“Banking giant axes another 200 jobs - Ananova” plus 4 more |
- Banking giant axes another 200 jobs - Ananova
- CIBC: muted growth means Bank of Canada unlikely to raise rates till ... - News1130.com
- UMB Healthcare Services Selected by Blue Cross and Blue Shield of ... - PR Inside
- Bank Of Montreal Q3 Profit Up 7% On Lower Provision For Credit Losses ... - RTT News
- TABLE-Richmond Fed services index -8 in August - Reuters
| Banking giant axes another 200 jobs - Ananova Posted: 25 Aug 2009 08:02 AM PDT Banking giant Lloyds is to axe another 200 jobs, taking the total to 7,500 this year. The latest cuts will hit the bank's general insurance arm, hitting offices in Newport, south Wales and West Yorkshire. Union leaders attacked the move, accusing the bank of having a "confused" management style following last week's surprise decision to review the planned closure of Cheltenham & Gloucester branches. Rob MacGregor, national officer of the Unite union, said: "We have no confidence in this bank's confused strategy. Only last week Lloyds Banking Group decided to abandon the closure of the Cheltenham & Gloucester branch network bringing a reprieve for 900 staff. This week they are cutting over 200 jobs. "This steady stream of announcements and cuts is soul destroying for the workforce at this state-owned bank and it must end. Staff are expected to give the customers the best possible service but don't know if they have a job from week to week. "These cuts are not in the interests of the customers, or the taxpayers who own this bank. The government needs to be more hands-on and put a end to poor management at the bank." Workers were told that the latest job cuts will take place by the end of January 2010. Ged Nichols, general secretary of Accord, which also represents workers at Lloyds, said: "The announcement is clearly bad news for those affected. We expect that around half of the job losses will be at HBOS operations at Lovell Park in Leeds and Copley near Halifax. "However, Accord believes that compulsory redundancies are not inevitable. We believe that the bank should work with Accord and other unions to find redeployment opportunities elsewhere in the bank and that any redundancies should be voluntary. "Accord will be offering guidance and support to the members affected by today's announcement, with union officers visiting the affected workplaces this week."
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| CIBC: muted growth means Bank of Canada unlikely to raise rates till ... - News1130.com Posted: 25 Aug 2009 08:16 AM PDT TORONTO - The Bank of Canada is unlikely to hike interest rates until 2011 because the lingering effects of the global economic meltdown will continue to mute both growth and inflation, according to a report issued Tuesday by CIBC World Markets. "While the 2009 recession may already be over, the slack it created is both large and likely to persist," said CIBC chief economist Avery Shenfeld. "Unlike the Bank of Canada, we don't expect growth to average above the non-inflationary potential until 2011," Shenfeld added. "But even under (Bank of Canada) Governor (Mark) Carney's more optimistic trajectory, inflation will still be feeling the downward pressure of a sizable output gap next year, one as large as we saw in the early 1980s and 1990s downturns." He predicted both headline and core prices would cross paths in the second quarter of 2010, at a level well under the Bank of Canada's two per cent target. "As a result, Canada's inflation rate will be no threat to the bank easily fulfilling its pledge to keep interest rates at a slim quarter point through mid-2010," he said. "In fact, market expectations for rate hikes in the first half of 2010 could be a full year too premature." While the core inflation rate did not decelerate as much as the Bank of Canada predicted earlier this year, there are reasons to expect a further easing in core inflation ahead, Shenfeld said, including "what economists call the income effect." Shenfeld notes that by stripping out volatile items from the CPI, the Bank of Canada's core measure now excludes most of the items that have been deflating. With the volatile measures included, headline CPI is negative, largely driven by the dive in gasoline prices from a year ago. Lower gas prices have pulled down costs for intercity transportation fares as well, which the Bank of Canada also excludes from core inflation. Other non-core items such as natural gas, fuel oil and mortgage interest costs have also eased off. "The deep dive in non-core items has left those Canadians still working with some spending power," Shenfeld said in explaining the income effect. "While nominal wages have begun to decelerate in a slack labour market, a negative year-on-year inflation rate has meant that in real terms, the buying power of the average wage has escalated." "So after filling their gas tank and paying their new, lower, mortgage bills, Canadians simply have more money in their pockets when they go shopping for other items, keeping those prices aloft." Shenfeld notes that economic slack usually takes time to exert its disinflationary force and believes the upward pressure on prices will ease in the coming months. Meanwhile, less benign headline inflation expected next year "implies diminished buying power for other goods, contributing to a cooling in core CPI." "With a lag, a strong Canadian dollar will also provide a dampening impact on retail prices for imported goods and services." Meanwhile, unlike the central bank's outlook, the CIBC report does not see the Canadian economy gaining much benefit from a forecasted U.S. recovery. CIBC's analysis finds that protectionist trade barriers and a tilt in U.S. stimulus spending towards industries that have less-than-average propensities to import from Canada, will dampen the benefits that this country typically sees from economic growth south of the border.  This posting includes an audio/video/photo media file: Download Now |
| UMB Healthcare Services Selected by Blue Cross and Blue Shield of ... - PR Inside Posted: 25 Aug 2009 07:47 AM PDT 2009-08-25 16:44:01 -
UMB Healthcare Services : "UMB is pleased to have the opportunity to partner with Blue Cross and Blue Shield of Kansas City to provide HSA accounts to its customers," said Dennis Triplett, chief executive officer of UMB Healthcare Services. "We believe our financial strength and health care expertise, along with Blue Cross and Blue Shield of Kansas City's outstanding reputation for being a leader in health insurance, will make for an incredible partnership." Since the inception of Medical Savings Accounts in the late 1990's, UMB Healthcare Services has been a leading financial custodian for the health care industry. Today, UMB supports HSAs, Flexible Spending Accounts (FSA) and Health Reimbursement Accounts (HRA). UMB was also the first banking partner to provide multi-purpose card technology for the health care industry. For more information, please contact UMB Healthcare Services : Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
About UMB UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 136 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. Visit umb.com : Blue Cross and Blue Shield of Kansas City, the largest not-for-profit health insurer in the state and the only not-for-profit health insurer in Kansas City, has been part of the Kansas City community since 1938. Our mission statement: We will use our role as the area's leading health insurer to provide affordable access to healthcare and to improve the health and wellness of our members. UMB Financial CorporationKristin Kovach, 816-960-3122  This posting includes an audio/video/photo media file: Download Now |
| Bank Of Montreal Q3 Profit Up 7% On Lower Provision For Credit Losses ... - RTT News Posted: 25 Aug 2009 08:02 AM PDT
Canadian News
Bank Of Montreal Q3 Profit Up 7% On Lower Provision For Credit Losses, Higher Revenues - Update 8/25/2009 10:56 AM ET (RTTNews) - Financial services firm Bank of Montreal (BMO: News ,BMO.TO: News ) on Tuesday reported a 6.9% year-over-year increase in profit for the third quarter, reflecting lower provision for credit losses as well as 8.4% revenue growth. Results were boosted by strong operational results at Canadian personal & commercial banking group and BMO Capital Markets. The company also declared a quarterly dividend that was unchanged from a year ago. Bank of Montreal is the first of the five big Canadian banks to report its financial results for the third quarter. Canadian banks have largely managed to evade the global slump that has slapped the U.S. financial firms. Canada is the only nation in the group of seven industrialized nations that has not bailed out its banks since the onset of the financial crisis. Strict capital requirements, conservative lending policies and periodic regulatory reviews are some factors contributing to the stability of Canada's financial system. In a statement, president and chief executive officer, Bill Downe said, "The elements we have put in place over the past three years to strengthen our core businesses - and our focus on building a strong, distinct, and clear presence in the marketplace - are yielding dividends and showing up in the bottom line. We're successfully executing on our strategy of providing customers with a value proposition that helps them make sense of their banking and investing." Third Quarter Results The Montreal, Canada-based company reported net income of C$557 million or C$0.97 per share for the third quarter, compared to C$521 million or C$0.98 per share in the prior-year quarter. Cash net income for the latest quarter increased 7% to C$566 million from C$530 million, while on a per share basis, earnings decreased 2% to C$0.98 from C$1.00 in the year-ago quarter. Excluding an increase in the general allowance of C$39 million or C$0.07 per share, adjusted cash earnings for the latest quarter were C$1.05 per share. Total revenue for the quarter rose 8.4% to C$2.98 billion from C$2.75 billion in the same quarter last year, helped by strong revenue growth in Canadian personal & commercial banking group and BMO Capital Markets. Net interest income increased 14% from a year ago to C$1.47 billion, and non-interest revenue grew 3% from the same period last year to C$1.51 billion.
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| TABLE-Richmond Fed services index -8 in August - Reuters Posted: 25 Aug 2009 07:19 AM PDT © Thomson Reuters 2009 All rights reserved  This posting includes an audio/video/photo media file: Download Now |
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