Financial Times Summary

Wed 6 Aug 2008

Standard Chartered
The emerging markets bank reported record profits but warned that the outlook is slowing in its core markets of Asia, Africa and Middle East. It reported record pre-tax profits of £1.3bn for the first half of the year, up 31% for the same period of 2007.

Barclays
The UK's third largest bank sold its life assurance business to Swiss Re for £753m ahead of interim results later this week which are expected to show that profits fell by more than a third.

Citigroup
Citigroup is working on a plan that would shift its equity research operations into its institutional securities business, reversing a reform implemented earlier this decade amid regulatory scrutiny of Wall Street conflicts of interest.

Legal & General
Legal & General's chief executive Tim Breddon attacked new European regulation that could force some insurers to hold much more capital.

Societe Generale
Societe Generale's chief executive Frederic Oudea said that the bank would become stronger than before the rogue trading scandal that cost it £3.9bn of losses as he presented better-than-expected results for the second quarter.

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