News

Standard Chartered has unveiled sweeping changes in its boardroom following reports of discord at the top of the FTSE 100 bank.

Banks face £2.5bn new tax

Britain's new £2.5 billion a year permanent bank tax will take a step forward when draft legislation is published tomorrow, the Chancellor said today.

Taxes and regulation 'exile talent from City'

The City of London is finding it harder to attract top financial-services talent because of higher taxes and stiffer regulation, according to Peter Sands, the chief executive of Standard Chartered.

Cable puts thumb screws on the tight-fisted banks

Vince Cable, the Business Secretary, will step up the pressure on the UK's high street bankers tomorrow morning when he confronts them at the first meeting of the Small Business Economic Forum.

US banks to post rise in profits, but investment income slumps

Mixed third-quarter predictions blamed on 'lacklustre trading environment'

HSBC still out of Africa after walking away from Nedbank takeover

HSBC walked away yesterday from its proposed 50bn rand (£4.6bn) takeover of 70 per cent of South Africa's Nedbank – but the company could come back to the table if its majority owner, Old Mutual, lowers its price.

Market Report: Hammerson rises high after new focus on retail

Hammerson was among the gainers as the FTSE 100, swept up by the mining sector, broke through the 5,700 mark last night.

Standard Chartered in shock £3.5bn cash call

Standard Chartered, the emerging markets bank, yesterday unveiled a £3.3bn rights issue net of fees to meet regulators' demands that banks hold more capital. The move immediately sparked speculation that Barclays could be next, with its shares falling 2.75p at 292p as a result.

David Prosser: The bank doth not protest too much

Outlook Standard Chartered's insistence yesterday that its £3.5bn rights issue has been launched primarily with the more stringent capital requirements of Basel III in mind was met with some scepticism in the market. After all, the bank raised £1bn in August 2009 and its Tier One capital ratio, at 9 per cent, is comfortably ahead of the 7 per cent required under Basel III. Might the cash call have more to do with amassing funds for acquisitions, some analysts wondered?

Market Report: Standard Chartered banks gains on bid talk

Standard Chartered outshone its peers as the rumour-mongers touted bid theories last night.

Leading bankers warn that new rules will hit recovery

"Too tough" banking regulation will put a "drag on economic recovery" and cost upwards of 10 million jobs globally, the world's leading bankers have warned.

Eric Daniels to step down from Lloyds

Departing chief says HBOS deal that led to bailout will prove to be good for the bank

David Prosser: Sir Stuart fades from the public eye

Outlook Sir Stuart Rose must be counting the days until 4 January 2011, when he is finally due to walk away from Marks & Spencer. He clearly feels thoroughly under-appreciated for his record at M&S, with rows over corporate governance and pay, and a mixed performance over the past 18 months from the retailer having undermined his claim to have rescued it from the clutches of Sir Philip Green six long years ago.

The business on...Stuart Gulliver, HSBC Chairman, Europe / Middle East

The man who would be king?

Maybe one day. HSBC boss Michael Geoghegan isn't going anywhere for a while, but Mr Gulliver, head of investment banking globally, and the whole bank in Europe and Middle East, is now widely seen as his most likely successor.

HSBC starts exclusive talks with Nedbank

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