9 September 2010

Sector: Finance

05/05/2010 James Crux

As bankers, investors and corporate clients watch Wall Street colossus Goldman Sachs field conflict of interest accusations over its Abacus collateralised debt obligation deal and its role in Lloyds Banking Group’s refinancing, public pressure has continued to focus on UK-based banks, too.

Royal Bank of Scotland has produced new, tougher performance targets for its controversial executive pay scheme and HSBC has launched a campaign to have any industry-wide banking levy that might be imposed steered into government-sponsored venture capital agencies.

Bank of Ireland, which announced a £3 billion capital raising to plug the gaping holes in its balance sheet, is also planning to launch an autonomous UK business, regulated by the Financial Services Authority. The aim is to strengthen confidence in its brand.

Broker Westhouse Holdings is starting to make markets after its AIM float acquisition turned £709,200 annual losses into £1.2 million pre-tax profits, thanks to a £1.24 million gain on its reverse acquisition of Jersey-based finance house SovGEM, which accompanied last year’s AIM flotation. Westhouse wants to add technology, non-bank financial services and property to its present focus on resources.

Sector: General Financial

Companies: Lloyds Banking Group , Royal Bank of Scotland Group , Bank of Ireland , Westhouse Holdings

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