bond and stock issues in China.
- Mark Hodges is leaving Aviva to run the insurance broker Towergate. Apparently this has left Aviva’s top investors rather nervy that their CEO is leaving.
- It looks as though Goldman Sachs will have more questions to answer on their activities in the financial crises as they have allegedly been given subpoenas.
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Banking news update 20 may 2011
· The Bank of Japan have chosen to keep interest rates as they are – between 0 and 0.1% · David McHattie will lead the Charity Banking team at Barclays · Vince Cable, Business Secretary, has indicated banks may be taxed in they do not lend the required amounts to small businesses. · This is from the FSA and the Prudent Regulatory Authority notes on future of banking supervision: “The PRA will be responsible for the prudential supervision of over 2,000 firms, of which around half will be deposit-takers. On current data, it will regulate 157 UK-incorporated banks (of which over 60% form part of overseas banking groups), 48 UK building societies, 652 UK credit unions and 162 branches of overseas banks, split roughly equally between the European Economic Area (EEA) and elsewhere.” · Despite making losses in both India and China, HSBC have stated both banking operations will remain as the bank deposits in both countries are required.
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Banking News from recent days as at 12 May 2011 - Robert Preston writes in the BBC that HSBC still sees the UK as a key Banking Centre despite its rumblings on the increase tax burden. HSBC categorised the UK as a Strategic Market.
- New HSBC CEO Stuart Gulliver has announced major cost cutting plans for the bank –with an aim to cut costs by up to £2.1bn by 2013
- The Bank of England has announced it believes the economy will have weaker growth due to rocketing energy bills and cuts in government spending.
- Raj Rajaratnum a US hedge fun billionaire (that’s a lot of noughts) has been found guilty of insider trading. He is appealing the verdict, which if it fails will result in up to 19 years in prison. He was released on bail for $100mn with fears he may head for Sri Lanka. Silly boy.
- Och-Ziff shared its pay pool of £59mn amongst its European staff. The Hedge Fund and Private Equity House listed in NY, made profits of £13.2mn as of Dec 10.
- In case you mixed it, UK banks will be paying billions in compensation for the miss selling of personal protection insurance. Lloyds Banking group alone have put aside £3.2bn for their potential liabilities due to misselling!
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Banking News update as at 12 April 2011. Banking headlines from the last week or so. - The European Central Bank and the People's Bank of China raised their benchmark lending rates by 0.25 percentage points
- Lloyds Banking Group is not happy with the Vickers report. LBG said they would need to selling hundreds of additional branches if the report by the Independent Commission on Banking were to be followed.
- The IMF has downgraded the UK growth forecase from 2% to 1.7%
- Allied Irish Bank, 92.8% owned by the Irish Government, announced losses of £9.2bn and said it will be cutting 2000 banking jobs.
- Paul Volcker, the former head of the US Federal Reserve said it would be almost impossible to break-up the Wall St banks.
- Britain may sue Iceland to reclaim the £2.3bn lost when the Icelandic Banking System collapsed. An Icelandic referendum result meant that the Icelandic people voted not to repay the banking debts to Britain. Booo.
- In an interview with the Financial Times Bernard Madoff said the banks are partly to blame for not spotting his Ponzi scheme. I guess with a 150 year jail term he was pleased to give the interview.
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April 5th 2011 - Banking News you can use in an interview for a UK Banking Job or an international banking job Uk savers are getting the best interest rates for more then a year according to Moneyfacts. According to the British Bankers Association small businesses can now appeal against decisions to deny them a bank loan. A commons treasury report has concluding that UK banks, UK retail banks are not competitive enough. One of the problems noted was that it is too difficult to move your bank account.
Want a UK banking Job? Don’t ask your Dad! That’s the latest drive by Nick Clegg, who got a UK Banking Job internship, thanks to his Dad. Espirito Santo Investment Bank has rated RBS shares a “buy”. Previously listed as a “sell”, they think Royal Bank of Scotland - 83% owned by the Govt will raise by 20% over the next year.
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Banking News 01/04/10 Bank of Ireland shares rose 36% in a day as a result of the news that they will not need to be owned by the Irish Government. David Sokol, who was thought to be the main contender to take over from Warren Buffett as the head of Berkshire Hathaway has left the company to concentrate on investments for his own family. staff turnover has hit a five-year low in the UK A Bank of England survey suggests mortgage lending will increase over the next few months. The 106 most senior bankers for Standard Chartered were paid an average of £1.43mn in 2010. Data from the FSA shows that Barclays bank received the most complaints of any UK financial institution in the second half of 2010
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Banking Jobs News 29th March 2011 SunTrust Mortgage Inc has appointed a new CEO and President - Jerome Lienhard was previously the an executive vice president In case this missed your radar. On 1st March Manish Singh started his new wealth management job; he is Director and Head of Investment Services at Crossbridge. He joins Crossbridge from from Societe Generale Private Banking (SGPB) Hambros Bank Ltd to oversee Investment Services, which includes discretionary and advisory portfolios. We wish him the best of luck in his new wealth management job. Investment boutique T.Bailey's chief investment officer Jason Britton is to step down after 12 years with the firm. He is taking a break from his Chief investment officer job after what he described as 12 years of David Vs Goliath successes.
Ruth Murphy director of investment management and charities at Newton, will join Brewin Dolphin as its new head of charity business development.
To search for Banking Jobs click here
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Banking News March 28th 2011 If Treasury Select Committee recommendations are implemented Britain’s Banks may have to spend millions of pounds to overhaul their systems in order to meet transparency standards. Apparently MPs may also demand that banking customers can keep their bank account numbers if they swap banks. This is similar to swapping mobile numbers. I guess that is useful to save you having to change your payment details for direct debits. However, banks would also need to overhaul how sort codes work then as I believe these are needed for most bank payments. If these changes were to be made requirements it would be great news if you want a UK banking job in change management! Northern Rock are to shed 680 banking jobs. They hope most of the banking job losses will come from voluntary redundancies. This comes on the back of cuts at Lloyds Banking Group. It seems low interest rates, a challenging economy, weak mortgage data are proving tough conditions for the banks whose major share holder is UK Plc. Lansbanki is to be investigated by the SFO as part of the enquiries in to the Icelandic banks that went bust. When the Icelandic banks went but it cost UK bank savers £2.3bn The Co-operative bank are to offer legal services alongside financial services as a response to the Legal Services Act which allows non-lawyers to own legal firms. The Financial Times stated they will offer this service in 300 of their branches.
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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/
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Banking News from the Daily Telegraph covers: The Take Over panels review of the Cadbury/Kraft deal with have the biggest impact on Private Equity deals going forwards Warren Buffett believes the Japanese economy will bounce back a lot quick then a lot of people think and considers this time to be a buying opportunity. The Irish central bank new rules allows for the sacking of senior managers and directors of the Irish banks that brought the near collapse of the Irish financial system. Small companies that take a bank loan at HSBC may be eligible to lower interest rates if they can prove they have hired a new employee.
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Banking News Update 22 Mar 2011 Lloyds Banking Group is cutting 570 banking jobs. 450 more banking jobs are being outsourced to iPSL, a UK based banking process outsourcing company. Using a UK outsourcing company means the 450 jobs stays within UK Banking Jobs, i.e. UK Banking Jobs are not being outsourced abroad. Dermot Boden is to become the Chief Brand Office at Citigroup. Citigroup is an international financial conglomerate with operations in consumer, corporate, and investment banking and insurance. Deutsche Bank lost a case on an interest rate swap transaction. Deutsche Bank has been ordered to pay €541,074 to Ille Papier a paper towel maker in Germany for losses on the swap purchase made in 2005. Deutsche Bank may have other similar cases in Germany. This cant be a good week to have a job as Swap Trader at Deutsche Bank. A third executive is leaving Santander, one of the worlds largest banks, to join their former boss at Lloyds Banking Group. Alison Brittain will be responsible for the Lloyds TSB and Bank of Scotland brands. She is head of high street banking at Santander.
Remember you can search for Banking Jobs on this site.
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Banking News March 17 2011 US Banks have written to US regulators to ask them not to include Swap transactions outside of US in the new legislation. Bank of America, Citigroup, and JP Morgan Chase want to ensure that the regulation of Derivates after the 2010 Dodd-Frank act does not include international financial markets. (Derivates being as complex and valued as they are must be even more difficult for traders to consider variation international regulations - more loophole opportunities perhaps?) The FT reports that Goldman Sachs, the Investment Bank, are looking to sell their Mortgage business Litton Loan. Macquarie Group. an Australian Investment Bank, has announced its Chairman David Clarke has resigded due to ill health. Jerry del Missier had a total package (including share options) of £47.3mn in 2010. Mr del Missier is the co-head of Barclays investment banking arm; we all agree he has had a jolly good year! This makes me wonder if this is the best paid London Banking Job?
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Banking News March 16th It is reported in the FT that Goldman Sachs. the investment bank, looked at buying a commercial bank in 2008. These details have been revealed at trial for insider trading. Close Brothers, the investment bank, reported six month lower profits. With pre-tax profits down 10% it pointed to its market making business Winterflood as the main reason. UBS, the Swiss Banking Group, is under investigation in the USA for allegedly trying to manipulate the Libor rate. Bank of America has had an employee leak emails via company Anonymous allegedly stating that one of BOA's subsidiary companies removed data from loan documentation to hide improper foreclosures from the US authorities.
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15th March 2011 The Japanese disaster has send the Nikkei down 10%. With the potential nuclear disaster looming ever closer the long term implications for the Japanese economy could be absolutely savage. Will the banking sector be able to cope with the economic repercussions? It seems trivial to mention it when so many lives are at stake; if another banking group collapses with thousands of banking jobs going, can the financial markets and the financial system in general cope?
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