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Struggle to find successor for Lewis at BofA

Bank of America might not meet the goal of naming a chief executive by Thanksgiving, reflecting a process that has been hobbled by the lack of a clear frontrunner and concerns that the process must pass muster with the Federal Reserve.

Lloyds raises capital target

The bank will raise up to £22.5bn of fresh capital, 7% more than under a previous plan, in response to bondholders’ demands for a larger allocation of its contingent convertible instruments

BlueCrest to relocate 50 staff to Geneva

Europe’s third-largest hedge fund manager is moving a significant portion of its workforce to the Swiss financial centre amid doubts over London’s suitability as a base for alternative asset managers

Fed and Wall St in talks over CoCos

The US Federal Reserve is in talks with Wall Street executives and others over whether US financial groups should raise capital through a new type of bond that converts into equity when a bank is in trouble

Great Portland prepares for recovery

The London property investor is to buy and develop two West End schemes

Investment banks gain by going with the flow

Sales and trading of simple products such as fixed income and foreign exchange on behalf of clients – rather than riskier proprietary trading – are where the money is

3i looks to Asian golden opportunity

If Michael Queen ever wants to put into perspective the challenges he faces as the new chief executive of 3i, he only needs to remember the traumatic events he experienced a year ago

Ceiops to give annuities reprieve in UK

Life assurers are closer to gaining a reprieve on their annuity business after European regulators reined back on conservative interpretations of proposed new capital rules

Steep pay falls for senior managers

Compensation is shrinking faster for senior managers of UK companies in the recession than for board members, according to a report by Deloitte

Egyptian bourse becomes Arabian star

The stock exchange’s impressive performance since the start of the year and supporting economic factors are earning glowing reviews from financiers

Related content and features

COMMENT

Central banks still stepping on the gas

Bank of England

Central banks can do little more than they are already doing to help; pessimism and insolvency risk holds output back

Private behaviour will shape our path to fiscal stability

debt

It is idiotic to discuss reduction of fiscal deficits without considering adjusting the private and external sectors

LEX

Royal Bank of Scotland

Lex

‘Separability’ is now a buzzword in UK banking circles and it is not hard to see why, given that regulatory risk is as great as it could be

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