Staff shortage inflates financial sector salaries
by Gill Montia
Story link: Staff shortage inflates financial sector salaries
Robert Walters, the professional recruitment agency, has reported that a long-term shortage of young people with financial qualifications has resulted in businesses outbidding one another for professional staff.
The practice is most common in London where employers are regularly increasing the pay of such staff by £20,000, in efforts to stop them taking a new job.
The [...]
Current account opportunities abound
by Gill Montia
Story link: Current account opportunities abound
Defaqto, the financial research specialist, is advising consumers to make regular efforts to review their bank accounts and make comparisons with others available on the market.
According to the researcher, competition among banks providing current accounts has been increasing and there are invariably opportunities for customers to find better terms.
Despite widespread fears amongst consumers about the [...]
A&L reveals sub-prime exposure
by Gill Montia
Story link: A&L reveals sub-prime exposure
Alliance & Leicester’s (A&L) recent report on its £18.9 billion treasury portfolio has highlighted concerns over the exposure of UK banks to the US sub-prime mortgage crisis.
A&L, which is the UK’s sixth-largest mortgage lender, has invested approximately £390 million in a variety of structured investment vehicles (SIVs).
The bank has stated that only a small proportion [...]
Medium-term funding in short supply
by Gill Montia
Story link: Medium-term funding in short supply
UK banks seeking medium-term funding are facing interest rates that are at a ten-year high.
The London interbank offered rate (Libor) for three-month sterling has reached 6.74%, its highest level since December 1998.
The Libor is fixed on a daily basis by the British Bankers’ Association and reflects the interest rates at which banks offer to [...]
HSBC expands in Asian markets
by Gill Montia
Story link: HSBC expands in Asian markets
HSBC has been successful in its long awaited aim to move into the Korean banking sector.
The bank has agreed to pay Lone Star, the investment group, approximately $6.3 billion for its majority share in Korea Exchange Bank (KEB).
The acquisition is subject to a number of conditions, including government and regulatory approvals that must be met [...]
Savers withdraw more
by Gill Montia
Story link: Savers withdraw more
Birmingham Midshires (BM), part of the HBOS group, has published the results of a recent survey which shows an increase in the amount of money being withdrawn from savings accounts, and used to top up current accounts.
BM’s latest Saving Britain report, which examines the nation’s savings habits, shows that in the last quarter, the extent [...]
Barclays’ loan admission prompts SIV rumours
by Gill Montia
Story link: Barclays’ loan admission prompts SIV rumours
The Bank of England, which last week made a loan of £1.6 billion to Barclays, is under pressure to reveal further details of the transaction to quell rumours that the loan was in response to a liquidity crisis within Barclays itself.
The Bank of England is insistent that such transactions should remain confidential and financial analysts [...]
