Bank of America Merrill Lynch hire energy MD
by Richard Kilner
Story link: Bank of America Merrill Lynch hire energy MD
Oscar Brown has been hired by Bank of America Merrill Lynch to serve as the firm’s managing director of energy investment banking.
Brown will also lead the bank’s Houston investment banking office where he will assume responsibility for fostering client relationships and collaborating with global coverage teams to enable delivery of strategic ideas to clients.
He will [...]
Lloyds posts £6.3bn operating loss
by Gill Montia
Story link: Lloyds posts £6.3bn operating loss
Lloyds Banking Group posted an operating loss of £6.3 billion for 2009, compared with a business loss of £6.7 billion in 2008.
Total impairments at the 42% state-owned bank totalled almost £24 billion, up from £15 billion a year earlier.
However, second-half impairments were 21% down on the first six months of 2009 and the group said [...]
Blackstone reports annual profits
by Richard Kilner
Story link: Blackstone reports annual profits
The Blackstone Group has announced that it made net income of $703m in 2009, a substantial turn around from the $1.2bn loss incurred the previous year.
In the fourth quarter the firm made net income of $329m, up from $764m loss in Q4 2008, and from the $275m net income made during Q3 2009.
The firm has [...]
KCB pre-tax profits up 5%
by Richard Kilner
Story link: KCB pre-tax profits up 5%
The Kenya Commercial Bank (KCB) has announced it enjoyed a modest rise in pre-tax profits in 2009.
The KCB made KShs6.3bn in 2009, up from KSh6bn in 2008, although measuring a much smaller annual increase with growth of 5% versus a huge 42% growth recorded from 2007 to 2008.
One of the primary drivers of growth was [...]
FOS reports 18% rise in consumer complaints
by Gill Montia
Story link: FOS reports 18% rise in consumer complaints
The Financial Ombudsman Service (FOS) has released its six-monthly data on consumer complaints against the UK’s banks, insurance companies and investment firms.
Between 1st July and 31st December 2009, the watchdog received 82,136 new complaints – an increase of 18% on the 69,841 cases presented in the previous six months.
Eighty-eight per cent of new cases [...]
BPCE reveals annual results
by Richard Kilner
Story link: BPCE reveals annual results
French banking giant BPCE has announced its financial results for 2009.
The firm saw a rise in net banking income of 9% to €21bn, €19bn of which was delivered by core business lines.
This marks a modest rise on the €10bn net banking income achieved in the first half of the year.
For the year net income attributable [...]
Crédit Agricole sees rising profits
by Richard Kilner
Story link: Crédit Agricole sees rising profits
French bank Crédit Agricole S.A. has announced its financial results for 2009 and Q4.
The firm recorded net income, group share, of €1.125bn for the year, a modest rise on the €1.024bn of 2008 but still far behind the pre-financial crisis annual income of €4bn made in 2007.
In addition, the bank made €433m net income in [...]
Five million Britons permanently on overdraft
by Gill Montia
Story link: Five million Britons permanently on overdraft
The proportion of Britons living off their overdrafts has fallen to 10%, compared to 17% a year ago, according to research from Moneysupermarket.com.
However, the figure still leaves five million UK adults permanently overdrawn, and the study also suggest that 38% of bank customers have gone into the red in the past 12 months.
Fifteen per cent [...]
RBS posts £3.6bn pre-tax loss
by Gill Montia
Story link: RBS posts £3.6bn pre-tax loss
Royal Bank of Scotland (RBS) has announced a pre-tax loss of £3.6 billion for 2009.
The result was better than expected by the City and compares with a pre-tax loss of £24.3 billion for 2008 (a UK corporate record at the time).
Impairment charges rose sharply last year, to £13.9 billion, compared with £7.4 billion in [...]
End time for Northern Rock’s 100% savers’ guarantee
by Gill Montia
Story link: End time for Northern Rock’s 100% savers’ guarantee
The 100% guarantee on deposits currently enjoyed by Northern Rock savers will come to an end on 24th May 2010.
From then on, customers of the nationalised bank will be covered by the Financial Services Compensation Scheme (FSCS), which currently offers protection of up to £50,000 per individual.
Anyone opening an account before the deadline will automatically [...]
New president of Natbank named
by Richard Kilner
Story link: New president of Natbank named
National Bank Financial Group has announced the appointment of Marie-Claude Lebel as president and chief operating officer of Natbank.
On 31 May Lebel will replace Rosaline Cyr, who is to join the firm’s Board of Directors.
Lebel is an industry veteran, and brings in excess of three decades of experience in the banking and risk solutions [...]
Nationwide launches new ISA range
by Richard Kilner
Story link: Nationwide launches new ISA range
Nationwide Building Society has today launched a new ISA, the Champion ISA, which pays up to 2.50% gross p.a./AER variable.
The Champion ISA will be available to new and existing customers from any Nationwide branch, with the core rate set as the average from branch-based cash ISAs from a basket of eight key competitors.
Until the end [...]
MPs question Goldman Sachs over Greek debt crisis
by Gill Montia
Story link: MPs question Goldman Sachs over Greek debt crisis
A senior executive at Goldman Sachs has admitted that some of the currency swaps undertaken by the bank on behalf of the Greek government served to conceal the extent of the country’s debt.
Addressing members of the UK’s Treasury Committee, Goldman Sachs managing director, Gerald Corrigan, told MPs that governments “go to some lengths to try [...]
Equity ISAs grow in popularity
by Richard Kilner
Story link: Equity ISAs grow in popularity
It is proving a record year for ISA subscriptions according to independent private client investment manager Brewin Dolphin.
The news follows the increase of the ISA limit, with Brewin Dolphin witnessing investments of £161m compared to £75m for the same time last year.
This comes despite the National Savings & Investments’ findings that a quarter are unaware [...]
Piper Jaffray appoints Asian distribution head
by Richard Kilner
Story link: Piper Jaffray appoints Asian distribution head
Piper Jaffray has announced the appointment of Michael Chan to the post of Asian distribution head.
Chan brings more than a decade and a half of experience to his new post, and is to be based in the firm’s Hong Kong office.
Prior to joining the firm he worked for UOB Kay Hian and Goldman Sachs, where [...]
Landesbank Berlin sees surge in annual earnings
by Richard Kilner
Story link: Landesbank Berlin sees surge in annual earnings
Landesbank Berlin Holding AG has reported its provisional financial results for 2009.
The firm recorded pre-tax operating earnings of €339, hugely improved from 2008’s marginal profit of €9m and back to pre-financial crisis levels.
Provisional earnings after taxes were €272m.
Chief Executive Officer Dr. Johannes Evers expressed satisfaction with the firm’s performance but warned that the financial crisis [...]
HSBC introduces Rapport to combat online fraud
by Richard Kilner
Story link: HSBC introduces Rapport to combat online fraud
Banking giant HSBC has introduced a new piece of software, Rapport, to help safeguard its online banking operations.
The firm is encouraging its online banking customers to download Rapport for free from HSBC’s personal internet banking site.
Rapport safeguards customer data and fights off fraud by locking down browsers to restrict access to confidential information and the [...]
Lawyers challenge Skipton’s SVR hike
by Gill Montia
Story link: Lawyers challenge Skipton’s SVR hike
Lenders with “exceptional circumstances” clauses attached to their standard variable rate (SVR) mortgages should be aware of legal issues arising for Skipton Building Society.
In January, Skipton announced its intention to increase its SVR from 3.5% to 4.95%, having evoked “exceptional circumstances” clauses that allowed it to remove a cap of 3% above base rate.
The move [...]
Commerzbank sees €4.5bn loss in 2009
by Richard Kilner
Story link: Commerzbank sees €4.5bn loss in 2009
German financial institution Commerzbank has released its financial results for 2009.
The firm saw a consolidated loss of €4.5bn, compared to a €6.5bn loss in 2008.
This loss included goodwill impairments totalling €768m, and the integration costs relating to the acquisition of Dresdner Bank which amount to €1.9bn.
In the fourth quarter of 2009 Commerzbank lost €1.9bn, an [...]
New lease of life for overdraft charges test case
by Gill Montia
Story link: New lease of life for overdraft charges test case
A new development regarding the failed unauthorised overdraft charges case could bring hope to consumers because a Scottish law centre has won the right for a client to challenge their bank in court under the Consumer Credit Act.
The charges are widely regarded as exorbitant and a High Court test case involving the Office of Fair [...]
