Three leading London City stockbrokers have written to Lord Myners, the City Minister, accusing Royal Bank of Scotland and Lloyds Banking Group of “corporate bullying” by forcing companies that owe money to the banks to use their investment banking services, reports The Times. In an unprecedented act of solidarity, three of London’s fiercest rivals — Tim Linacre, CEO of Panmure Gordon; Oliver Hemsley, CEO of Numis; and Alex Snow, chairman of Evolution — allege that when a company holds a rights issue to reorganise its debt, the banks will continue to lend to it only if it uses their brokerage and capital markets units for the deal.

This entry was posted by Gwen Robinson on Monday, November 9th, 2009 at 4:53 and is filed under Capital markets. Tagged with evolution, Lloyds Banking Group, numis, panmure gordon, rbs. Edit this entry.