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Banks rally after stress tests

The FTSE 100 opened higher at 4,414 with banks pushing ahead following the results of the US stress tests.

Banks responded well lifting the index 0.91 per cent higher by 9.34am to 4,439 from Thursday’s close of 4,399.

Royal Bank of Scotland up 11.5 per cent to 46.40p, Lloyds Banking Group was up 4.4 per cent to 101.30p and HSBC was up 2.3 per cent to 567.50p.

Last night, ten of the 19 US banks were told by regulatory officials they need a combined sum of around £50bn to boost capital reserves. Bank of America had the biggest shortfall, needing an extra £22.5bn.


Bailey promoted at Axa

Rob Bailey, the head of UK retail sales at Axa Investment Managers (Axa IM), has been promoted to head of sales, UK. In this broader role Bailey will be responsible for the development of Axa IM’s retail and institutional business. He will work closely with Simon Cartwright, the global head of consultant relations, and Mark […]

Bank rally loses steam

The FTSE 100 opened at 4,338 this morning with gains from the previous session slipping as financial stocks lost some ground in early trades.

NatWest fails new test

A Which? investigation into NatWest’s MoneySense service has borne out Money Marketing’s findings that it is sometimes failing to deliver on its promise of impartial advice.

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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