US investment bank, Jefferies, has agreed to acquire Hoare Govett, the stockbroking business of Royal Bank of Scotland. With its one hundred year history, Hoare Govett is regarded as one of the UK’s most prominent corporate brokers and the acquisition includes the firm’s entire senior broking team. In all, around 50 members of staff will [...]
Lloyds Banking Group has committed to keeping the same number of branches in its network for the next three years. The part state-owned bank has also pledge not to close a branch if it is the last one in a particular community. Commenting on the announcements, group chief executive, António Horta-Osório, says: “We want to [...]
Lloyds Banking Group has announced changes in its senior management structure as follows: Truett Tate, group executive director for wholesale, will retire this month. The sixty-one-year-old joined the group in 2003 as managing director, corporate banking, before being appointed to the Board in 2004. Andrew Gézcy, managing director of wholesale banking and markets, will report [...]
Royal Bank of Scotland’s (RBS’s) share price will be watched closely today following the news that chief executive, Stephen Hester, has surrendered this year’s bonus, which amounts to almost £1 million in shares. Mr Hester has bowed to mounting political pressure including yesterday’s threat from Labour to bring an opposition day motion and put his [...]
Morgan Stanley has today announced the appointment of 210 managing directors. The bank has published a list of names beginning with Tim Abbott, ending with Risana Zitha and with Derek Laws appearing at the midway point. However, no further details of the appointments or the group’s strategy in making them are provided.
Banco Santander has reported that Francisco Luzon has announced his voluntary resignation as head of the Americas Division and an executive board member. Luzon will be succeeded as head of the Americas Division by Senior Executive Vice President Jesús Zabalza. Santander expressed its recognition of the extraordinary work that Luzon had done on its behalf [...]
The Board of Directors of the Nordic Investment Bank (NIB) has announced the appointment of Henrik Normann to the post of president and chief executive officer. Normann, whose appointment is effective from 1 April, will succeed Johnny Åkerholm, who has held the position since 2005. Currently, Normann serves as a managing director within Danske Markets, [...]
HSBC Holdings has appointed Stuart Levey as chief legal officer. A graduate of Harvard College and Harvard Law School, Mr Levey will be based in London and report to group chief executive, Stuart Gulliver. Richard Bennett, group managing director and group general counsel, will work with him until retiring from HSBC at the end of [...]
Brewin Dolphin has announced that it is expanding its London office with a quartet of new hires in Financial Planning and Charity Investment Management. Nicholas Burt and John Fletcher join the Financial Planning Division as divisional directors, the former bringing a decade of experience working for firms such as Rathbones, Pannone and Deloitte and the [...]
UKFI, which oversees the taxpayer’s interest in the UK’s rescued banks, has announced that Sir David Cooksey is retiring as chairman. Chief executive, Robin Budenberg, who joined UKFI in 2010 from UBS, will become chairman in his place. Jim O’Neil, who is currently responsible for UKFI’s investments in Lloyds and RBS, will become chief executive. [...]
Nomura has announced that Jasjit Bhattal is to retire from his position as president and chief executive officer of the group’s wholesale division, and deputy president of Nomura Holdings. Mr Bhattal’s responsibilities will be assumed on an interim basis by Nomura group chief operating officer and chairman for wholesale, Takumi Shibata, who will also determine [...]
Deutsche Bank has announced the appointment of Jorge Arce as the new chief country officer for Deutsche Bank Mexico. Arce is to be based in Mexico City, and will be directly responsible to Deutsche Bank Latin America Chief Executive Officer Bernardo Parnes. Arce is a veteran of the bank, and has served it for more [...]
New City job vacancies fell only 8% in 2011, to 54,020 (2010: 58,830), Astbury Marsden reports. However, 2011′s total masks a sharp deterioration in the City job market towards the end of last year. According to the financial services recruitment firm, December saw only 1,490 jobs created, down 43% from 2,620 a year earlier. The [...]
The chairman of the Swiss National Bank (SNB) has resigned following the revelation earlier this month that his wife, a former currency trader, purchased half-a-million US dollars shortly before the value of the Swiss franc was pegged against the euro, in September of last year. In a statement, Philipp Hildebrand said that it was not [...]
Wealth manager Quilter has announced that it has opened a new office in North Wales to bolster its regional investment capacity. Prior to this, the firm served North Wales from its Liverpool office, which will now be catered to by the Llandudno Junction office. Richard Thorn, leader of the Liverpool office, will also act as [...]
David Cameron is proposing to rein in excessive City pay by giving shareholders a binding vote on remuneration packages. Appearing on BBC One’s Andrew Marr Show yesterday, the Prime Minister said excessive bonuses made “people’s blood boil”, adding that there had been a “market failure” with some bosses getting huge pay increases regardless of performance. [...]
Brewin Dolphin has announced the opening of a new office in Bristol, the firm’s 41st office in the UK. The new office will be led by veteran Investment Manager Terry Leach, who was previously the head of Brewin Dolphin in Taunton. The Bristol office will be the firm’s ninth in the South West region, and [...]
