Buck-passing bosses at Barclays defend 'stupid, idiotic, hot-headed alpha males'


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Buck-passing bosses at Barclays defend ‘stupid, idiotic, hot-headed alpha males’

M&S cuts the pension gap down to size
Retail giant Marks & Spencer has struck a new deal with its pension trustees, allowing it to reduce the amount it pays to plug the deficit in the scheme each year. Shares in the company leapt 8.3p to 387p yesterday as it revealed the result of its triennial valuation. Its deficit has shrunk from £1.3 billion in March 2009 to £290 million last March. The company will reduce the amount it contributes to £28 million a year in cash between 2013 and 2016, down from the £60 million it had agreed previously.
The Times, p. 56
Also appeared in : City AM London, p.12, City AM London, p.12, The Times, p.65, Financial Times, p.1, Daily Mail, p.75, The Daily Telegraph Business, p.3

Mortgages reach nine-month high
The bank of England has reported that approvals for new mortgages rose to a nine-month high in October.
The Daily Telegraph Business, p. 4
Also appeared in : Daily Mirror, p.62

Buck-passing bosses at Barclays defend ‘stupid, idiotic, hot-headed alpha males’
Yesterday senior executives at Barclays were accused of passing the buck and were likened to criminals by MPs and peers investigating failings of culture in Britain’s biggest banks. In a sometimes testy three-hour grilling by the Commission on Banking Standards, five Barclays executives came under fire for failing to take responsibility for the Libor scandal and for an “atrocious” record on responding to customer complaints.
The Times, p. 55
Also appeared in : City AM London, p.4, The Times, p.55, The Times, p.51, The Times, p.51, The Sun, p.52-53

Thousands pay price of banks’ lifeline
Yesterday four of Spain’s weakest nationalised banks were thrown a lifeline when Brussels approved billions of euros of aid, but at a cost of thousands of jobs. Joaquín Almunia, the European Competition Commissioner, said that Bankia, NCG Banco, Catalunya Banc and Banco de Valencia would need €37 billion for recapitalisation and that the banks’ bondholders would face losses of up to €10 billion. Bankia is set to receive €18 billion, NGC €5.5 billion, Catalunya Banc €9 billion and Banco de Valencia €4.5 billion.
The Times, p. 59
Also appeared in : Daily Express, p.61, The Times, p.51, Evening Standard London, p.40, International Herald Tribune, p.13

Payday loan charges to be capped by law
Payday loan firms face a cap on the amount they can charge consumers, the government announced last night. In a blow to the booming industry, ministers said that legislation will be introduced to give the new Financial Conduct Authority (FCA) power to intervene in the industry if it sees evidence of bad practice.
City AM London, p. 12
Also appeared in : The Times, p.11

Meddling politicians hurt merger market
Two top investment banks warned that the green shoots of growth in the merger and acquisition markets could be snuffed out by hostile governments and increasing political activism which is adding extra complexity to the process.
City AM London, p. 1

Private sector loans decline
Bank lending to businesses fell again in the Eurozone in October, according to data published yesterday by the European Central Bank (ECB). Despite market sentiment improving on the back of the ECB’s plans to buy the bonds of struggling governments like Spain’s, loans to the firms fell 1.8 per cent, accelerating from the 1.5 per cent drop seen in September.
City AM London, p. 4

Barclays set to close its tax advisory unit
TAX advisory and agricultural commodities trading could be some of the business arms cut by Barclays in its impending shakeup of operations, as it tries to improve its reputation, investment bank boss Rich Ricci told MPs and peers yesterday. And the senior banker also confirmed yesterday that five staff have been fired over the Libor fixing scandal, while another eight have been disciplined.
City AM London, p. 12

€37 billion for 4 Spanish banks
The European Commission approved the ”milestone” payment from the European Stability Mechanism bailout fund to the four lenders on the condition that they lay off thousands of employees and close offices as part of their restructuring.
International Herald Tribune, p. 1

Lloyds denies branch sale was rigged
Last night Lloyds hit back at claims from City grandee Lord Levene that the bidding process for its 632 branches was rigged in the Co-op’s favour, writes James Salmon. Chief executive Antonio Horta-Osorio said he ‘absolutely refutes’ the peer’s suggestion that a coalition agreement to promote mutuals and co-operatives swayed its decision. The state-backed lender was forced to sell the branches, in a deal known as Project Verde, as a condition of receiving a £20bn bailout from the government.
Daily Mail, p. 72

Banking overhaul moving too slowly, Barroso warns
Even as the European Central Bank reaffirmed its readiness to become the single banking supervisor for the euro area, a top European Union official on Wednesday chided the bloc’s leaders for dragging their heels on that project and other reforms aimed at preventing the recurrence of financial crises.
International Herald Tribune, p. 13
The above articles appeared on 29\11\12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.