Boots may follow Tesco with a move into personal finance and banking. According to a report in the Financial Times, the Alliance Boots group is seeking new areas of business that will increase sales across its network of 2,600 UK retail outlets. The executive chairman of the privately-owned company, Stefano Pessina, told the newspaper that [...]
Credit card provider, Egg, is increasing the minimum fee for a cash withdrawal from £3 to £5; for larger withdrawals the charge is calculated at 3% of the sum taken. The hike takes effect on 28th May and aims to put customers off making small withdrawals. According to financial website uSwitch.com, 7.3 million consumers use [...]
The Government is proposing to sell Northern Rock by the end of the year, the Sunday Times has reported. According to the newspaper, Credit Suisse has been instructed to develop a plan of sale under which the nationalised lender will be split into two: one good and one bad bank. This will enable the Rock’s [...]
Nomura Holdings, Inc. has announced its financial results for the fourth quarter and full year ended on 31 March 2009. For the full year net revenue of 313bn yen (US$3.2bn) and pre-tax losses of 779bn yen (US$7.9bn) were recorded. Nomura incurred a net loss of 709bn yen (US$7.2bn) over the course of the last 12 [...]
Shares in Cattles were suspended yesterday when the doorstep lender announced that it would miss an end of April deadline for the publication of its accounts. The firm, which has recently suspended six directors and announced plans to restate its 2007 figures, says it is currently in complex refinancing talks regarding £500 million in loans [...]
Troika Dialog, the oldest and largest private investment bank in Russia, has announced the appointment of Alexander Nazarov as managing director of its Investment Banking operations. He leaves behind Credit Suisse, where he worked as director of the Investment Banking Services Department, to join the Russian business. Before Credit Suisse he held a similar position [...]
Raymond James Financial, Inc. has announced its quarterly financial results. The firm saw profits decrease by 90% from the prior year’s quarterly net income to $6,093,000, equivalent to $0.05 per diluted share. Net income was down 15% to $589,667,000 with gross revenues down 26% to $596,411,000. In the previous year’s comparable quarter Raymond James Financial [...]
Lloyds Banking Group has announced that it is cutting 985 jobs over the next two years. The group is closing its Bank of Scotland Motor Finance unit to new business, having found the division to be financially unviable. The bulk of the job losses will be at offices in Speke and Chester, where 200 and [...]
Credit Suisse Group has announced its financial results for the first quarter of 2009. The firm achieved a net income of CHF 2bn for Q1, almost a mirror image of the CHF 2.1bn loss incurred for the prior-year period. Similarly, Q1 saw core net revenues of CHF 9.5bn, a substantial improvement on the CHF 2.9bn [...]
Yesterday’s budget included measures that allow Britons with offshore savings and investments to declare any unpaid taxes to HM Revenue & Customs (HMRC). Under the amnesty, also known as a Disclosure Opportunity, those with troubled consciences have until March 2010 to advise HMRC of unpaid taxes and settle their debts. Tax evaders have been warned [...]
Morgan Stanley reported a $177 million loss for the first quarter of 2009. The result compares with a profit of $1.4 billion in the same period of last year and casts a shadow over a run of first-quarter in-profit results from Goldman Sachs, JPMorgan Chase, Citigroup, Wells Fargo and Bank of America. Revenue from the [...]
The UK’s credit card providers are still struggling with the concept of “fairness”. A recent survey by Which? found that 28 providers have been making life more difficult for consumers, despite the cuts in the base rate. According to the consumer group, rates have increased by an average 0.5% in the past 12 months, while [...]
In today’s budget, Chancellor of the Exchequer Alistair Darling increased the limit on Individual Savings Accounts (ISAs) from £7,200 to £10,200. From 6th October, savers aged 50 and over will be able to invest up to £5,100 in a cash ISA, up from £3,600 previously. The balance of the allowance or the entire allowance can [...]
Independent investment bank Miller Buckfire & Co., LLC has hired David A. Shiffman to serve as a managing director. He joins Miller Buckfire from Goldman, Sachs & Co., where he has worked for the last 11 years as partner and head of Retail investment banking. Prior to working for Goldman Sachs Shiffman was part of [...]
U.S. Bancorp has announced that it recorded a net income of $529m for the first quarter of this year. This equates to $0.24 per common diluted share, which represents a 60% rise from the previous quarter but a significantly lower figure than Q1 2008′s $0.62. Strong annual growth in net interest income, average loans and [...]
New research from Defaqto claims that one in five so-called easy access accounts apply penalties to savers withdrawing their cash. The independent financial analyst found that 21% of “instant” or “easy” access accounts impose limits on the number of withdrawals people can make and if these limits are exceeded, customers find the interest paid on [...]
Jefferies Group, Inc. has announced its financial results for Q1 of this year. The firm’s net revenues were $347.3m, and net earnings for the quarter hit $38.3m. Net earnings per diluted common share were $0.19, with fixed income and commodities revenue achieving a record high of $203m. Jefferies’ chief executive officer and chairman Richard B. [...]
