Crédit Agricole implements Actimize Market Abuse solution
by Gill Montia
Story link: Crédit Agricole implements Actimize Market Abuse solution
Actimize, which specialises in risk management software for brokerage compliance, anti-money laundering and fraud prevention, has reported that Crédit Agricole has implemented its Brokerage Compliance Market Abuse Solution.
The new system should ensure that Crédit Agricole complies with the Market Abuse Directive and allow the group to identify and pursue insider dealings.
The bank’s CA Titres [...]
Barclays secures £5.8bn from Arab investors
by Gill Montia
Story link: Barclays secures £5.8bn from Arab investors
Barclays has announced that it is raising £5.8 billion from investors in Qatar and Abu Dhabi, who will then hold a combined stake in the company of over 30%.
According to press reports, existing shareholder Qatar Investment Authority (QIA) will provide up to £2 billion, with the remainder coming from members of the royal families of [...]
American Express to cut 7,000 jobs
by Gill Montia
Story link: American Express to cut 7,000 jobs
US-based credit card provider, American Express, has announced that it is cutting 10% of its workforce as part of a cost reduction strategy aimed at making savings of $1.8 billion in 2009.
Around 7,000 jobs will go in a response to what the group’s chairman, Kenneth Chenault, describes as one of the most challenging economic environments [...]
Deutsche Bank profit plummets 94%
by Gill Montia
Story link: Deutsche Bank profit plummets 94%
Deutsche Bank posted a profit in the third quarter of 2008, but only after adopting EU accounting rules that allowed it to apply a new method of valuing its assets.
Germany’s largest lender reported a 94% fall in profit, to €93 million, in the three months to the end of September, narrowly avoiding a loss by [...]
New Lloyds TSB / HBOS board short on HBOS executives
by Gill Montia
Story link: New Lloyds TSB / HBOS board short on HBOS executives
When Lloyds TSB completes its merger with HBOS, only one HBOS executive will have a seat on the new board.
Both the chairman and the chief executive of HBOS, Dennis Stevenson and Andy Hornby, have already resigned but the bank’s company secretary and general counsel, Harry Baines, has been included in the new line-up.
The merged banks [...]
AXA launches Save More Tomorrow pension scheme
by Gill Montia
Story link: AXA launches Save More Tomorrow pension scheme
AXA has launched a new type of company pension scheme called Save More Tomorrow, which it hopes will help address the lack of adequate retirement provision faced by many people in the UK workforce.
As the name indicates, contributions are increased automatically over the life of the plan.
According to research, around 12 million workers are not [...]
Unsecured personal lending at record levels
by Gill Montia
Story link: Unsecured personal lending at record levels
Bank of England figures show a £300 million increase in debt on credit cards, overdrafts and personal loans, in September.
During the month outstanding consumer credit rose to £237.6 billion (compared with £217 billion in September 2007), setting a record high for unsecured personal lending since 1993, when records began.
Over the past year, financial experts and [...]
FSA fines money laundering compliance officer £17,500
by Gill Montia
Story link: FSA fines money laundering compliance officer £17,500
The Financial Services Authority (FSA) has issued a £17,500 fine to the money laundering reporting officer of Sindicatum Holdings Limited.
The regulator handed down the penalty because the officer in question did not have adequate systems and controls in place for verifying and recording clients’ identities.
In addition, the FSA has fined Sindicatum Holdings £49,000 for [...]
Credit Suisse names Private Banking chief in Australia
by Richard Kilner
Story link: Credit Suisse names Private Banking chief in Australia
Ray McGregor has been named by Credit Suisse as the investment bank’s new MD and head of Private Banking Australia.
On a local level he will be responsible to Australia chief executive officer, David Trude, and will report functionally to Dr François Monnet, Head of Private Banking Southeast Asia and Australasia.
McGregor leaves behind his prior post [...]
FBR Capital makes three senior investment banking appointments
by Richard Kilner
Story link: FBR Capital makes three senior investment banking appointments
Middle market investment bank FBR Capital Markets Corporation has announced it is bolstering its investment banking capabilities with the appointments of Kurt Oehlberg, Sharon Weinstein and Christopher Weyers as managing directors in the investment banking group.
Kurt Oehlberg brings with him almost a quarter of a century of investment banking experience, and will join the Energy [...]
Credit crisis could cost 194,000 London jobs
by Gill Montia
Story link: Credit crisis could cost 194,000 London jobs
Oxford Economics is predicting that the credit crisis and ensuing economic downturn could create around 194,000 job losses in London, over the next two years.
The well-regarded economic consultancy expects the capital to take the brunt of the fall out and is forecasting that London job numbers will decline from 4.71 million in 2008 to just [...]
Banks challenge High Court ruling on overdraft charges
by Gill Montia
Story link: Banks challenge High Court ruling on overdraft charges
The seven High Street banks involved in the High Court case brought by the Office of Fair Trading (OFT) to establish the legality or otherwise of charges for unauthorised overdrafts, have begun their appeal against a ruling in the test case.
Earlier this year, Mr Justice Andrew Smith ruled that the OFT had the right to [...]
BoE report puts global toxic asset writedowns at £1,800bn
by Gill Montia
Story link: BoE report puts global toxic asset writedowns at £1,800bn
The Bank of England has published new estimates of the amount of so called toxic debt that has been written down by global financial institutions, in relation to the credit crisis.
In its Financial Stability Report, the Bank puts the figure at £1,800 billion, adding that the size of its estimate of the collective writedowns facing [...]
Israel cuts interest rates by 25 basis points
by Richard Kilner
Story link: Israel cuts interest rates by 25 basis points
The Bank of Israel has announced a cut of 25 basis points in interest rates for November, which will stand at 3.5%.
The rate cut was largely expected, as concerns regarding inflation declined and new economic activity stalled.
Therefore the central bank decided that the balance of benefits and risks favoured a lower interest rate to try [...]
Abbey and Deutsche Bank linked in Porterbrook sale
by Gill Montia
Story link: Abbey and Deutsche Bank linked in Porterbrook sale
Abbey is reported to be selling its train leasing business to Deutsche Bank, for £2 billion.
Porterbrook Leasing Company was acquired by the bank in 2000 from Stagecoach, for approximately $1.2 billion in cash.
The firm specialises in the leasing of all types of railway rolling stock and associated rail equipment.
The business is now valued at around [...]
Base rate my be cut to 0%
by Gill Montia
Story link: Base rate my be cut to 0%
Leading UK economist, Charles Goodhart, has suggested that the Bank of England’s base rate may need to be cut to zero, to avoid a long and severe recession.
Professor Goodhart of the London School of Economics served as a member of the Bank’s Monetary Policy Committee (MPC) between 1997 and 2000.
Appearing on Channel Four’s current affairs [...]
DB pension schemes avoid exposure to toxic assets
by Gill Montia
Story link: DB pension schemes avoid exposure to toxic assets
The Pensions Regulator has responded to recent extremely volatile stock markets by issuing a statement to the trustees of all work-based pension schemes.
The watchdog acknowledges that developments in the financial markets will be of great concern to trustees, employers and scheme members.
It therefore urges vigilance, and for trustees to focus on making sound decisions in [...]
Icesavers to be refunded by 30th November
by Gill Montia
Story link: Icesavers to be refunded by 30th November
Britons with deposits in Icesave, the e-savings brand of the failed Icelandic bank, Landsbanki, should receive their funds in full by 30th November 2008.
The 230,000 UK savers whose accounts were frozen earlier this month will be contacted by email by the Financial Services Compensation Scheme (FSCS), within a few days.
Once they have submitted a claim, [...]
KCB enjoys 64% rise in pre-tax profits
by Richard Kilner
Story link: KCB enjoys 64% rise in pre-tax profits
Kenya Commercial Bank (KCB) has enjoyed an excellent first nine months of the year, recording a rise in pre-tax profits of 64%.
The Q3 results reveal a profit of KSh5.2bn, compared to KSh3.2bn for the corresponding period in 2007.
Martin Oduor-Otieno, the group chief executive, has expressed his pleasure at the results which show the KCB is [...]
Banks must support SMEs
by Gill Montia
Story link: Banks must support SMEs
Recently appointed Business Secretary, Lord Mandelson, is discussing the plight of small businesses with the UK’s High Street banks.
Ministers want lending to small firms to return to last year’s levels but many businesses say they are finding it difficult to refinance their debt.
Those that do so complain that they are faced with high interest rates [...]
