Dubai Islamic Bank (DIB) has announced the launch of the new Al Islami Infinite Credit Card, a prestigious, invitation only card available to select ultra high net worth clients. Each card is handcrafted, encrusted with a diamond and features genuine gold calligraphy. In addition to its clear aesthetic appeal, the Infinite Credit Card will also [...]
Goldman Sachs could move up to one fifth of its 5,000 London-based staff to Spain, the Independent has reported. The bank, which according to the newspaper is the UK’s biggest contributor of revenue in the financial sector, is in a stand-off with the Treasury over the temporary bonus tax announced in the recent pre-Budget report. [...]
A complaint from the Cheshire Building Society (now part of Nationwide) has resulted in six people being charged with offences in relation to commercial mortgage frauds amounting to almost £50 million. The defendants are due to appear before Southwark Crown Court in January. According to the Serious Fraud Office: “It is alleged that the defendants [...]
Barclays’ chief executive, John Varley, has delivered strong words regarding the bonus tax announced in last week’s pre-Budget report. In an interview with the BBC, Mr Varley claimed that the temporary levy of 50% on individual discretionary bonuses of over £25,000 could damage the City. The banker went on to criticise the Government for not [...]
In its Financial Stability Report published today, the Bank of England has declared that the UK financial system has been “significantly more stable” over the past six months, having been sustained by monetary policy measures such as quantitative easing and low interest rates. In addition, profits have been boosted by a market rally that has [...]
The Bank of Japan’s Policy Board has unanimously elected to retain the country’s interest rate at 0.1%. Domestic and overseas policy changes have helped improve Japan’s economic situation, though it is by no means out of the woods. Exports, production and private consumption are all getting better and the financial environmentis showing some signs of [...]
Full-service agency broker Execution Holdings Limited and leading independent mid-and small cap specialist investment bank Noble Group Holdings Limited have agreed an offer for Noble by Execution. The new entity will be named Execution Noble, with the deal requiring the green light from the FSA to proceed. Execution Noble will have a staff of around [...]
National Australia Bank (NAB) says it has received approaches regarding its UK Clydesdale and Yorkshire Bank subsidiaries. Addressing NAB’s annual meeting earlier this week, chief executive, Cameron Clyne, said: “We have been approached by a number of players in the UK market to see how we could work with them to participate in that consolidation.” [...]
Deutsche Bank has responded to the UK’s 50% tax on banks that pay large individual bonuses by saying it will spread the burden of the levy among its staff worldwide. The temporary tax was included in last week’s pre-Budget report which also contained a pledge from Chancellor of the Exchequer, Alistair Darling, to “claw money [...]
Santander Zero has been named “Best European Credit Card” in the Service Category at the 2009 Oscards. The awards, which recognise innovation and excellence within the credit card industry, attracted 500 entrants – 64 of which were short-listed across five categories. Director of Santander Cards, Emma Roberts, said: “In such a tough category, with entries [...]
Toronto Dominion Bank has been fined £7 million by the Financial Services Authority (FSA) for repeated systems and controls failings around the pricing of sophisticated financial products at its London branch. The breaches relate to pricing issues uncovered on a proprietary trader’s books within the bank’s Credit Products Group, which resulted in a negative adjustment [...]
A new survey by the US-based Institute for Business Value (IBV) suggests that over 75% of banking executives and government officials believe “the returns of the past are over”. In an alarming report, entitled “Fit, focused and ready to fight: How banks can get in shape for the battle ahead”, the research body claims “too [...]
Bank of America’s Board of Directors has selected Brian T. Moynihan to be the firm’s new president and chief executive officer. Moynihan will occupy his new positions after the retirement of Kenneth D. Lewis on 31 December 2009. He has held a range of senior posts throughout the bank and is presently the president of [...]
The Serious Fraud Office (SFO) has launched an investigation into the UK activities of Kaupthing, the Icelandic bank that collapsed in October 2008. Enquiries will centre on the bank’s Kaupthing Edge brand, which held money from over 30,000 individual British savers and organisations, and whether savers were misled into making deposits into accounts that promised [...]
This week BB&T Corporation’s directors elected Chief Executive Kelly S. King to the post of chairman of the board. King, who will occupy his new seat from 1 January 2010, replaces incumbent chairman John A. Allison. Allison has served as chairman for two decades, and will retain his seat on the 18-strong board. Allison has [...]
