uSwitch.com: Banks quick to cut savings rate
by Kay Murchie
Story link: uSwitch.com: Banks quick to cut savings rate
The Bank of England has made aggressive cut in interest rates in the last two months but lenders have been slow to pass on the reduction to consumers, until the Government intervened and some lenders finally caved in to the pressure.
However, according to a study by price comparison service, uSwitch.com, providers have cut their savings [...]
Raymond James’ CEO scoops Entrepreneur Award
by Richard Kilner
Story link: Raymond James’ CEO scoops Entrepreneur Award
Thomas A. James, the chairman and chief executive officer of Raymond James Financial, Inc., enjoyed his night at the Ernst & Young awards, winning the prize for Entrepreneur Of The Year 2008 in the financial services.
The awards have been going for over 20 years, and seek to recognise those responsible for innovative thinking, successful practices [...]
Baird establishes wealth management office in California
by Richard Kilner
Story link: Baird establishes wealth management office in California
International financial services firm Baird has announced it is to open its first office dedicated to wealth management in California.
In addition, the firm has bolstered its capabilities with an extra four financial advisers, three of which (Carlos Alcaine, Joseph Hoon and Seth Kaplan) are senior VPs, and Stephen Halterbeck.
Halterbeck and Alcaine (Alcaine Group members) are [...]
Brewin Dolphin rebrands Scottish division
by Richard Kilner
Story link: Brewin Dolphin rebrands Scottish division
The UK’s largest private client investment manager, Brewin Dolphin, has announced the rebranding of its Scottish division, Bell Lawrie.
Bell Lawrie will operate under the Brewin Dolphin name from March of next year.
Bell Lawrie joined the Brewin Dolphin Group in 1993, and has a history stretching over a century and a half.
Operating under their new name, [...]
Oceanic Bank aims to enhance savings culture in Nigeria
by Richard Kilner
Story link: Oceanic Bank aims to enhance savings culture in Nigeria
Oceanic Bank International plc is to try and bolster the savings culture in Nigeria with the introduction of Oceanic Save More And Win Big Promo, which could enrich customers by up to N100m.
The Central Bank of Nigeria has frequently complained of too much cash being outside the formal market, and as a result has encouraged [...]
Houlihan Lokey scoops prize at M&A Awards Americas
by Richard Kilner
Story link: Houlihan Lokey scoops prize at M&A Awards Americas
Investment bank Houlihan Lokey has enjoyed success at the first M&A Awards Americas, (sponsored by the Financial Times and Mergermarket), winning the Mid Market Financial Advisor of the Year - United States award.
The award winners were announced at a Gala Dinner in New York at the end of October.
In winning the prize, Houlihan Lokey beat [...]
WestLB records €604m pre-tax profits in first nine months
by Richard Kilner
Story link: WestLB records €604m pre-tax profits in first nine months
German bank WestLB has recorded pre-tax profits of €604m for the first nine months of the year.
The full results will be published on 27 November of this year, with the bank issuing a more concise statement before this to help build confidence amid the continuing financial uncertainty both in Germany and the wider world.
The pre-tax [...]
RBS to cut global workforce by 3,000
by Gill Montia
Story link: RBS to cut global workforce by 3,000
Royal Bank of Scotland (RBS) is poised to cut around 3,000 jobs from its Global Markets investment banking division, in the coming month.
RBS has a presence in over 50 countries and employs around 170,000 people worldwide, approximately 100,000 of whom are located in the UK.
Some redundancies are expected at its City of London headquarters, [...]
Evolution Securities expands Fixed Income unit
by Gill Montia
Story link: Evolution Securities expands Fixed Income unit
UK investment bank, Evolution Securities Ltd (ESL), has announced plans to expand its Fixed Income business.
The firm has appointed Guy Cornelius, formerly a managing director of Lehman Brothers International, to head the unit and expects to recruit additional staff in the near future.
ESL’s chief executive, Andrew Umbers, is confident that the current economic environment presents [...]
Deutsche Bank hires Mike Gelhard
by Richard Kilner
Story link: Deutsche Bank hires Mike Gelhard
Deutsche Bank, Germany’s largest bank, has announced the appointment of Mike Gelhard as the firm’s new MD and global co-head of Emerging Markets Corporate Credit and Special Situations.
He joins Deutsche Bank from investment bank UBS where he covered Latin America and Asia as head of High Yield and Distressed Credit Trading.
Earlier in his career he [...]
UBS executive relinquishes duties after indictment
by Richard Kilner
Story link: UBS executive relinquishes duties after indictment
Investment bank UBS has released a statement in relation to indicted executive Raoul Weil.
Weil, a member of the Group Executive Board as well as chairman and chief executive officer of UBS Global Wealth Management and Business Banking, has been indicted by a Federal grand jury in Southern District of Florida.
The indictment is part of the [...]
Collins Stewart wins stockbroker award
by Richard Kilner
Story link: Collins Stewart wins stockbroker award
Collins Stewart has enjoyed success at the Shares Magazine Awards, garnering enough votes from the weekly investment publication to scoop the Best Advisory Stockbroker award.
Other contenders aiming to achieve the prize included Brewin Dolphin, Killik & Co. and Barclays Stockbrokers.
Those voting on the winner were told to consider the quality of service and satisfaction they [...]
Morgan Stanley cuts staff by 10%
by Gill Montia
Story link: Morgan Stanley cuts staff by 10%
Morgan Stanley has announced plans to cut 10% of staff from its investment banking and sales and trading divisions.
The group is also proposing to restructure its asset management business in a way that will leave around 9% of staff surplus to requirements. However, its global wealth management business will be left in tact.
Earlier this year [...]
Chase Freedom offers new rewards card
by Richard Kilner
Story link: Chase Freedom offers new rewards card
Chase Card Services has continued to develop its Chase Freedom product line with the introduction of a new rewards product.
Chase Freedom (which is a division of JPMorgan Chase & co) is now offering a new credit card which allows users to redeem their rewards in the form of cash, travel, gift cards or merchandise, according [...]
Britons batten-down savings accounts
by Gill Montia
Story link: Britons batten-down savings accounts
Britons are heeding warnings of a sharp economic slowdown and attempting to keep their savings in tact, according to recent research from Birmingham Midshires.
The buy-to-let lender’s Saving Britain report shows that while the amount squirreled away by consumers each month has fallen, the average amount withdrawn from savings accounts across the nation has also decreased.
Over [...]
Deutsche Bank continues California expansion
by Richard Kilner
Story link: Deutsche Bank continues California expansion
Deutsche Bank has continued its regional expansion in California, with the addition of a public finance trust office in Santa Ana.
The office, the second in South California, will cater to public finance clients and will meet their local account management and administration services needs.
The new office is to be led by Jane Snyder, who brings [...]
Nomura appoints EMEA Fixed Income heads
by Richard Kilner
Story link: Nomura appoints EMEA Fixed Income heads
Nomura Holdings, Inc has today announced the new heads of Fixed Income in the EMEA (Europe, Middle East and Africa) region.
The EMEA heads of Fixed Income will be Georges Assi and Kieran Higgins, with the pair reporting both to global head of Fixed Income Zenji Nakamura and chief executive of Acquired Businesses in the region [...]
ING records Q3 loss of €585m
by Richard Kilner
Story link: ING records Q3 loss of €585m
Dutch bank ING has reported Q3 net losses of €585m, as a result of the continuing turmoil in the world financial markets.
The bank recorded year-to-date profits of €2,982m, a sharp fall compared to the first nine months of last year which saw profits of €6,759m.
The third quarter saw a net loss of €0.22 per share, [...]
FSA fines AWD Chase de Vere for mis-selling pensions
by Gill Montia
Story link: FSA fines AWD Chase de Vere for mis-selling pensions
The Financial Services Authority (FSA) has fined AWD Chase de Vere Wealth Management £1.12 million for serious failings in its pension transfer, pension annuity and income withdrawal business.
The regulator found that the firm mis-sold some pension transfers and pension annuities by recommending products to customers who already had adequate existing pension provisions.
In addition, some customers [...]
Credit and store card rates nudge ever upwards
by Gill Montia
Story link: Credit and store card rates nudge ever upwards
The cost of borrowing on bank and store credit cards is continuing to rise, despite recent cuts in the Bank of England’s base rate.
Latest research from financial analyst, Defaqto, shows the average annual percentage rate for credit cards rising from 17.2% in May to 17.6% today, while over the same period the base rate has [...]
