HSBC UK head Joe Garner resigns, Antonio Simoes to succeed

Written on:September 13, 2012
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HSBC London branch

HSBC UK head Joe Garner resigns from his position

In another sudden management jolt, HSBC’s UK head Joe Garner has called it quits from his position, after close to two years of being at the helm, and will now be succeeded by HSBC’s European retail banking and wealth management chief Antonio Simoes.

After eight years of association with HSBC, Garner was expected to move out of HSBC in early 2013. But his decision to quit came suddenly, and now Garner will step down from his role in October.

Garner had joined HSBC in 2004 and has been handling retail and commercial banking business in Britain since December 2010.

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HBOS ex-chief Peter Cummings faces lifetime ban, £500,000 fine

Written on:September 13, 2012
HBOS

Former corporate banking head at Halifax Bank of Scotland (HBOS) Peter Cummings, is facing a lifetime ban from banking along with a fine of £500,000, for his role in pushing HBOS closer to collapse, which was bailed out by Lloyds in September 2008. The Financial Services Authority (FSA) said that Cummings had failed to exercise enough caution in his corporate division, when the company undertook extensive expansion strategy.

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John Lewis reports whooping 60% rise in pre-tax profits

Written on:September 13, 2012
Waitrose store

British retailer John Lewis posted 60% increase in pre-tax profits as its department stores and Waitrose, its upmarket grocery chain, beat rivals in a tough market scenario, owing to an investment boost over previous years. The company reported that gross sales for the half year to July 28 increased to £4,405.9 million, up from 4,052.1 million last year while pre-tax profits increased to £145.5 million, in comparison to £91.2 million…

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BAE Systems negotiating £30.4 billion merger with EADS

Written on:September 13, 2012
BAE Systems Eurofighter Typhoon

Britain’s defence company BAE Systems is negotiating an ambitious £30.4 billion merger deal with its rival European Aeronautic Defence and Space Company (EADS), in a bid to create the world’s second biggest aerospace and defence company, after Boeing. If the London-based aerospace giant BAE Systems is successful in its negotiations, the two companies are expected to have combined sales worth £60 billion, along with a workforce of 220,000 across the…

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Huawei to deposit £1.2 billion in UK economy by 2017

Written on:September 12, 2012
Huawei

Huawei, the powerful Chinese company specialising in the building of telecommunications equipment, intends to spend £1.2 billion ($2 billion) in the UK over the next five years for investment and local acquisition. This indicates that Huawei observes copious growth opportunities in the UK notwithstanding Europe’s wobbly and sluggish economic forecast. Huawei spokesman Scott Sykes has confessed that Europe’s macroeconomic situation is unsteady. But Huawei has undergone robust growth in Europe….

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Finance news: Fashion magnate Burberry slumps in China

Written on:September 12, 2012
Burberry

Unsettling news for Burberry, which may be facing a major financial cataclysm after recent sales figures for the fashion label went down again, with China instigating the worst of the drop. The latest economic trend reveals an 11pc like-for-like growth at the end of March, falling to 6pc by June and then to nothing in the 10 weeks leading up to the first week in September. “The global economic crisis…

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Kingfisher H1 profits hit by bad weather

Written on:September 12, 2012
barbecues

British multinational retailing company Kingfisher plc recorded 16% slump in adjusted pre-tax profit to £371 million in six months to the end of July. London-based retailer blamed the European debt crisis and torrential rain in the UK for the drop in the sales. Owner of the B&Q and Castorama chains said today in a statement that the wet weather across in the UK and northern Europe deterred spending, resulting in…

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Stock market news Sept 11: Barclays, Burberry, Betfair

Written on:September 11, 2012
Stock market screen

Contrary to the expectations, after Monday markets reported the index closed down at 5,793.20, the FTSE 100 index rose 0.3% to hit £0.9993 ($1.6026), close to Friday’s peak of £0.9999 ($1.6035) which marked its strongest since May 15. The FTSE 100 index closed down 1.60 points, or 0.03% at 5,793.20 on Monday, after seeing a lot of ups and downs in a tight range around the psychologically important 5,800 level…

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BlackRock penalised with £9.5 million for failing to protect client money

Written on:September 11, 2012
FSA logo

The UK unit of BlackRock Investment Management has been penalised by Financial Services Authority (FSA) with £9.5 million for failing to safeguard clients’ money over a period of three and a half years. FSA investigation found that BlackRock had consistently failed to put trust letters in place for certain money market deposits that it placed with some third party banks and failed to take reasonable care to organise and control…

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Barclays, Lloyds emerge as biggest PPI offenders

Written on:September 11, 2012
Barclays London job cuts

As the Financial Ombudsman Service (FOS) reported 1,500 complaints per day from consumers in the first half of the year regarding payment protection insurance (PPI) mis-selling, Barclays and Lloyds have come under the radar as they became the most complained about organisations. The latest FOS data reveals that Barclays had a total of 322 investment complaints, which is a 11% fall as compared to the previous six months data which…

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