Glaxo adds to gloom at RBS
Pharmaceuticals blue-chip GlaxoSmithKline (GSK) has replaced Hoare Govett as one of its brokers, putting more pressure on the Royal Bank of Scotland's corporate broking arm.
GSK was a longstanding client of nearly 17 years, but Hoare Govett was replaced by Citi over the Christmas period. Joint broker UBS retained its role.
This leaves Hoare Govett with only eight FTSE clients, two of which – G4S and Tullow Oil – are believed to be reviewing their position.
The news could not come at a worse time for RBS, which has hired Lazard to sell chunks of its equities business, including Hoare Govett. Oriel Securities and Numis are thought to be interested in Hoare Govett, but if a buyer is not found there are fears that the broker might be shut down.
RBS's chief executive, Stephen Hester, is due to release the results of a strategic review of the bank before its annual figures next month.
A GSK spokesman said: "We have enjoyed a long and constructive relationship with Hoare Govett."
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...