Results tagged “banking”

HSBC has reiterated its commitment to staying in Canary Wharf after revealing a jump in underlying profits last year.

The bank made a pre-tax profit of $13.3billion for 2009, an increase of 56 per cent on the previous year, but its reported profit before tax fell by 24 per cent to $7.1billion due to losses in its American operations.

Barclays recorded a big jump in profits last year despite the recession.

The bank posted a year-end profit of £11.6billion before tax, an increase of 92 per cent on its 2008 figure. Most of that came from the £6.3billion sale of Barclays Global Investors and a strong performance from investment arm Barclays Capital.

Credit Suisse enjoyed a productive 2009, making a profit of 6.7billion Swiss francs last year.

The bank, which has its UK headquarters in Canary Wharf, has bounced back from a poor 2008, largely due to the strength of its private banking business and adopting a safer business model.

Hector Sants is to leave his job as chief executive of the Financial Services Authority in the summer.

The Wharf-based financial watchdog announced today that Mr Sants will step down after three years in the job, a period which has seen increasing criticism of the FSA's regulatory role, particularly when the credit crunch hit the banking sector in 2008.

Speculation that JP Morgan will abandon its move to Canary Wharf because of the bonus tax is incorrect.

The future of the bank's Riverside South headquarters, currently under construction, was reported to be in doubt after a phone call last month between JP Morgan chief executive Jamie Dimon and Alistair Darling.

Morgan Stanley has posted its first quarterly profit in a year, making $757million in the third quarter of 2009.

The bank, which has its European headquarters in Bank Street, follows near neighbour Citigroup in announcing a return to profitability in recent months.

Credit Suisse is to up the basic salaries of around 15 per cent of its staff to make up for limits on bonuses.

Around 7,000 workers at the bank, which has its British headquarters in Cabot Square, will see the change to their compensation packages come into effect from January.

The recession is still with us but one Wharf-based bank is already working with its customers to prepare for the economic upturn.

Carol Bagnald is the London regional director of HSBC's commercial banking team and she believes this is the perfect time for SMEs to reorganize and prepare for the end of the downturn.

Barclays opened its new look flagship branch in Canary Wharf today with a host of special events and celebrity appearances.

Former England footballer Teddy Sheringham and ex-Wimbledon champion Pat Cash were both on hand to meet the public, while Britain's Got Talent winners Diversity put on a show.

Confidence is returning to the financial recruitment to sector according to one of the industry's leading companies.

Despite bad news on national unemployment figures, put at 2.38million last week, financial recruitment specialists Joslin Rowe is now seeing that trend being bucked in the banking sector.

The Financial Services Authority has defended its performance last year in its newly published annual report.

The Canary Wharf-based financial regulator endured a torrid time in 2008 with the onset of recession and the near-collapse of the banking system.

Citibank International unveiled its 2008 accounts today and they don't make pretty reading for the beleaguered banking group.

The Wharf-based bank made net credit losses of £532million last year, compared to £125million in 2007.

Victims of the economic downturn are apparently finding new homes in the classroom.

Teacher training organisations are reporting a rise in enquires of almost 45 per cent as layoffs continue to be made in the banking sector.

Barclays' bosses braved the wrath of shareholders today to explain why the bank needed to raise almost £6billion of capital from new investors.

The bank's chairman Marcus Agius told a general meeting of shareholders at Excel today failure to secure the promise of funds from the Middle East could have proved "terminal".

Citigroup is pondering selling itself to a rival bank as senior executives look for ways of securing its future following a dramatic dive in value this week.

Chief Executive Vikram Pandit has called a conference call meeting for this afternoon to try and thrash out a solution to the bank's worsening financial position.

Barclays' £7billion deal to raise capital could be under threat from rebel shareholders and it could spell the end for the bank's existing board.

The Canary Wharf-based bank apparently sealed agreements with a number of Middle Eastern investors to raise the capital it needed to secure its future.

Nomura is unlikely to move its headquarters to Canary Wharf.

The Japanese bank was mulling over moving its 3,600 staff to the former Lehman Brothers office in Bank Street but seem set to stay in the City.

Morgan Stanley looks set to be the next Wharf bank to make major job cuts as the economic gloom sinks lower over London.

Up to 1,100 jobs are expected to be culled at the American bank's Canary Wharf headquarters, despite recent moves taken to avoid meltdown along the lines of Lehman Brothers. A decision is expected to be made in the next few days.

BARCLAYS and HSBC are among the UK banks who have signed up to a rescue package drawn up by the Government.

LEHMAN Brothers employees' September pay packets are safe provided they keep showing up at the bank's Wharf headquarters.