Thomas Weisel Partners announces Q1 losses
by Richard Kilner
Story link: Thomas Weisel Partners announces Q1 losses
Thomas Weisel Partners Group, Inc. has announced its quarterly financial results, recording a net loss of $23.9m, equating to $0.74 per share.
The firm also recorded net revenues of $43.1m in the three months to the end of March.
Its Q1 figures mark a decline on the $17.8m net loss it incurred during Q1 2008 and its [...]
BoA replaces chairman
by Gill Montia
Story link: BoA replaces chairman
Bank of America (BoA) has a new chairman as yesterday, shareholders voted in favour of Kenneth Lewis relinquishing the post.
However, Mr Lewis will continue as the bank’s chief executive, despite a large numbers of investors favouring his complete removal from the board.
Tensions between Mr Lewis and investors centre on the group’s $50 billion acquisition of [...]
Advertising watchdog focuses on financial sector
by Gill Montia
Story link: Advertising watchdog focuses on financial sector
In its 2008 annual report published earlier this week, the Advertising Standards Authority (ASA) has warned that it will be paying particular attention to advertisements and claims made by the finance sector in the months ahead.
The watchdog states: “Responding to the economic downturn, the ASA placed a greater emphasis on issues that have the potential [...]
Lord Myners exposes Sir Fred’s cash machine fettish
by Gill Montia
Story link: Lord Myners exposes Sir Fred’s cash machine fettish
A revisiting of the pension arrangements for former Royal Bank of Scotland (RBS) chief executive, Sir Fred Goodwin, has led to the extraordinary claim that the cash machine at RBS’s headquarters at Gogarburn dispensed only notes bearing Sir Fred’s signature.
Speaking in the House of Lords, Financial Services Secretary, Lord Myners, made the claim when replying [...]
Consumers grow wary of unsecured debt
by Gill Montia
Story link: Consumers grow wary of unsecured debt
Consumers are shying away from unsecured borrowing as they weigh up the risks of taking on new debt in the economic downturn.
The Finance and Leasing Association (FLA), which is the UK’s leading trade association for the consumer finance sectors, has reported that in February, the value of unsecured loans taken out fell 45% on a [...]
Santander records €2.1bn profits
by Richard Kilner
Story link: Santander records €2.1bn profits
Spanish banking giant Banco Santander has revealed its quarterly financial results, recording a 5% decline (compared to Q1 2008) in net attributable profits to €2.1bn.
However, profits were up 8% compared to Q4 2008.
Revenue growth surged up by 10%, and although costs were also up, the relative rise was small at just 2%.
Half of the profits [...]
Bank of China announces Q1 results
by Richard Kilner
Story link: Bank of China announces Q1 results
Bank of China Limited has released its financial performance figures for the first quarter of 2009 which showed a 14.41% decline of attributable profits on a year-on-year comparison but a 320.42% rise on the figures for Q4 2008.
The Bank of China has seen its loans and deposits expand, with its domestic RMB-denominated loans up by [...]
Blackstone bolsters French Advisory practice
by Richard Kilner
Story link: Blackstone bolsters French Advisory practice
The Blackstone Group has announced the appointment of Jean-Manuel Richier to its Paris office in the capacity of senior managing director.
He brings with him 18 years of investment banking experience within France, beginning his career in 1990 with JP Morgan.
Recently he served as Investment Banking deputy head and managing director for Citigroup’s French operations and [...]
Société Générale chairman resigns on “personal attacks”
by Gill Montia
Story link: Société Générale chairman resigns on “personal attacks”
In an extraordinary move, the chairman of Société Générale has resigned on the grounds that personal hostility towards him may risk “harming the bank”.
Daniel Bouton’s position has been under threat since news of a rogue trader scandal, involving Jérôme Kerviel, broke in early 2008.
An official report into Mr Kerviel’s losses of £4.4 billion accused [...]
Boenning & Scattergood appoints investment banking MD
by Richard Kilner
Story link: Boenning & Scattergood appoints investment banking MD
Independent investment banking and asset management and securities firm Boenning & Scattergood, Inc. has announced that it has bolstered its investment banking team with the addition of James Ramp.
He brings to the firm over two decades of experience in global banking, and has worked in a wide range of equity markets and banking positions.
Prior to [...]
Barclaycard apologises to widow for 317-strong letter error
by Gill Montia
Story link: Barclaycard apologises to widow for 317-strong letter error
Barclaycard has had to apologise to a Mrs Sandra Grant of Erith in Kent, after sending her 317 letters in one day.
The recently widowed 55-year-old said it took her all morning to open the post, which contained details of various Barclaycard customers, including account numbers, names and amounts owed.
One letter was addressed to Mrs Grant’s [...]
FSA chief reconsiders capital ratios
by Gill Montia
Story link: FSA chief reconsiders capital ratios
The chairman of the Financial Services Authority has indicated that UK banks may be required to increase their capital ratios, at some point in the future.
Speaking at the Global Financial Forum in New York yesterday, Lord Turner acknowledged that higher capital ratios would increase the cost of banking but asserted that the “potential macroeconomic [...]
ICBC sees profits rise by 6% in Q1
by Richard Kilner
Story link: ICBC sees profits rise by 6% in Q1
The Industrial and Commercial Bank of China (ICBC) has reported its financial results for the first quarter of this year.
The ICBC saw post-tax profits rise by a little over 6%, on a like-for-like comparison, to reach RMB 35.289bn.
Its earnings per share rose by 10% to hit RMB 0.11.
In addition to steadily growing profits, the bank [...]
Deutsche Bank reports €1.2bn Q1 profits
by Richard Kilner
Story link: Deutsche Bank reports €1.2bn Q1 profits
Deutsche Bank has reported its financial performance for the first quarter of 2009, revealing a Q1 net income of €1.2bn.
The German banking giant also record net revenues of €7.2bn, with its income prior to taxation reaching €1.8bn.
On a comparison with Q1 2008 the firm’s net income is a substantial improvement on its previous net loss [...]
Fundraising a possibility for BoA and Citigroup
by Gill Montia
Story link: Fundraising a possibility for BoA and Citigroup
US regulators have told Bank of America (BoA) and Citigroup that they may need to raise more capital, the Wall Street Journal has reported.
Both banks have undergone recent “stress-testing” and the findings, which are only at a preliminary stage, are likely to be challenged.
BoA recorded net income of $4.2 billion for the first three months [...]
Bradford & Bingley appoint MD
by Richard Kilner
Story link: Bradford & Bingley appoint MD
Bradford & Bingley plc has announced that Richard Banks has been named as the firm’s new managing director.
Banks is a veteran of the financial services sector, and brings with him over three decades of industry experience.
He began his career with Midland Bank, later moving to Girobank which later became Alliance & Leicester plc.
After Spanish banking [...]
Federated Investors appoints International president
by Richard Kilner
Story link: Federated Investors appoints International president
Investment management firm Federated Investors, Inc. has announced the appointment of Gordon J. Ceresino as president of Federated International Management Limited.
He joined the firm three years ago when it acquired MDT Advisers, where he held the post of chief executive officer earlier in his career.
Ceresino also assumes the post of executive director of international distribution [...]
Identity fraud up 40%
by Gill Montia
Story link: Identity fraud up 40%
CIFAS has reported a steep rise in identity fraud during the first quarter of 2009.
Research from the UK’s Fraud Prevention Service revealed a 40% year-on-year increase in the number of people being impersonated.
The body describes the trend as “an unwelcome return of identity fraud as the fraudsters’ method of choice”.
In addition, facility takeover fraud, where [...]
KCB bolsters its presence in Sudan
by Richard Kilner
Story link: KCB bolsters its presence in Sudan
The Kenya Commercial Bank (KCB) has enlarged its network in southern Sudan with the addition of three new branches.
The KCB has operated in Sudan since the middle of 2006 when it opened its first branch in the regional capital Juba.
Since then it has opened new branches in Rumbek, where the UN and a variety of [...]
New co-CEOs at UBS Investment Bank
by Richard Kilner
Story link: New co-CEOs at UBS Investment Bank
The chief executive officer of UBS Investment Bank, Jerker Johansson, has resigned with immediate effect.
Alex Wilmot-Sitwell and Carsten Kengeter have been named as co-CEOs of the operation by UBS and assume their new posts at once.
Wilmot-Sitwell has been with UBS for 13 years and for the last four of these has been the joint global [...]
