The Financial Services Authority (FSA) has announced the introduction of new “fast payout” rules for the Financial Services Compensation Scheme (FSCS). From 31st December 2010, individual and business customers of banks, building societies and credit unions that collapse should receive compensation within a target of seven days, and all payments within 20 days. In addition, [...]
Russian bank Sberbank has released its financial results for the first six months of 2009. The trend is clearly positive, with an impressive 34% rise in operating income (before provisions) on an annual comparison. Similarly, net interest income rose by 46% and net fee and commission income was up by 10%. However, pre-tax profits were [...]
SunTrust Banks, Inc. has released its financial results for Q2 2009, which include a net loss of $164.4m. This compares poorly with the $530m net income that SunTrust recorded in Q2 2008 and equates to a net loss of $0.41 per diluted share compared to a net income of $1.52. The large disparity between the [...]
Standard Chartered Bank has announced the appointment of Ray Ferguson to the post of chief executive of Standard Chartered Bank in Singapore. He brings to the post over two decades of experience in the international banking sector and has worked for Standard Chartered Bank as chief executive of its UAE operations and chief executive of [...]
PricewaterhouseCoopers (PwC) is being investigated by the Accountancy and Actuarial Discipline Board (AADB) over its audit of sub-prime personal loan specialist, Cattles. Earlier this year, Cattles admitted to a breakdown in internal controls that had resulted in the incorrect application of impairment policies at its Welcome Financial unit. In April, the firm warned that it [...]
The burden of student debt in England is increasing with latest figures from the Student Loan Company showing that the number of graduates deferring loan payments increased by 160,000 in 2008/09. Poor job prospects resulting from the credit crisis are partly to blame for the rise, with more students leaving university only to take up [...]
Bank of America has announced the appointment of Neil A. Cotty as chief accounting officer with effect from 27 July. Cotty succeeds the incumbent, Craig Rosato, who becomes consumer credit risk executive directly responsible to Greg Curl, chief risk officer. Since last Autumn Cotty has worked for the bank as chief financial officer for its [...]
Investment bank Credit Suisse has reported net income of CHF 1.57bn for the second quarter of this year. This marks a significant increase on the same period in 2008 which saw net income of CHF 1.22bn. However, the previous quarter had seen higher profits of CHF 2bn. Core net revenue was also up year-on-year, rising [...]
Wells Fargo has announced it has achieved record quarterly profits in the second quarter of this year. Net income was $3.17bn for the last three months, a rise of 81%, and for the half-year 2009 stands at $6.22bn, up 66%. Diluted earnings per share were up 8% at $0.57, and revenue rose 28% to hit [...]
Piper Jaffray Companies (NYSE: PJC) has announced its results for the second quarter of this year. The firm made a net income of $11.6m, equivalent to $0.59 per diluted share, for the quarter ended 30 June. This compares favourably to Q2 2008 which saw the firm incur a $1.5m net loss, and the previous quarter [...]
US Bancorp (NYSE: USB) has announced its financial results for Q2 2009, with net income of $471m recorded, equivalent to $0.12 per diluted share, a fall of $58m from Q1 2009. The second quarter was however hit by a number of significant items, such as a FDIC special assessment reducing net income per share by [...]
Investment bank Keefe, Bruyette & Woods (KBW) has announced the appointment of Greg Heher as executive VP and head of Corporate Bond Trading. Heher, whose appointment takes place with immediate effect, will make him directly responsible to the director of Fixed Income Trading, Don Ullmann. He brings to the post over a quarter of a [...]
Britain’s savers withdrew a net £1 billion from National Savings & Investments (NS&I) in the three months to the end of June, compared with net inflows of £1.1 billion over the same period last year. As the financial crisis gathered pace, the government-backed saving provider that benefits from a 100% guarantee on deposits was inundated [...]
UK banks and building societies are being invited to take part in a new market place for savers (individuals, companies and organisations) that can be found at Licuro.com. The site is operated by Licuro.com UK Ltd, which claims to be Europe’s first and largest online interest rate auction house. Registered users can auction their savings [...]
French bank BNP Paribas has announced the appointment of Philippe Marchessaux to lead its asset management businesses. Marchessaux becomes head of BNP Paribas Investment Partners and chief executive officer of BNP Paribas Asset Management, succeeding Gilles Glicenstein. He is a veteran of the firm, and has spent more than two decades working in its asset [...]
Crédit Agricole has announced a trio of senior appointments within its Coverage and Investment Banking Division. Jean-François Balaÿ has been named as head of the Global Loan Syndication Group, and began his career 20 years ago with Crédit Lyonnais. In the decades since then he has occupied a range of Commercial and Corporate Finance positions [...]
Jack DiMaio has been named by Morgan Stanley (NYSE: MS) as the firm’s new global head of Interest Rate, Credit and Currency trading. DiMaio brings with him over two decades of experience, and will also assume a place on Morgan Stanley’s Management Committee and report directly to Michael Petrick, global head of Sales and Trading. [...]
Global asset management firm Legg Mason Inc. has reported results for the first fiscal quarter of 2010, ended on 30 June. The firm has reported net income of $50m, equivalent to $0.35 per diluted share. This compares very favourably with the previous quarter which saw Legg Mason incur a net loss of $330m. The previous [...]
