Posts Tagged ‘Northern Rock News’
NBNK shares suspended amid merger talks
Shares in financial institution NBNK has had its shares suspended on AIM after it confirmed it is in merger talks. The bank, which is run by Gary Hoffman who is the former chief executive of crisis-torn Northern Rock, was established a year ago to make acquisitions and is set to build a significant presence in [...]
Mansion House Speech – ring-fencing, Northern Rock sale and inflation
At last night’s annual Mansion House speech, Chancellor George Osborne received some support for his suggestion to ring-fence banks’ retail operations so they are protected from losses from investment banking. After the speech, Barclays Chief Executive Bob Diamond said: “Retail ring-fencing would not be our first option, but we can see ways it would work, [...]
Chancellor to announce Northern Rock sale
In his Mansion House speech later this evening, Chancellor George Osborne is to announce plans to sell off state-owned Northern Rock. The crisis-torn bank, which collapsed on the eve of the credit crisis, is expected to be auctioned off and will raise around £1 billion. The Chancellor will say he hopes to find a buyer [...]
Chancellor to show support for retail banks to be ring-fenced
In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital – a recommendation of the Independent Commission on [...]
Northern Rock to axe 680 jobs
Crisis-torn Northern Rock has today announced it will reduce headcount by a further 680 as part of another restructure. According to the lender, which was nationalised in February 2008, the job losses are necessary as part of a cost-cutting exercise and would affect employees “at all grades across the company”. Less than 2,000 people will [...]