In its latest Global Financial Stability Report, the International Monetary Fund (IMF) warns that US financial institutions are only halfway through writing down credit crisis losses on toxic debt, while in Europe the process has not even reached the mid point. The body estimates the figure could reach $4.1 trillion globally and suggest financial institutions, [...]
Nomura has stated it has completed its European oil and gas equity research team with the additions of Alastair Syme, James Talbot and Michael Alsford. Syme, who joins the firm from Merrill Lynch, is to be based in London and will head up a team of four to cover the European oil majors. Talbot, also [...]
The more affordable end of the antiques market is booming as savers despair of interest rates and continue to harbour fears about various other forms of investment. Recent research from the Royal Institution of Chartered Surveyors (Rics) suggests that the more adventurous Briton with money to spare is now taking an interest in the antiques [...]
Brewin Dolphin has announced the appointment of Beverley Lavin as group head of Financial Planning. The development of Brewin Dolphin’s strategic financial plans now fall into Lavin’s hands, including the external marketplace and internally through the firms 39 offices and investment management teams. She began her career 28 years ago with Sun Alliance and has [...]
Japan’s three largest banks have submitted bids to buy the Japanese retail brokerage operations of Citigroup. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have been named by Reuters as competitors in the acquisition of Nikko Cordial Securities, which is estimated to be worth around $6 billion. The unit was only [...]
Bank of America (BoA) recorded net income of $4.2 billion for the first three months of 2009. The result was above market expectations and compares with profit of $1.2 billion during the same period of 2008. The bank’s purchase of Merrill Lynch, which was hurriedly agreed last September, added $3.7 billion in net income. Its [...]
The Pensions Regulator is alerting pension scheme trustees, employers and advisers to the increased risk of fraud during the recession. The body, which regulates UK occupational pension schemes, has stated that the economic downturn “may accentuate the vulnerability of some schemes to certain actions which give us cause for concern”. The watchdog is at the [...]
Swiss investment bank UBS is to sell UBS Pactual, the firm’s Brazilian financial services business, to BTG Investments for around US$2.5bn. The sale to BTG, which is headed by André Esteves, comes as part of the bank’s strategic approach to risk reduction, balance sheet enhancement and honing of its business focus. The bank has stated [...]
Despite a €3.5 billion government bail out, Allied Irish Bank (AIB) looks set to raise further €1.5 billion (£1.3 billion) to bolster its capital strength. Irish authorities rescued the Republic’s biggest lender in February but since then credit rating agency, Moody’s, has down graded AIB and 11 other Irish banks. AIB has today announced that [...]
Safe Home Income Plans (SHIP), which represents UK equity release providers, has been demonstrating the impact of the financial crisis on those reliant on savings income. According to the body’s research, millions of pensioners have been seriously affected by unprecedented cuts in the base rate over the past 12 months. SHIP figures put the average [...]
Brewin Dolphin has urged the Government to use the forthcoming Budget to support beleaguered savers. With interest rates at the lowest ever level of 0.5% those dependent upon savings for their income have been hammered by recent economic events. There is a stark contrast between the origins of the UK’s problems (including enormous public and [...]
Citigroup Inc. has reported a net profit of $1.6bn during the first quarter of 2009. A robust performance by the Institutional Clients Group formed the foundation of $24.8bn of revenue, which was somewhat eroded by net write-downs. The bank made a loss per share of $0.18, and $7.3bn in net credit losses and a $2.7bn [...]
Laurence Madsen has been named as managing director in Deutsche Bank’s Institutional Client Group (part of the Global Markets division). Madsen, whose new role is based in New York, will report directly to Leslie Pfrang, head of Equity Specialty Sales in North America. In her new role she will be responsible for speciality sales for [...]
UK independent private client investment manager Brewin Dolphin has announced that its Guernsey office is to be bolstered with the addition of a new team. Ian Smethurst, who has experience of working in Guernsey, is to lead the new team which includes Stephanie Le Tissier and Robert Cable. Smethurst and his team will enhance Brewin [...]
JP Morgan Chase has recorded a first-quarter net income of $2.1 billion (£1.41 billion). The result is 12.5% down on a year ago, with the Wall Street bank explaining that it has added $4.2 billion to its credit reserves against future writedowns. Revenue increased 45%, to $25 billion, largely as a result of the group’s [...]
Piper Jaffray Companies has announced its financial results for Q1 of this year. The firm made pre-tax profits of $3.5m, but a post-tax loss of $2.7m. However, this remains a significant improvement on the Q4 2008 net loss of $153m, made during a quarter which many banks found extremely difficult. Net revenues from continuing operations [...]
New research from Nationwide indicates that less than one-quarter of Britons feel confident that they are saving enough of their hard-earned cash, given the current financial climate. Despite the lack of optimism, 48% of people surveyed by the building society said they made regular deposits; however, one-quarter of respondents admitted to having no savings whatsoever. [...]
