Co-op offers £125 'golden hello' to new customers

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Co-op offers £125 ‘golden hello’ to new customers

Retail Banking

Co-op offers £125 ‘golden hello’ to new customers
The Co-operative Bank is offering new current account customers a £125 “golden hello” after admitting it was losing customers due to concerns over its future.
The Guardian, p. 24

Card protection compensation set to hit £1.3bn
The Financial Conduct Authority yesterday launched the scheme for those who bought or renewed the products from CPP or their bank or card provider from January 2005 onwards. Around 7mn will be eligible for the payout, with forms due to be sent out next month and a deadline of August set for their return. Compensation payments will be paid from March next year.
City AM London, p. 9
Also appeared in : The Times, p.35

Savings

Trust in banks wanes as savers find other ways to protect their money
Opinion piece from Satyajit Das talking about the falling trust in our banks as savers are finding other ways to protect their money.
The Independent, p. 54

Unit & Investment Trusts and OEICS

After scandal, SAC starts to reinvent itself
SAC Capital Advisors, synonymous with an insider trading scandal that has consumed the hedge fund industry, will soon cease to exist as Wall Street has known it.
International New York Times, p. 16

US hedge fund Elliott emerges as key player in Game’s IPO strategy
Investors in Elliott Advisors, the US hedge fund, can expect a huge windfall if plans for a £300mn flotation are successful.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Mortgages & Residential Property

US mortgage battle intensifies
Pressure is mounting at the mortgage banking divisions of the biggest US banks. Banks are trying to step up new home loans.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Appointments

Yellen sworn in as Fed’s new head
Janet Yellen the new head of the US Federal Reserve, was sworn into office in Washington, DC yesterday. Ms Yellen is the first woman to lead the Federal Reserve in the US central bank’s 100-year history. Her approach is expected to be similar to the man she is replacing, Ben Bernanke, who pushed interest rates in the US to historic lows.
The Independent, p. 51
Also appeared in : The Guardian, p.21, City AM London, p.1

Citi hands controls in Britain to former engineer
Citigroup has appointed James Bardrick, one of its leading corporate bankers, as head of its British operations.
The Times, p. 40
Also appeared in : Financial Times Companies and Markets, p.21, Independent i, p.42

Round Up

Lloyds sets aside another £1.8bn to settle PPI mis-selling claims
The cost of the payment protection mis-selling scandal has hit more than £22bn after Lloyds Banking Group said yesterday it was setting aside an extra £1.8bn to compensate customers. It takes the cost for Lloyds alone to just short of £10bn after the bank, which is one third owned by the taxpayer, revealed the extra costs in a surprise trading update. It was the seventh time the bank, owner of Halifax and Bank of Scotland, had increased its estimated bill for PPI – the biggest mis-selling scandal to hit the UK financial industry.
The Guardian, p. 2
Also appeared in : The Guardian, p.26, The Times, p.35, Independent i, p.40, International New York Times, p.14, The Times, p.39, The Independent, p.51, The Daily Telegraph Business, p.1, The Daily Telegraph Business, p.2, Financial Times Companies and Markets, p.21, Independent i, p.41, The Daily Telegraph Business, p.6, City AM London, p.15, Financial Times Companies and Markets, p.15, Financial Times Companies and Markets, p.16, City AM London, p.7, Financial Times, p.1, The Independent, p.52, Financial Times Companies and Markets, p.18, Financial Times, p.14, The Independent, p.2

Barclays chief gives up £2.8m bonus amid fines and funding hit
It emerged yesterday that Antony Jenkins, Barclays chief executive, is to waive his annual bonus for a second-consecutive year, but still stands to pick up £4m worth of shares from the scandal-ridden lender next month. The 52-year-old, who replaced Bob Diamond as Barclays boss back in 2012 after the bank was fined £290m for rigging Libor, was on course to receive a bonus worth up to £2.75m or 250 per cent of his £1.1m salary. But he is still likely to be handed shares worth about £4m as part of a separate deferred bonus built up in previous years, according to the bank’s last annual report.
The Independent, p. 49
Also appeared in : The Times, p.37, Independent i, p.40, The Daily Telegraph Business, p.1, The Times, p.36, The Guardian, p.21, City AM London, p.2, The Times, p.39, Financial Times Companies and Markets, p.18

FCA to punish bankers involved in Libor scandal
The Financial Conduct Authority has given its first indication that it is trying to punish bankers connected with the Libor-rigging scandal, after revealing yesterday that it wants to fine or ban two individuals.
The Times, p. 36
Also appeared in : The Daily Telegraph Business, p.5, International New York Times, p.15, Financial Times Companies and Markets, p.16, Financial Times Companies and Markets, p.16

Bankers on trial over crash that brought Ireland to its knees
This week three prominent bankers go on trial in one of the biggest prosecutions ever mounted in an Irish court. The hearings in Dublin will be the first of a number of legal sequels to the 2008 financial crisis. The three executives were at the head of the now defunct Anglo Irish Bank.
The Independent, p. 26
Also appeared in : The Guardian, p.25, Independent i, p.2, City AM London, p.10

ECB promises review of banks will expose any financial weakness
The ECB has said its health check of the eurozone’s biggest lenders will leave no doubts over the state of the financial system.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6
Also appeared in : City AM London, p.10

Costs of Merrill businesses integration jolt Julius Baer
Shares in Julius Baer fell 6 per cent after it said the cost of integrating Merrill Lynch wiped 30 per cent off its net profit.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16
Also appeared in : Independent i, p.41

Bankia sees investor appetite for sale of Spain’s part stake
Spain’s bailed-out Bankia has held informal talks with investors interested in buying part of the government’s majority stake, the bank said yesterday.
City AM London, p. 10
Also appeared in : Financial Times Companies and Markets, p.18

Bank of America pay rise to ease bonus cap blow
Senior staff at Bank of America Merrill Lynch (BAML) are getting a 20 per cent pay rise to make sure they do not lose out as a result of the EU’s incoming bonus cap.
City AM London, p. 4

BBA plea to councils
The British Bankers’ Association will today call for local councils to deposit part of their £30bn cash pile with challenger banks in a bid to boost competition in the sector.
The Daily Telegraph Business, p. 1

European banks loaned $3trn to emerging markets
European banks have loaned in excess of $3 trillion (£1. 83trn) to emerging markets, more than four times as much as US lenders – putting them at greater risk if financial market turmoil in countries such as Turkey, Brazil, India and South Africa intensifies.
Independent i, p. 41

Philippine central bank head warns over rate rise policies
Amando Tetangco, Governor of the Central Bank of the Philippines, has warned emerging economies that interest rate rises could do them more harm than good.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 5

UniCredit loans sale spurs ‘bad bank’ debate
Italian bank UniCredit has sold €700mn of non-performing loans to AnaCap Financial Partners.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Scottish funds warn on break-up
Scottish Financial Enterprise has warned that fund managers will have to pay for a new financial regulator if Scots vote for independence.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

London-based bankers face probe over Libyan ties
The London-based bankers who allegedly cajoled Muammar Gaddafi-era Libyan officials into giving them billions of dollars to invest are now being investigated by the US criminal authorities.
Independent i, p. 41

A eurozone bond need not be a freeloaders’ charter
Analysis of the possibility of negative interest rates in the eurozone.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 11

Major central banks must co-­ordinate policy
Comment on the increased need for policy co-ordination among major central banks.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 30

Sidestepping the bonus restriction
Comment on EU rules forcing banks to restrict bonuses.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

The above articles appeared on 04.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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