Tag: Chairman

Fed chairman warns of high unemployment

Fed chairman warns of high unemployment

Federal Reserve Chairman, Ben Bernanke, has warned that the world’s largest economy is facing a national crisis due to its high unemployment rate, which currently stands at 9.1%. Earlier this month, the US Labor Department revealed the economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. [...]

September 29, 2011 | 0 Comments More
US Fed provides economic assessment

US Fed provides economic assessment

Ben Bernanke, chairman of US central bank, the Federal Reserve, said he expects economic growth to be between 3.1% and 3.3% for the 2011 year - lower than a previous forecast of 3.4% to 3.9%. Mr Bernanke said the reduced growth was the result of lower defence spending, slower exports and bad weather. At a [...]

April 28, 2011 | 0 Comments More
Fed Chairman comments on unemployment and deficit

Fed Chairman comments on unemployment and deficit

Federal Reserve chairman Ben Bernanke has warned that stubbornly high unemployment will remain. Mr Bernanke said the weak labour market means a recovery is not yet “truly established.” His comments come despite the drop in the US unemployment rate last month. Last week, the Labor Department reported the unemployment rate in the US fell from [...]

February 9, 2011 | 0 Comments More
Housebuilder Persimmon hit by reduced sales activity in December

Housebuilder Persimmon hit by reduced sales activity in December

December’s heavy snowfall had a negative impact on many companies and housebuilder Persimmon was no exception. The housebuilder, which is the UK’s second largest by market value, said sales activity fell by 50% in December but said it had been an encouraging start to the year. The company reported a considerable increase in underlying profits [...]

January 10, 2011 | 0 Comments More
HSBC’s Geoghegan reported to be stepping down

HSBC’s Geoghegan reported to be stepping down

There is speculation that HSBC’s chief executive, Michael Geoghegan, will step down at the end of the year. The report comes shortly after 56-year-old Geoghegan was reported to have threatened to leave the bank if he was not promoted to chairman. However, HSBC, which is Europe’s largest bank, dismissed the claim as “offensive” and “nonsense”. [...]

September 24, 2010 | 0 Comments More
HSBC denies Geoghegan quit claim

HSBC denies Geoghegan quit claim

According to Sky News, banking giant HSBC has dismissed claims that chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. The bank, which is Europe’s largest, dismissed the claim as “offensive” and “nonsense”. Earlier today, a source familiar with the matter told the Financial Times that Mr [...]

September 22, 2010 | 0 Comments More
HSBC chief in boardroom row over chairman role

HSBC chief in boardroom row over chairman role

HSBC’s chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. According to the Financial Times, a person familiar with the bank’s succession plan, said: “He [Geoghegan] was told the board was not ready to give him the chairmanship and he was not happy.” Earlier this month, it [...]

Former RBS investment banker receives lifetime ban

Former RBS investment banker receives lifetime ban

Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was [...]

May 18, 2010 | 0 Comments More
RBS chief admits bankers paid too much

RBS chief admits bankers paid too much

Chairman of the Royal Bank of Scotland (RBS), Sir Philip Hampton, has admitted that bankers’ pay is too high. However, while conceding that bankers’ pay is “astonishingly high”, he said it is difficult to defend the gap between what most people earned and what some bank staff were paid. Speaking to BBC Radio 4, Sir [...]

April 30, 2010 | 0 Comments More
Regulators cast mortgage lenders as drug dealers at school gates

Regulators cast mortgage lenders as drug dealers at school gates

The chairman of the Council of Mortgage Lenders has accused regulators of depicting the UK’s mortgage lenders as “drug dealers at the school gates”. Addressing the CML conference last week, Matthew Wyles said he increasingly saw lenders and intermediaries cast in this role, “enticing innocent consumers in and then getting them hooked, for their own [...]

November 16, 2009 | 0 Comments More
HSBC chairman: Banking industry “owes an apology”

HSBC chairman: Banking industry “owes an apology”

Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry “owes the real world an apology” for the financial crisis. In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking [...]

October 7, 2009 | 1 Comment More
Bernanke expected to be re-nominated for second Fed term

Bernanke expected to be re-nominated for second Fed term

US President Barack Obama is expected to take a break from his summer vacation to announce that Ben Bernanke will be nominated for a second four-year term as Chairman of the US central bank - the Federal Reserve. If his appointment is confirmed, Mr Bernanke will commence his term when his current tenure ends in [...]

August 25, 2009 | 0 Comments More
Fed statement boosts stock markets

Fed statement boosts stock markets

Federal Reserve chairman Ben Bernanke said today the prospects for economic recovery “appear good” and sent global stock markets higher. The Dow Jones index gained 1%, London’s FTSE 100 index climbed 2% to close at 4,850.89. Germany’s Dax index rose 2.8%, while France’s Cac 40 added 3.1%. Mr Bernanke’s comments came at a speech in [...]

August 21, 2009 | 0 Comments More
Lloyds Banking Group announces plans to raise £4bn

Lloyds Banking Group announces plans to raise £4bn

Lloyds Banking Group is to embark on a £4 billion fundraising exercise which follows the news that chairman Sir Victor Blank is to step down in June 2010. The £4 billion fundraising comes amid high profile changes at the bank and sees chief executive Eric Daniels’ position ‘in doubt‘. Both directors have faced criticism from [...]

May 18, 2009 | 0 Comments More
Lloyds chairman announces resignation

Lloyds chairman announces resignation

Sir Victor Blank has announced he is to retire from the position as chairman at Lloyds Banking Group. Sir Victor’s shock resignation comes as he and chief executive, Eric Daniels, have faced criticism from shareholders following the hasty takeover of HBOS. According to Roger Lawson of the UK Shareholders’ Association: “Almost all of the shareholders [...]

May 17, 2009 | 0 Comments More
Société Générale chairman announces shock resignation

Société Générale chairman announces shock resignation

Daniel Bouton, Société Générale’s chairman, has announced he will step down from the bank citing the “personal attacks” against him for his resignation. Mr Bouton, who is to stand down on 6 May, said the repeated attacks risk harming the bank and will depart to “protect the bank“. Mr Bouton has been criticised since the [...]

April 29, 2009 | 0 Comments More
RBS chairman steps down early

RBS chairman steps down early

Sir Tom McKillop, chairman of the Royal Bank of Scotland (RBS), who was due to retire in April, has stepped down two months early and is to be replaced by Sir Philip Hampton, former chairman of Sainsbury’s. Commenting on his early departure, Sir Tom said ”it is appropriate to bring my retirement forward so that [...]

February 3, 2009 | 0 Comments More
Ben Bernanke: US economy in very serious slowdown

Ben Bernanke: US economy in very serious slowdown

The US Federal Reserve’s Chairman, Ben Bernanke, is suggesting that the US needs another cash boost to encourage spending and promote consumer confidence. The suggestion comes after the country recently announced a $700 billion (£380 billion) package to rescue the country’s ailing banking industry. Mr Bernanke believes further Government spending may be required after he [...]

October 20, 2008 | 0 Comments More