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  • Barclays profits tumble on eve of big shake-up City A.M. - Wed, May 7, 2014 02:01 BST
    Barclays profits tumble on eve of big shake-up

    PLUNGING investment banking revenues dragged down Barclays’ profits in the first quarter of the year, the bank said yesterday.The bank is due to announce a range of reforms tomorrow, which is likely to ...

  • Aberdeen hit by weak emerging market flows City A.M. - Wed, May 7, 2014 01:59 BST
    Aberdeen hit by weak emerging market flows

    ABERDEEN Asset Management, Europe’s largest independent fund house, yesterday reported a dip in revenues and profits as investors shunned its flagship emerging market products.The group, listed on the ...

  • UBS profits rise thanks to new slimmer setup City A.M. - Wed, May 7, 2014 01:57 BST
    UBS profits rise thanks to new slimmer setup

    SWISS bank UBS reported higher profits for the first quarter yesterday, as cost cutting and a new focus on wealth management paid off.Profits came in at SFr1.05bn (£707m) in the three-month period, up ...

  • Bottom Line: This is how to make a giant bank work City A.M. - Wed, May 7, 2014 01:56 BST

    UBS has not had an easy ride in recent years, but other banks should now look up to its example of how to turn a business around.The fixed income squeeze is putting pressure on all the big investment banks ...

  • Woodford in for Sherborne City A.M. - Wed, May 7, 2014 01:55 BST

    FUND manager Neil Woodford has taken a stake in Edward Bramson’s investment vehicle Sherborne Investors, one of the first investments made by Woodford since he set up his own company.Woodford Investment ...

  • JP Morgan gets Poundland gig City A.M. - Wed, May 7, 2014 01:46 BST

    JP MORGAN pulled further ahead in the corporate broking league tables yesterday as Poundland appointed the investment bank.It means JP Morgan now has 220 broking clients, including 34 of the FTSE 100 and ...

  • City Moves for 07 May 2014 | Who’s switching jobs City A.M. - Wed, May 7, 2014 01:30 BST

    Aviva InvestorsThe asset management business has appointed Katherine Wade to its equity investment team. She has more than 20 years’ experience and joins from Citigroup, where she was an equity sales generalist. ...

  • Retail investors to get TSB stake by end of June City A.M. - Fri, May 2, 2014 02:04 BST
    Retail investors to get TSB stake by end of June

    LLOYDS will sell a chunk of as much as 40 per cent of spun-off bank TSB by the end of June, the state-backed bank revealed yesterday.Retail investors will be able to buy shares through brokers as part ...

  • Barclays’ Canary Wharf offices rocked by morning bomb scare

    STAFF at banks including Barclays and HSBC were briefly shut in their offices yesterday morning as a suspicious package was investigated in Canary Wharf.An area including the Waitrose supermarket was closed ...

  • Yellen stresses lighter rules for small US banks City A.M. - Fri, May 2, 2014 02:03 BST

    FEDERAL Reserve chair Janet Yellen said yesterday that the US organisation would try to “tailor” its regulatory approach to smaller banks, adding that work on larger banks is still “not finished”. Speaking ...

  • House supply shortfall set to push prices higher City A.M. - Fri, May 2, 2014 02:01 BST
    House supply shortfall set to push prices higher

    HOUSE prices are now surging upwards at double digit rates across the country, as a Bank of England deputy governor indicates that the climb is set to continue.Sir Jon Cunliffe’s speech in London yesterday ...

  • THE BANK of England announced yesterday that business lending is still declining, and more quickly than in earlier months. Net lending to the UK’s non-financial firms dropped by £2.3bn between February ...

  • Fat Face unveils London listing to pay off debt City A.M. - Fri, May 2, 2014 01:51 BST

    FAMILY friendly retailer Fat Face yesterday became the latest private equity-backed retailer to tee up a listing on the London stock market, after announcing plans to raise £110m to cut debt.The business, ...

  • Walkie Talkie signs up two more tenants City A.M. - Fri, May 2, 2014 01:48 BST
    Walkie Talkie signs up two more tenants

    CANARY Wharf Group and Land Securities’ Walkie-Talkie skyscraper is now 87 per cent let after the developers confirmed they had secured two new tenants yesterday.US insurance firm CNA and law firm DWF ...

  • Strauss has Batty Day at Lloyd’s of London City A.M. - Fri, May 2, 2014 01:36 BST
    Strauss has Batty Day at Lloyd’s of London

    DURING a quiet moment at the Lloyd’s of London insurance market yesterday, former England cricket captain Andrew Strauss (L) gave some cricket tips to Mark Stephenson (M) and Sean Rocks (R) from Liberty ...

  • Woodford lures three Invesco stars as $13bn leaves ex-funds

    FUND star Neil Woodford has poached three equity chiefs from his former home Invesco Perpeutal, adding to Invesco’s woes after it revealed a 15.5 per cent fall in profits yesterday. Stephen Lamacraft, ...

  • Metro Bank edges closer to turning a profit City A.M. - Fri, May 2, 2014 01:11 BST

    CHALLENGER bank Metro moved closer to the black in the first quarter, yesterday reporting its loan book is approaching the £1bn mark.The high street bank lost £10.6m after taxes in the three-month period, ...

  • New Serco boss kicks off with a £160m placing City A.M. - Fri, May 2, 2014 01:08 BST
    New Serco boss kicks off with a £160m placing

    RUPERT Soames has started his tenure as head of Serco with a £160m fundraising to avoid a default on the outsourcing firm’s debts. Serco said worsening trading meant it was coming “uncomfortably close” ...

  • PHOENIX Group yesterday said it was already half way towards meeting its cash targets for the full year after just 90 days, amid a push to cut debts and build a warchest for potential deals in the future. ...

  • City Moves for 02 May 2014 | Who's switching jobs City A.M. - Fri, May 2, 2014 00:52 BST

    HendersonThe asset management firm has announced the appointment of James de Bunsen as co-manager of its value trust division. He joined in January 2013 as manager of the Henderson Multi-Manager Absolute ...

  • Co-op is told it must reform or it will fail again City A.M. - Thu, May 1, 2014 04:31 BST
    Co-op is told it must reform or it will fail again

    A SWEEPING investigation into the Co-op Group and Co-op Bank yesterday found years of bad decision making and poor leadership led to the enormous losses at the group and the near-failure of the bank last ...

  • Bank to decide on transcripts City A.M. - Thu, May 1, 2014 04:16 BST

    THE BANK of England is now officially reviewing whether to publish a fuller record of its policy meetings.Yesterday, the Bank announced that Kevin Warsh, who was formerly on the Federal Reserve’s board, ...

  • RICHARD HUNTER | HARGREAVES LANSDOWNThe update has been well received... A busy divestment programme is in train, cash generation remains high, cost savings and further financial efficiencies have been ...

  • Handelsbanken seizing more of market as UK deposits double City A.M. - Thu, May 1, 2014 01:25 BST

    CHALLENGER bank Handelsbanken more than doubled its depositors base in the UK in the year to March, its latest financial report showed yesterday.Cash saved in the Swedish bank’s British accounts soared ...

  • THE GOVERNMENT of Cyprus yesterday became the third on the Eurozone’s troubled periphery to return to bond markets this month.The country’s finance ministry said it had raised €100m (£82.5m) from the debt ...

  • BNP Paribas’ shares tumble on US fine fears City A.M. - Thu, May 1, 2014 01:24 BST
    BNP Paribas’ shares tumble on US fine fears

    BNP PARIBAS profits dipped in the first quarter as it set more money aside to cover legal bills, and its Italian business disappointed, the bank reported yesterday.Pre-tax profits fell 3.7 per cent on ...

  • PENSIONS and savings provider Standard Life has reported a 50 per cent drop in sales of annuities in the UK since the chancellor announced an overhaul of the industry in his Budget in March. George Osborne’s ...

  • Saga confirms £550m IPO plans City A.M. - Wed, Apr 30, 2014 08:23 BST
    Saga confirms £550m IPO plans

    Over 50s travel specialist Saga has confirmed this morning that it’s planning to go ahead and float on the London Stock Exchange.The firm, which also sells insurance and has 2.1m customers, joins a growing ...

  • Asian markets fluctuate before Fed policy decision City A.M. - Wed, Apr 30, 2014 06:35 BST
    Asian markets fluctuate before Fed policy decision

    Asian markets switched between gains and losses after earnings reports gave a boost to Wall Street and the Bank of Japan (BoJ) left policy unchanged.However, investors held back in anticipation of the ...

  • Barclays cleans up with bad bank City A.M. - Wed, Apr 30, 2014 02:09 BST
    Barclays cleans up with bad bank

    BARCLAYS will next week set up a bad bank to run down its weakest business lines as it grapples to turn its sprawling financial empire into a sustainably profitable business.Investment banking co-head ...

  • Alstom accepts $12bn GE offer for energy arm City A.M. - Wed, Apr 30, 2014 02:07 BST

    EUROPE'S industrial landscape is set for a shake-up after French giant Alstom accepted a $12bn (£7.1bn) bid from General Electric for its energy arm, and Rolls-Royce said it is in talks to sell assets ...

  • UK banks face tough tests to prove their resilience City A.M. - Wed, Apr 30, 2014 02:06 BST
    UK banks face tough tests to prove their resilience

    BRITAIN’S biggest banks must be able to cope with a housing crash of the type seen in the 1980s, under a trial set up by the Bank of England to make sure the system is strong and safe.The fictional crisis ...

  • Saga ready for £3bn flotation City A.M. - Wed, Apr 30, 2014 02:00 BST

    INSURER Saga is expected to unveil its plans to list on the London stock market as soon as this morning, with the firm due to join the market’s insurance sector rather than the leisure portion of the exchange. ...

  • Bond markets take bite out of Deutsche profit City A.M. - Wed, Apr 30, 2014 01:59 BST
    Bond markets take bite out of Deutsche profit

    DEUTSCHE Bank joined the list of lenders hit by weak bond market profits in the first quarter, the lender said yesterday as it reported a fall in profits.However, markets welcomed the earnings numbers ...

  • Santander UK results lifted by resurgence of mortgage market City A.M. - Wed, Apr 30, 2014 01:58 BST

    SANTANDER UK’s profits jumped in the first quarter of the year, increasing by nearly half as the housing market recovery pumps mortgage lending upwards. Profits before tax rose to £416m between January ...

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