Sinead's Feed
Sep 10, 2012

New Barclays boss weighs investment bank’s future

LONDON, Sept 10 (Reuters) – The future of Barclays’
investment bank is the most pressing issue for new chief
executive Antony Jenkins to address when he speaks to investors
and his own investment bankers on Monday.

Jenkins, appointed 11 days ago to restore the reputation of
Britain’s fourth-largest bank after a series of scandals, is
expected to curb the riskier investment banking business built
by his predecessor as he reforms a culture regulators have
criticised as too aggressive.

Sep 7, 2012

Schroders calls revised offer for Xstrata “still inequitable”

LONDON (Reuters) – Top 20 Xstrata Schroders dismissed commodities trader Glencore’s eleventh hour revised offer for the miner as still below its true value on Friday.

“We’re still not particularly enthused,” said Schroder’s head of UK equities Richard Buxton after Glencore raised its offer to 3.05 new shares for every Xstrata share it does not already own, up from 2.8 shares.

Jul 30, 2012

Nervous savers look beyond scandal-hit banks

LONDON, July 30 (Reuters) – Corporate treasurers, pension
funds and charities are seeking advice on whether to quit banks
engulfed by the recent welter of financial scandals.

Institutional savers are nervous that banks may struggle to
afford punishments doled out to those guilty of rigging interest
rates, mis-selling products and performing inadequate checks
against money laundering. Cost estimates on rate-rigging alone
top $20 billion.

Jul 26, 2012

Analysis: Tax haven clampdown yields cash but secrecy still thrives

LONDON (Reuters) – A global campaign to tax trillions of dollars hidden in offshore tax havens has made revolutionary progress, an official leading the drive said, rejecting suggestions that the super rich are running rings around Western authorities.

Pascal Saint-Amans, director of a unit at the Organisation for Economic Cooperation and Development, also cast doubt on estimates that the havens are illicitly sheltering wealth equivalent to several hundred times the fortune of Bill Gates.

Jul 26, 2012

Tax haven clampdown yields cash but secrecy still thrives

LONDON (Reuters) – A global campaign to tax trillions of dollars hidden in offshore tax havens has made revolutionary progress, an official leading the drive said, rejecting suggestions that the super rich are running rings around Western authorities.

Pascal Saint-Amans, director of a unit at the Organisation for Economic Cooperation and Development, also cast doubt on estimates that the havens are illicitly sheltering wealth equivalent to several hundred times the fortune of Bill Gates.

Jul 25, 2012

European bank profits to fall, Libor dims outlook

LONDON/PARIS (Reuters) – Europe’s banks are expected to post sharp profit falls in second quarter results as they count the cost of the debt crisis and try to anticipate the impact of the Libor interest-rate rigging scandal on the industry.

The European economy is heading towards recession, making companies nervous about issuing stocks and bonds. Trading has slowed and this has hurt investment banking, typically the most lucrative part of a bank’s business.

Jul 19, 2012

Lloyds branch sale turns Coop into challenger bank

LONDON, July 19 (Reuters) – Lloyds Banking Group
has agreed to sell 632 branches to the Co-operative, a deal
mandated by regulators in an effort to boost competition in
British banking while preventing Lloyds from benefiting unfairly
from its state bailout four years ago.

Mutually-owned Co-op said the deal would boost its share of
Britain’s branch network to 10 percent from less than four
percent, creating a new force in retail banking capable of
taking on Britain’s dominant lenders.

Jul 17, 2012

Funds fear legal risk over euro zone break-up plans

LONDON, July 17 (Reuters) – European fund managers are
keeping contingency plans for a euro zone break-up under wraps
in case investors who incur losses use the information as
ammunition with which to sue them.

Too much or too little public planning for a collapse of the
indebted currency union could land investment firms with
lawsuits, management consultants and legal experts said.

Jul 3, 2012

Barclays faces tough search for next Diamond

LONDON, July 3 (Reuters) – Barclays Plc has few
obvious candidates who would be able to restore the British
bank’s tarnished image after the departure of Chief Executive
Bob Diamond.

With Chairman Marcus Agius also set to leave following
Barclays’ record-breaking fine for attempting to manipulate
interbank lending rates, the bank has to fill its top two roles.

Jul 2, 2012

Barclays chairman quits over rate-fixing scandal

LONDON, July 2 (Reuters) – Barclays Plc chairman
Marcus Agius quit on Monday, saying “the buck stops with me”
after an interest rate rigging scandal that has dealt “a
devastating blow” to the bank’s reputation.

Agius, chairman of Britain’s third biggest bank for 5-1/2
years, is the first major scalp from the scandal, which is
likely to draw in more banks and could equally embarrass
regulatory authorities.