Commerzbank, Germany's third-largest bank, has asked Goldman Sachs to find a buyer for Jupiter Inter...
Commerzbank, Germany's third-largest bank, has asked Goldman Sachs to find a buyer for Jupiter International Group, the fund management group it bought in 1995, says the Daily Telegraph.
The decision follows a review of Commerzbank's strategy and position in asset management by Goldman, its advisers, which began last October. Over five years, Commerzbank paid over £670m for full control of Jupiter, which has £1.1bn under management. The German bank is thought unlikely to recoup its costs, with Jupiter expected to fetch around £600m.
Meanwhile, John Duffield, the founder and former chairman of Jupiter sacked by Commerzbank in May 2000, has recruited Patrick Evershed, the fund manager who walked out of Rathbone Unit Trust Management last month, to his new fund management business New Star Asset Management.
The Financial Services Authority (FSA) is this week expected to propose sweeping changes to the way Britain's £341 billion with-profits life insurance industry is run, says the Times.
The City watchdog is to demand that the freedom of life insurance companies to set yearly bonus rates be severely curtailed.
The authority is also expected to call for an end to the practice of allowing company- appointed actuaries - individuals who represent policyholders on the board of life insurance companies - to be drawn from the ranks of executive directors.
Egg, the UK-based online bank, says it has passed the 2m customer mark as its core credit card business has regained momentum, while improved margins and lower marketing spend helped it trim full-year losses to £87.8m ($125.6m).
A report in the FT says another 82,000 new clients in the year to February 21 took the number of clients past the 2m mark for the first time, but while its credit card unit continues to expand, the bank said it expected further outflows from its savings business. Fierce competition was also expected to limit gains in mortgage clients.
However, the rise in clients numbers pushed bad debt provisions up from £37m to £68m, but Paul Gratton, chief executive, said the underlying performance of the book remained strong, with charges falling as a percentage of balances.
Barclays Bank, the UK's second biggest bank, is also quietly shedding about 1,800 jobs from its UK operations, adds the FT.
The move is part of a wider restructuring instigated by Matt Barrett after he was appointed as chief executive in 1999.
Barclays, which employs about 78,000 staff and has 2,000 branches in the UK, said all 1,800 staff had been given notice before the end of last year and are due to leave the bank within six months.
Star Alliance, the world's biggest group of airlines with 14 carriers, is planning to bypass competition laws to lure multinational corporations away from using British Airways and the other members of the oneworld group, says this morning's Times newspaper.
The assault on the premium market comes at the worst time for Britain's flag carrier, which has already announced 13,000 job losses after seeing premium traffic plunge during the past year.
The Star members, which include bmi british midland, Lufthansa, United Airlines, SAS and Air Canada, hope to lock companies into using their flights for the large majority of business trips by offering discounts of up to 30 per cent.
The Chartered Institute of Taxation is calling for radical changes to be made to the self-assessment tax system after it emerged that nearly one million people - or 10 per cent of taxpayers - failed to meet the January deadline for returns, continues the Times.
The Institute wants the Inland Revenue to consider offering discounts on tax for people who pay early.
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