Barnsley BS seeks safe haven with Yorkshire
by Gill Montia
Story link: Barnsley BS seeks safe haven with Yorkshire
Barnsley Building Society is being forced into a merger with Yorkshire Building Society, because of its exposure to two Icelandic banks.
The mutual, which has eight branches, around 60,000 members and assets of £376 million, has reported that it could face a £10 million loss as a result of the collapse of Kaupthing Singer & Friedlander [...]
Lloyds TSB chief tells staff bonuses will be paid
by Gill Montia
Story link: Lloyds TSB chief tells staff bonuses will be paid
The chief executive of Lloyds TSB, Eric Daniels, has told his staff that where bonuses are due, they will be paid.
Last week, the bank, which is in the process of negotiating a merger with HBOS, announced that it would raise £4.5 billion of capital by selling new ordinary shares underwritten by the Government.
Along with its [...]
Hoogduin to be executive director at De Nederlandsche Bank
by Richard Kilner
Story link: Hoogduin to be executive director at De Nederlandsche Bank
By Royal Decree Lex Hoogduin has been appointed to the Governing Board of De Nederlandsche Bank, his appointment taking effect from 1 January 2009.
Over the course of the last 25 years Hoogduin has worked for De Nederlandsche Bank on various occasions.
His most recent role with the Dutch bank was as the division director of Research.
From [...]
Berkery Noyes hires Education group director
by Richard Kilner
Story link: Berkery Noyes hires Education group director
Investment bank Berkery Noyes has appointed Adam Newman to serve as its new Education Group director.
He joins Berkery Noyes from Eduventures, Inc. where he worked as managing vice president and ran the Industry Solutions division which is dedicated to the development of corporate and growth strategy.
The position, which has been recently created, entails collaborating with [...]
FSA to adopt hard-line regulation
by Gill Montia
Story link: FSA to adopt hard-line regulation
The chairman of the Financial Services Authority (FSA), Lord Adair Turner, has warned the UK’s banks that supervision will, in future, be hard-line.
It will also be more expensive and Lord Turner expects the financial sector, rather than the taxpayer, to bear the burden of this.
Speaking to The Guardian, Lord Turner said the new regime will [...]
Greenhill opens Tokyo office
by Richard Kilner
Story link: Greenhill opens Tokyo office
Independent investment bank Greenhill & Co., Inc. has declared ambitions to expand into Japan, and heralded its goal with the opening of a Tokyo office dedicated to advising Japanese firms on domestic and cross-border merger, acquisition and restructuring opportunities.
Kensuke Hotta has assumed the role of Greenhill Japan’s chairman with immediate effect, with Hiroto Yamada joining [...]
Wright promoted to ThinkPanmure’s chief executive
by Richard Kilner
Story link: Wright promoted to ThinkPanmure’s chief executive
The board of Panmure Gordon & Co. plc has announced the appointment of Greg Wright to serve as ThinkPanmure’s chief executive.
Wright has worked within ThinkPanmure, the US business of the Group, for the last two years, having joined from Merrill Lynch.
Earlier this year he was promoted to MD and chief operating officer.
Panmure Gordon’s chairman, Tony [...]
No prosecution of Northern Rock directors
by Gill Montia
Story link: No prosecution of Northern Rock directors
Certain senior banking executives will be sleeping easier in their beds tonight on the news that no legal action will be taken against those at the helm of Northern Rock, when the mortgage lender collapsed last September.
An examination of the management of the bank by lawyers, Freshfields, and accountants, KPMG, has not produced sufficient grounds [...]
Evercore hires Admiral Sir James
by Richard Kilner
Story link: Evercore hires Admiral Sir James
Evercore Partners Inc. has announced the appointment of Admiral Sir James Burnell-Nugent as a strategic adviser to the firm’s Advisory business.
Admiral Sir James will be based in Evercore’s London office, and brings with him tremendous experience having been Commander-in-Chief Fleet of the Royal Navy until earlier in this year.
He has unparalleled experience of both a [...]
FSA speaks out on remuneration and risk
by Gill Montia
Story link: FSA speaks out on remuneration and risk
The Financial Services Authority (FSA) has issued a statement setting out its position on remuneration in the banking sector.
The authority says it is responding to widespread concern that inappropriate remuneration schemes, particularly but not exclusively in the areas of investment banking and trading, may have contributed to the present market crisis.
The statement refers to [...]
Credit Suisse enhances Asian private equity team
by Richard Kilner
Story link: Credit Suisse enhances Asian private equity team
Investment bank Credit Suisse has announced two appointments to strengthen the Credit Suisse Private Equity Asia (CSPEA) team.
Steven Kwok and Sokho Jung both assume the position of managing director, and are granted supervisory duties, with Kwok responsible for Greater China and Jung handling Korea.
Kwok joins the firm from Bear Stearns Private Equity where he worked [...]
Deutsche Bank expands MENA equities platform
by Richard Kilner
Story link: Deutsche Bank expands MENA equities platform
Germany’s largest bank, Deutsche Bank, has announced that its Middle East and North Africa equities platform is to be expanded both in terms of personnel and product offering.
Its equities platform will now include trading, sales trading and equity capital markets and has been bolstered with a pair of senior appointments.
Ahmed Beydoun becomes the new head [...]
Icelandic regulator takes possession of Kaupthing
by Gill Montia
Story link: Icelandic regulator takes possession of Kaupthing
Iceland’s Financial Supervisory Authority has taken possession of Kaupthing, the country’s biggest bank.
The move follows the seizure yesterday by the UK Government of the bank’s UK investment arm, Kaupthing Singer & Friedlander, which specialises in corporate and investment banking and operates wealth management services for private banking clients.
Iceland’s fast growing financial services sector has always [...]
Natixis bolsters Corporate and Investment Banking division
by Richard Kilner
Story link: Natixis bolsters Corporate and Investment Banking division
Natixis has announced the appointment of Marc Breillout as the new head of Capital Markets within the firm’s Corporate and Investment Banking division.
In addition to this Breillout is also given a seat on the bank’s executive committee.
Breillout brings with him over three decades of banking experience, which began in 1977 with Société Générale.
In June of [...]
Deutsche Bank appoints Global Markets India chief
by Richard Kilner
Story link: Deutsche Bank appoints Global Markets India chief
Deutsche Bank has named the new head of Global Markets India as Munish Varma, who takes up the role with immediate effect.
He leaves behind his previous role with Deutsche Bank in London, where he served as head of Global Principal Finance Europe, to take up his new post.
Varma succeeds Pavan Sukhdev, who has chosen to [...]
Kaupthing Singer & Friedlander placed in administration
by Gill Montia
Story link: Kaupthing Singer & Friedlander placed in administration
The UK operations of Kaupthing Bank subsidiary, Kaupthing Singer & Friedlander (KSF), have been placed in administration.
The business specialised in corporate banking, investment banking, capital markets services, treasury services and wealth management services for private banking clients.
Yesterday the UK Government seized control of the firm, after the Financial Services Authority determined that KSF was no [...]
Deutsche Bank bolsters Global Banking division
by Richard Kilner
Story link: Deutsche Bank bolsters Global Banking division
Paul Stefanick has been hired by Deutsche Bank Securities Inc. to serve as global head of the Industrials Group and a managing director of the Global Banking division.
He joins the firm from Merrill Lynch where he worked as an MD and chairman of Global Mergers & Acquisitions since 2005.
Stefanick first joined Merrill Lynch in 1988, [...]
Greenhill hire Cooke as an MD
by Richard Kilner
Story link: Greenhill hire Cooke as an MD
Independent investment bank Greenhill & Co., Inc. has announced the appointment of Christopher Cooke to the recently created Fund Placement Group as a managing director.
Cooke formerly worked as a managing director with Lehman Brothers, and in his new London-based role will focus upon bolstering the firm’s presence in the European marketplace.
He joins Greenhill from hedge [...]
Taxpayer to invest £50bn in High Street banks
by Gill Montia
Story link: Taxpayer to invest £50bn in High Street banks
The Government has unveiled plans to rescue the UK’s ailing High Street banks by investing up to £50 billion in banks that need injections of cash.
Banks partaking in the scheme will be part-nationalised, providing the taxpayer with an opportunity to benefit from future profit.
Prime Minister Gordon Brown has explained the move by saying that [...]
Iceland reaches out to Russia as banks collapse
by Gill Montia
Story link: Iceland reaches out to Russia as banks collapse
Having today nationalised its second-largest bank, the government of Iceland has turned to Russia to negotiate a €4 billion loan to halt a fast-moving collapse of the country’s finance sector.
According to press reports, Iceland’s Russian ambassador has informed the country’s central bank that Russian Prime Minister, Vladimir Putin, has confirmed the bail out.
However, Russia’s deputy [...]
