Company News



Royal Bank of Scotland Could Hand £4m in Bonuses to Investment Banking Chief

Published on: Tuesday, January 29, 2013 by Paul Stanbridge
A row could be brewing at Royal Bank of Scotland, which is due to hand bonuses worth around £4m to the head of its investment bank, John Hourican, whose departure is expected in the coming weeks.
The share bonuses are part of packages that were handed to Hourican after the 2008 bailout of the bank and deferred over a number of years. . .

http://hereisthecity.com/2013/01/29/royal-bank-of-scotland-could-hand-4m-in-bonuses-to-investment-ch/



UBS Told by U.S. Judge to Give IRS Data on Wegelin

Published on: Tuesday, January 29, 2013 by Paul Stanbridge

A U.S. judge said the Internal Revenue Service can demand information from UBS about U.S. clients of Wegelin & Co., the Swiss bank that pleaded guilty this month to conspiring to help cheat the IRS.

Bloomberg reports that U.S. District Judge William H. Pauley III signed an order in Manhattan federal court that authorized the IRS to serve a summons on UBS, the largest Swiss bank. The tax agency seeks records of Wegelin’s correspondent account at UBS, according to the January 25th order announced Monday. . .

http://hereisthecity.com/2013/01/29/ubs-told-by-us-judge-to-give-irs-data-on-wegelin/



Co-op Removes Barclays From Ethical Funds List

Published on: Tuesday, January 29, 2013 by Paul Stanbridge

Barclays has been removed from the list of companies in which the ethical funds run by Co-operative Asset Management can invest because of concerns about the way the bank has been hit by the Libor scandal and its reliance on investment banking.

Other banks could also be excluded from the list used by the Co-op’s £750m range of sustainable funds, which are more selective about the type of stocks in which they invest than conventional funds. . .

http://hereisthecity.com/2013/01/29/co-op-removes-barclays-from-ethical-funds-list/



Banca Monte dei Paschi trades probed in Italy

Published on: Tuesday, January 29, 2013 by Paul Stanbridge

Shareholders of the world’s oldest bank have approved a plan needed to get a state bailout amid revelations that it concealed loss-making risky trades.

Italy’s Banca Monte dei Paschi di Siena and regulators are investigating the trades. . .

http://www.bbc.co.uk/news/business-21197589#



Barclays senior staff ‘linked’ to Libor affair

Published on: Tuesday, January 29, 2013 by Paul Stanbridge

A lawyer in a case involving the Libor rigging scandal has said evidence links senior Barclays staff to the affair.

Tim Lord cited alleged communications from the “31st floor” of Barclays HQ – which housed senior executives – about the benchmark market interest rate. . .

http://www.bbc.co.uk/news/business-21191552#