Goldman commits to money funds

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Goldman commits to money funds

Goldman commits to money funds
In spite of concerns over profitability and regulatory action, Goldman Sachs Asset Management says it has “absolutely no intention of stepping away” from its money market business.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 2

Asset managers face fiduciary freeze
A study by Cerulli Associates has found that European asset managers fear being frozen out of client relationships due to a rise in fiduciary management.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 9

Treasury seeks Help to Buy exit
Insurers would take on £12bn worth of government-backed mortgages under proposals being considered by the Treasury as they seek to wind down the Help to Buy scheme in 2016.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Number of renters unable to buy their own home at record levels
The proportion of “trapped” tenants living in the rental sector has reached its highest levels in more than two-and-a-half years despite government efforts to make the jump on to the property ladder easier, a study has found.
Independent i, p. 4

Pressure grows on banks to act over rejected PPI claims
Campaigners want millions of rejected payment protection insurance compensation claims to be reopened after new research revealed that banks had saved more than £4bn in payouts. Research found consumers dropped 2.4mn payment protection insurance claims between 2010 and 2012 after being turned down by their banks.
The Times, p. 33
Also appeared in : The Times, p.1

Treasury may find extra £1.5bn for RBS
The Treasury is considering plans to inject another £1.5bn into Royal Bank of Scotland if a review it commissioned recommends the state-backed lender be broken up into a good bank/bad bank split. However, the Chancellor has insisted he is “not prepared to put more taxpayer capital” into the 81 per cent state-owned bank. Instead, official sources said the Treasury is looking at options for the “dividend access share.”
The Daily Telegraph Business, p. 1
Also appeared in : International Herald Tribune, p.18

Irish bank may benefit from RBS clean-up
Ulster Bank could be the biggest winner from Treasury plans to clean up the balance sheet of Royal Bank of Scotland. A decision by government to clean up the Ulster Bank balance sheet would enhance its ability to lend in Ireland, creating a bank with such a good balance sheet that it might trigger fears in Brussels that it is distorting the market and has become anticompetitive.
The Times, p. 36

Former First Direct chief to lead RBS branches bid
Alan Hughes, the former chief executive of First Direct, is to lead a bid of about £1bn from private equity for 315 branches being sold by Royal Bank of Scotland. Politicians hope the divestment, required under European state aid rules, will boost competition in high-street banking.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16
Also appeared in : City AM London, p.3

The first tranche of […]
The first tranche of the State’s 39 per cent stake in Lloyds Bank is expected to go on sale either this week or in September.
The Times, p. 36
Also appeared in : The Times, p.37

Lloyds chief targets 70 per cent of profits for dividend
António Horta-Osório, chief executive of Lloyds Banking Group, aims to start paying out up to 70 per cent of the bank’s earnings in dividends within three years to attract investors ahead of the sale of the government’s stake.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : City AM London, p.2

Lloyds boss in line for £2mn bonus
Lloyds’ Antonio Horta-Osorio is in line to receive a £2.2mn bonus from the bank’s privatisation, thanks to the rising share price.
Independent i, p. 42

Bank due for £9.5bn profits boost as bad debts decline
HSBC will today report pre–tax profits for the first six months of the year of $14.6bn. City analysts are forecasting a just over $2bn rise year-on-year in profits largely on the back of lower bad debt impairments, falling costs and smaller provisions for mis-selling.
The Daily Telegraph Business, p. 7
Also appeared in : Independent i, p.42

HSBC closing embassies’ accounts
An official said on Sunday that HSBC bank has told dozens of foreign missions in London that it will close their bank accounts. Bernard Silver said he had been told by British officials that more than 40 different embassies, consulates and high commissions had been affected. An HSBC spokesman said Sunday that the move was part of a wider overhaul of its underperforming businesses.
International Herald Tribune, p. 17
Also appeared in : Independent i, p.42

Lender has the wind taken out of its sails
The Co-operative Bank has frozen its £1bn renewable energy funding pledge. A spokesman for the Co-op insisted that it had not abandoned the £1bn target and could resume lending to the sector, but he was unable to say when.
The Times, p. 36

Co-op bondholders expect MPs to probe controversial rescue
Bondholders who stand to lose out under the Co-op Bank’s rescue plan are expecting MPs to probe the deal after the summer recess, they told City A.M. yesterday.
City AM London, p. 3

Raiffeisen narrows growth plans
Austrian lender Raiffeisen Bank International will scale back its growth plans in some central and eastern European countries.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Natixis eyes up to 700 job cuts ahead of strategy presentation
The Journal de Dimanche reported yesterday that French bank Natixis plans to shed 500 to 700 workers with a voluntary departure scheme that is to be negotiated with unions in September. A spokeswoman for Natixis declined to comment on the story. “Several departments will be reorganised at Natixis,” a union source told the paper. “There will be a lay-off plan before the end of the year.”
City AM London, p. 5

Banks’ living wills start to take form
Investors stand to benefit from greater public disclosure – from both regulators and the banks – of what will happen in the event of another crisis, writes Brooke Masters.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Britain needs more truth in banking
Editorial comment on how competition and transparency will bring a better service to Britain’s banking customers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 10

Why we urgently need to inject competition into our banking sector
The banking industry has struggled to generate positive coverage over the past five years and unfortunately, the public largely continues to view it negatively. The question is: will the new regulatory regime, as well as a new governor at the Bank of England, deliver change within our banking system and unleash what is urgently needed – competition?
City AM London, p. 15

Carney to back low interest rates while ‘hurdles’ remain
The Bank of England is expected to signal this week that interest rates will remain low for several years to spur the economy, despite growing evidence that the recovery is gathering pace.
The Guardian, p. 15
Also appeared in : Daily Mail, p.8, Financial Times, p.3, Financial Times Companies and Markets, p.24, Independent i, p.42, The Daily Telegraph Business, p.7, The Independent, p.47, City AM London, p.2, City AM London, p.13

The above articles appeared on 05/08/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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