Jobless fall catches Bank off its guard

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Jobless fall catches Bank off its guard

Jobless fall catches Bank off its guard
The British Bankers’ Association (BBA) offered more evidence of reviving credit conditions yesterday as mortgage lending hit its highest level for almost four years.
The Independent, p. 55
Also appeared in : The Times, p.48

Barclays plans new pay scheme
Barclays is in discussion with shareholders about a new remuneration policy under which staff will be rewarded based on their seniority and responsibilities, in addition to their annual salary and bonus. All top staff at Barclays would be eligible to be rewarded under the scheme, Sky News reported, though the majority of those likely to benefit from it will be based in the company’s investment banking division.
The Daily Telegraph Business, p. 3
Also appeared in : The Guardian, p.29, The Guardian, p.31, The Times, p.43

Investors urge Osborne against splitting RBS into good and bad
It is reported that investors in Royal Bank of Scotland are queuing up to urge George Osborne not to press ahead with a mooted plan to split the group into a good bank and a fully separate bad bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Rise in business lending, but small companies still left out in the cold
The British Bankers’ Association published figures yesterday showing that bank lending to businesses last month grew at the fastest rate in four years but small companies continued to struggle to access credit. Borrowing by non-financial firms rose by £2.5bn in September, the best monthly performance since January 2009, the figures show, but within that, lending to small businesses was only “stable”.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times, p.4

Banks ‘are falling short’ on swaps mis-selling payments
The head of the Financial Conduct Authority has issued a stark warning to banks over their failure to compensate customers for the mis-selling of interest rate swaps.
The Times, p. 48
Also appeared in : The Daily Telegraph Business, p.3, The Independent, p.53

Europe braces for another round of banking rescues
Eurozone countries were given a double warning yesterday to set aside extra public funds in preparation for a new wave of bank bailouts. The European Commission has written to all 28 finance ministers in the European Union warning them to prepare “public backstops” for banks, with taxpayers expected to plug new holes in bank balance sheets if private investors cannot or will not do so.
The Times, p. 47
Also appeared in : The Guardian, p.32, The Times, p.47, Financial Times, p.8, The Times, p.44

Bank of England committee hints at earlier rate rise
The minutes of this month’s Monetary Policy Committee (MPC) meeting were published yesterday and they suggest that the Bank of England could raise interest rates earlier than expected as Britain is now enjoying a “robust recovery in activity” and the jobs market is improving.
The Daily Telegraph Business, p. 1
Also appeared in : The Guardian, p.29

Call for end to US and EU bank data agreement
The European parliament has calls for a halt on funding for the financial transactions information-sharing pact between the EU and the US because of the NSA’s alleged misuse of the data. Cecila Malmstrom, the commissioner for home affairs, has told her staff to look into the impact of the Edward Snowden revelations.
The Guardian, p. 27

Brevan in shift away from UK
Brevan Howard – the third-largest hedge fund with $41bn under management – has moved most of its operations out of the UK to escape EU regulation and expand internationally.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

BNP Paribas seals deal for Crédit Agricole derivatives
It reported that BNP Paribas is to take over a €12. 5bn equity derivatives portfolio from Crédit Agricole’s investment bank to manage the rundown of the positions during the next few years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

JP Morgan close to settling $6bn claims
JP Morgan is nearing a $6bn (£3. 7bn) deal with a group of institutional investors to settle claims the bank sold them substandard mortgage–backed securities.
The Daily Telegraph Business, p. 3
Also appeared in : The Independent, p.56

Funding Circle to launch in the US
Funding Circle, a British company that matches savers with small companies to provide business loans, will launch in the US after being backed by investors who spotted Facebook and Twitter.
The Daily Telegraph Business, p. 4
Also appeared in : The Times, p.44

Co-operative Bank sale leaves ethical savers with a dilemma
Fears that the Co-operative Bank, now controlled by hedge funds, may drop its ethical policy has prompted some of its 4.7million customers to consider seeking alternative green and socially responsible financial institutions.
The Guardian, p. 30

Widows target
Aberdeen Asset Management is planning a bid for Scottish Widows, part of Lloyds Banking Group, according to Sky News.
The Times, p. 43

The above articles appeared on 24/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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