Life insurer Legal & General (L&G) posted better-than-expected first-half results on Wednesday, helped by strong performance from LGIM and its international divisions.

European and Asian stock markets declined sharply in Wednesday trading, mirroring overnight falls in New York, on concerns the US recovery is faltering.

A vote on a Republican bill to raise the US's debt ceiling and prevent it from defaulting for the first time has been delayed.

Vince Cable has launched a fresh broadside at what he said was banks' "rip off" sales culture, which he said was "ingrained" in the market.

Controversy over City pay may be reignited by a new European directive that would force banks to disclose pay deals over €1m (£880,000).

Business secretary Vince Cable has hit out at what he described as "a few right-wing nutters" holding up a deal to cut US government debt.

Morgan Stanley has been dubbed 'the new Morgan Sachs' after its equity and bond traders captured market share from rivals over the past quarter.

German Chancellor Angela Merkel and French President Nicolas Sarkozy have hammered out a common position on the euro debt crisis.

Bank shares climbed in early trading, regaining some ground after Friday's stress test results caused sharp falls in the UK's major banks.

Investment management boutique J O Hambro Capital Management is to be acquired by Australian fund manager BT Investment Management (BTIM) in a £209m deal.