Markets

The chief executive of UBS' investment bank has admitted the banking industry must change, as bankers have become "too arrogant".

ON NORTH AMERICA

Querns' Stephen Whittaker is backing consumer and financial stocks to outperform in 2013, following an overhaul of his income portfolio last year and the departure of co-manager Phil Roantree.

Global insurer Zurich has named David White as head of retail, UK life, with effect from 21 January.

Equities were the best-selling asset class for the third month running in November, according to the latest IMA sales figures.

BLUE CHIPS

L&G Investments' managing director of investments Simon Ellis has left the firm.

The FTSE 100 has started to recover during this morning's trading, after its first poor finish since the start of the year on Monday.

ON UK INCOME

HSBC says sterling will weaken this year as it faces a "triple cocktail" of potentially destructive factors from China, the US and the eurozone.