Latest articles from Comment

Never mind the shirt, watch the shares

July 4, 2005

Having rewritten Lloyds TSB’s poor growth story, CEO Eric Daniels now wants to strengthen the bank’s franchise, he tells Karina Robinson.

Now’s the time to break down barriers

July 4, 2005

Gerrit Zalm, the Dutch finance minister, calls for banking supervision in the European Union to be overhauled.
Obstacles to European cross-border mergers and acquisitions in the financial sector still exist and the fortifications of some national markets remain hard to penetrate.

China’s growth marks new economic era

July 4, 2005

China has entered a new cycle of growth and is willing to integrate further into the world economy, contributing to the greater global good, according to Jin Renqing, the Chinese finance minister.
The politician was speaking at a presentation to mark his acceptance of The Banker’s Finance Minister of the Year, Asia award in London early last month. Mr Jin outlined the latest macroeconomic developments in his home nation and revealed Chinese efforts to maintain a stable economic outlook.

Peru and Brazil field rivals for IDB presidency

July 4, 2005

Two main candidates are lining up to replace Enrique Iglesias as president of the Inter-American Development Bank (IDB), the biggest multilateral development bank in Latin America. Mr Iglesias, who has held the position since 1988, has decided to step down at the end of September.

SEC chair Cox is Republicans’ man of the moment

July 4, 2005

The republican chairman of the Senate Banking Committee, Richard Shelby, has thrown his support behind the new chairman of the US Securities and Exchange Commission (SEC), Christopher Cox. He also criticised former chair William Donaldson for failing to listen to his Republican peers.

Moody’s defends high turnover of senior staff

July 4, 2005

Rating agency Moody’s is haemorrhaging experienced analysts even as the upcoming Basel II regime for banks increases the importance of the top rating agencies in assessing risk.

Private banking profits up by a third, says survey

July 4, 2005

The global private banking industry is back on its feet for the first time this decade with improved profits and increased assets under management, says wealth management consultancy Scorpio Partnership.

Financial assets of the wealthy grow markedly

July 4, 2005

The financial wealth of the world’s high net worth individuals (HNWIs) has continued to grow significantly, expanding by 8.2% in 2004 to reach $30,800bn, according to the ‘2005 World Wealth Report’ by Merrill Lynch and Capgemini.

Purcell bows to pressure and quits Morgan Stanley

July 4, 2005

Phil Purcell, Morgan Stanley’s chairman and CEO, has bitten the bullet and finally announced he is stepping down.
“It has become clear that, in light of the continuing personal attacks on me, and the unprecedented level of negative attention our firm – and each of you – has had to endure, this is the best thing I can do for you, our clients and our shareholders,” he said in a letter to staff.

UniCredit shows its strength with German merger

July 4, 2005

UniCredit, Italy’s biggest bank by market capitalisation, last month announced a €15bn deal to merge with Germany’s HypoVereinsbank.
The news will be welcomed by the Italian president, Carlo Azeglio Ciampi, who has a background in banking and is an unapologetic enthusiast for European integration.

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