Client concerns
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RBS Posts Loss, Cautious Outlook
Royal Bank of Scotland Group PLC, which is about to see its government ownership rise to 84%, posted a £1.8 billion ($2.99 billion) net loss for the third quarter, hurt by £3.28 billion in impairment losses, and said it remains cautious on the outlook.
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Tax amnesty proves a hit among Italians
A recently launched Italian tax amnesty is doing better than expected and could surpass the 100 billion euros ($149 billion) target of repatriated capital, with domestic asset managers likely benefiting from the flood of new funds, several people involved in the issue said.
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UBS wealth unit takes £33m hit on rogue trades
UBS has been forced to stump up £33m (€37m) after staff in its London-based wealth management division used client accounts to make unauthorised trades in precious metals and foreign exchange. The UK market regulator slammed UBS for its "inadequate systems and controls" in a wide-ranging critique of the business.
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Barclays Rejigs Retail and Investment-Banking Management
Barclays PLC on Tuesday announced a major restructuring of its retail and investment-banking businesses into new group units that will see one of its top executives, Frits Seegers, leave the bank.
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Valuation problems remain unresolved
The question of what a fund is worth is the one that, ultimately, the whole hedge fund industry turns on. But it is a question that became increasingly hard to answer through the financial crisis when liquidity dried up and it became difficult to find accurate market values for some assets.
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Advisers 'Stress-Test' Family Business Plans
With conflicting signals about the pace and sustainability of U.S. economic recovery, it's crucial for family businesses to revisit their contingency plans, think about the positioning of their businesses and expectations about growth, according to financial advisers.
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Lloyds' novel capital raising set to appeal to the wealthy
Lloyds Banking Group’s plans to raise about £7bn ($7.8bn) worth of so-called contingent capital is expected to provoke further issuance in this type of innovative security, potentially creating a new asset-class in the process, which is likely to appeal to wealthy investors.
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EFG denies privatisation plan
Listed Swiss private bank EFG International has refuted suggestions that it might taking its shares private, according to a spokesman.
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Citadel opens its 'gates' on better results
Citadel Investment Group told investors it would fully lift its 10-month ban on withdrawals from the hedge-fund firm.
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Secrecy Hit, Swiss Banks Are Losing Europeans
While the spotlight has been on the aggressive drive by the U.S. government to flush tax dodgers out of Switzerland, bankers here are instead grappling with the loss of a much richer clientele: Europeans.
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Brummel
Relocation, relocation, relocation
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
Rich Monitor
Sotheby's 3Q loss widens
Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.