Sector News - November 2013

Sector News - November 2013

Banking and Financial Services

Sir Hector Sants resigns from Barclays

Sir Hector Sants, Barclays’ head of compliance and government and regulatory relations, and former head of the FSA, has resigned with immediate effect from his position with the bank just one month after taking sick leave for stress. In a statement, the bank said that Sir Hector had concluded he would not be able to “return to work in the near term.” He will be replaced on an interim basis by Allen Meyer, head of compliance for the bank’s corporate and investment banking arm.

HSBC makes $1m donation to typhoon relief effort

British bank HSBC has made a $1m (£630,000) cash donation to help those affected in the typhoon-stricken nation of the Philippines. The bank, to date the biggest UK business donor to help victims of typhoon Haiyan, paid the money to the Philippine Red Cross. Its Philippines arm donated a further £14,500, and employees have raised a further £37,700. HSBC's chief executive, Stuart Gulliver, said: “We hope our donation and the efforts of our staff will go some small way to making a difference to the communities that now urgently need help.”

Concerns grow as financial watchdogs haemorrhage staff

The rate of resignations at the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) – the two bodies established to replace the Financial Services Authority (FSA) on April 1 – have almost doubled since the original watchdog was split, raising concerns over the organisations’ ability to retain staff capable of carrying out tougher, more interventionist rules.  According to data, staff have been leaving the FCA since its formation at an annualised rate of 12pc and the PRA at a rate of 11pc. By contrast, staff turnover in the final year of the now-defunct FSA was 6.9pc, with an average of 7.8pc turnover per year for the past five years.

Construction and Property

Construction output highest since September 2007

Construction companies have enjoyed their fastest upturn in business since before the financial crisis, according

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