Bad debt surprise at Lloyds

From the Lloyds Banking Group 2009 annual results statement.

J Eric Daniels, chief executive:

Impairments in the year were £24.0 billion, which is reflective of the problem HBOS portfolios,...

US panel to grill bank chiefs

The commission set up by the US Congress to examine causes of the 2008 financial crisis will interview foreign regulators and question top bank executives. Phil Angelides, chairman...

RBS pays out

Royal Bank of Scotland admitted on Thursday that more than 100 of its investment bankers will receive bonuses of at least £1m for 2009, a year in which the largely state-owned...

JPMorgan plans to double income

JPMorgan Chase executives outlined plans on Thursday to double net income from last year’s $11.7bn once credit markets improve and the bank reaps returns from recent acquisitions and investments....

Ex-Madoff director arrested in New York

FBI agents arrested the former operations director of Bernard Madoff’s securities firm on Thursday on charges that he falsified records and lied to authorities to conceal a decades-long Ponzi scheme....

Lebedev, IN&M near deal

Alexander Lebedev, owner of the London Evening Standard newspaper, and Independent News & Media have approached the UK’s Office of Fair Trading over the planned sale...

PE Pro Turns to Banking

Many a finance professional works his way up the investment banking ladder in hopes of one day transitioning into a career in private equity. Larry DeAngelo has done exactly the opposite of that, leaving his post as a Partner at Roark Capital to head up the financial services M&A group at Suntrust Robinson Humphrey.

DeAngelo’s exit from the Atlanta-based buyout firm was reported here in mid-January. He left the firm based on Roark Capital’s decision to move away from financial services investing, which he specializes in. DeAngelo had joined the Atlanta-based firm in 2005 to lead its financial services investments.

DeAngelo took on the role of Managing Director within Suntrust. He’ll spearhead the firm’s financial services investment banking, a strategy that was previously executed through Suntrust’s industry group. DeAngelo said the opportunity for M&A advisory in the financial services industry is growing and Suntrust is interested in expanding its financial offerings in that area to clients. Currently the bank takes care of public equity, bonds, and credit for its financial services clients. DeAngelo said he’s particularly interested in the transaction processing and specialty finance segments of the financial services sector for M&A in 2001.

While his role is different as an investment banker, DeAngelo said Suntrust has a number of buy side clients and his work with them builds on his experience at Roark.

For its part, Roark Capital made the decision to move away from financial services gradually. The firm’s latest fund, a $1 billion pool which closed in 2008, had initially intended to invest in the sector. However, the firm did not find adequate opportunities in financial services, and officially dropped its focus on that area. DeAngelo’s tenure at the firm ended January 31.

Previously:

Roark Capital Cools to Financial Services, Cuts DeAngelo


Buiter’s back

We haven’t heard much from the former Maverecon blogger since he moved to Citigroup to take up the role of chief economist.

But that changed on Thursday morning.

In Citi’s...

RBS – the reaction

That’s the early price action in RBS following the publication of annual results on Thursday morning, which have impressed the market.

Here’s why.

First the operating loss of £6.2bn,...

Bernanke signals low rates

Stocks rose in volatile trading on Wednesday after Fed chairman Ben Bernanke said US interest rates will remain exceptionally low for an “extended period” despite the “nascent”...

RBS bonus backlash looms

Alistair Darling on Wednesday cleared the payment of £1.32bn in bonuses to RBS staff, just a day before the UK state-owned bank reports losses expected to be about £6.5bn. The...

Toyoda in ‘tearful’ apology

Akio Toyoda, Toyota’s chief executive, on Wednesday apologised to US lawmakers in what the FT describes as “one of the most anticipated appearances” by a foreign...

Fidelity fires two HK managers

Fidelity International has fired two veteran fund managers in Hong Kong for breaching its internal compliance code and putting “personal interests ahead” of the company’s....

US to extradite British ex-CEO

A British former chief executive has failed in his final attempt to avoid extradition to the US, where he faces charges of obstructing justice. The UK Supreme Court on Wednesday...

Meddling Mandy

This looks ominous.

From the Takeover Panel, via RNS:

In the light of recent commentary and public discussion, and suggestions for consideration from the Secretary of State for Business,...

Let the games begin…

You can imagine the look of glee on Mike Ashley’s chubby face (he’s the one on the right by the way).

Shareholders at Blacks Leisure had been preparing to vote on...