Problem banks soar in the US
by Kay Murchie
Story link: Problem banks soar in the US
The Federal Deposit Insurance Corporation (FDIC) has announced that in the first quarter of 2009, the number of problem banks in the US soared 40% to a 15-year high.
The FDIC said the number of banks with financial difficulties in the three-month period soared to 305, which represents the highest number since 1994 and follows on [...]
Santander to rebrand UK banks
by Richard Kilner
Story link: Santander to rebrand UK banks
The BBC has reported that Banco Santander, the Spanish banking giant which has weathered the recent financial turmoil better than many of its rivals, is to rebrand its UK High Street banks.
The move has been made due to Santander’s policy of a single brand, and will mean that customers of its UK banks will be [...]
Nationwide Building Society hit by bad debts
by Kay Murchie
Story link: Nationwide Building Society hit by bad debts
The UK’s largest building society, Nationwide, has reported a 69% fall in pre-tax profits to £212 million for the 12 months to April 4, compared with £686 million the same period a year ago.
Meanwhile, the building society slammed the Treasury’s Financial Services Compensation Scheme (FSCS) (which guarantees savings up to the value of £50,000), to [...]
Nomura makes raft of French appointments
by Richard Kilner
Story link: Nomura makes raft of French appointments
Global investment bank Nomura has made a number of changes in the upper echelons of its French operations, with Jerome Calvet appointed as co-chairman for the country, along with his fellow co-chairman Hiroyuki Yamamoto.
Calvet also assumes the post of Investment Banking head for France, and is tasked with increasing the firm’s French client base as [...]
Evercore appoints new president and CEO
by Richard Kilner
Story link: Evercore appoints new president and CEO
The chairman of Evercore Partners, Inc., Roger Altman, has announced that Ralph Schlosstein has been appointed as chief executive officer and president with immediate effect.
Schlosstein co-founded BlackRock and also served as the firm’s president during a twenty year stint when he was instrumental to building BlackRock up to a leading financial services firm.
Altman is [...]
Santander expands into South Korea
by Richard Kilner
Story link: Santander expands into South Korea
Spanish giant Banco Santander has announced that it is to open a representative office in Seoul, South Korea.
It will be led by William Duane, a 16 year veteran of the bank who has previously worked for it in Venezuela, France and Spain.
The new office will act as an intermediary between the firm’s global network and [...]
Collins Stewart appoints senior research analyst
by Richard Kilner
Story link: Collins Stewart appoints senior research analyst
Independent financial advisory firm Collins Stewart has announced it has hired William Tanona to serve as an MD and senior research analyst.
Tanona, who was formerly an analyst at Goldman Sachs, is based in New York and will be tasked with the leadership of the firm’s US banks’ research coverage.
Before joining Goldman Sachs he spent an [...]
New Zealand couple flee as bank dumps £4m into account
by Gill Montia
Story link: New Zealand couple flee as bank dumps £4m into account
Interpol is on the trail of a couple from New Zealand who have disappeared following a bank error that has transformed the petrol station owners into a modern-day Bonnie and Clyde.
The couple, named in the press as Leo Gao and Cara Young, had requested a loan of around NZ$10,900 (£4,000) from local bank, Westpac, but [...]
Online customers urged to be wary
by Richard Kilner
Story link: Online customers urged to be wary
Australia’s Commonwealth Bank has warned its customers to be wary of e-mails purporting to originate from the firm following a series of phishing (scam) e-mails both within Australia itself and abroad.
Ross McEwan, the group executive of the Retail Banking Service, has confirmed that the bank does not seek private information from its customers via e-mail [...]
More award success for Troika Dialog
by Richard Kilner
Story link: More award success for Troika Dialog
Russian investment bank Troika Dialog has enjoyed a quadruple success with awards from respected magazine Global Finance.
In the Best Banks and Companies in Russia 2009 categories of Global Finance Troika Dialog came top in Domestic Investment Bank, Asset Manager, Equity Research and Domestic Bond Research.
Joseph Giarraputo, a publisher with the magazine, has described the Russian [...]
Building Society chiefs peer into the future
by Gill Montia
Story link: Building Society chiefs peer into the future
To accompany this week’s Annual Conference, the Building Societies’ Association has published the result of a survey of chief executives.
The study reveals that 55% remain optimistic about the prospects for the sector in 2009, with confidence based on the ability of societies to engage with their customers and offer tailored products for a local client [...]
Lloyds’ shares under pressure on fears of EU intervention
by Gill Montia
Story link: Lloyds’ shares under pressure on fears of EU intervention
Shares in Lloyds Banking Group have been under pressure since the bank warned that its merger with HBOS could still fall foul of EU regulations.
At worst, the group could be forced to sell parts of the business, including core elements.
The government-brokered takeover of HBOS by Lloyds TSB last September flouted UK competition rules and left [...]
NS&I increases rates on Income Bonds
by Gill Montia
Story link: NS&I increases rates on Income Bonds
National Savings & Investments (NS&I) has raised rates on its income bonds.
The Government-backed provider, which guarantees 100% of deposits, has upped rates by 1%, so that those with between £500 and £24,999 invested will see their savings grow at 1.7% per annum and deposits of £25,000 or more will gain 2%.
The improvements take into account [...]
FSA bans Morgan Stanley trader
by Gill Montia
Story link: FSA bans Morgan Stanley trader
The Financial Services Authority (FSA) has banned a former trader at Morgan Stanley’s London offices, for seeking to conceal his trading position.
David Connor Redmond was employed on the freight desk of the investment bank’s commodities division.
In February of last year, he built up a substantial short position in WTI Futures on the ICE Futures (Europe) [...]
Barclays reviewed over price paid for Lehman assets
by Gill Montia
Story link: Barclays reviewed over price paid for Lehman assets
Barclays could be required to top up the £1.1 billion it paid for certain Lehman Brothers assets.
During the financial storm of last September, Barclays took part in talks aimed at saving the Wall Street investment bank from bankruptcy.
Days after walking away from discussions, the group announced that it was acquiring the collapsed Lehman Bothers’ prestigious [...]
UK consumers slightly more optimistic about the economy
by Richard Kilner
Story link: UK consumers slightly more optimistic about the economy
The Nationwide Savings index has revealed that the public are feeling slightly more optimistic about the state of the economy.
The Savings Index has increased to 75, a 2 point shift, but is still well off the 100 level when the index was first started in June last year.
In addition, the importance of saving also increased [...]
Bank of America raises $13.47bn
by Gill Montia
Story link: Bank of America raises $13.47bn
Bank of America (BoA) has announced that it has raised approximately $13.47 billion in a share placing.
The company issued 1.25 billion shares at an average price of $10.77.
Chief financial officer, Joe Price, says the successful fundraising both “strengthens and diversifies” the group’s capital structure.
BoA is currently busy raising capital as it heads the list of [...]
Deutsche Bank appoints Asia CEO
by Richard Kilner
Story link: Deutsche Bank appoints Asia CEO
Deutsche Bank has named Robert Rankin as the new chief executive officer of Asia Pacific (ex-Japan), effective from 10 June.
Rankin will succeed the incumbent CEO, Colin Grassie, who is returning to Europe.
He was formerly head of Investment Banking, Asia Pacific, with Swiss firm UBS where he has worked for 19 years, and has been based [...]
Bank of Ireland chairman quits as profit plummets 97%
by Gill Montia
Story link: Bank of Ireland chairman quits as profit plummets 97%
The chairman of Bank of Ireland is standing down in July.
Richard Burrows has thrown in the towel after the bank reported a 97% fall in net profit in for the 12 months to the end of March 2009, to €59 million.
Even then the result was propped up by net tax credits on recent losses, [...]
Further job losses at Lloyds Banking Group
by Gill Montia
Story link: Further job losses at Lloyds Banking Group
Lloyds Banking Group has announced a further 625 job losses as a result of changes at its wholesale banking division.
The news comes less than a month after the group said it would be cutting staff numbers by 985 over the next two years.
On this occasion, staff in London and Edinburgh will be most affected, with [...]
