Finance sector slow to gear up for new rules

first_img Comments are closed. Related posts:No related photos. Previous Article Next Article Finance sector slow to gear up for new rulesOn 4 Dec 2001 in Personnel Today Employers in the finance sector risk fines because many HR professionals arenot prepared for the Financial Services and Markets Act which came into forceon December 1. Robbie Gilbert, chief executive of the Employers Forum on Practice andStatute, is concerned that some HR departments are not aware of theirresponsibilities in helping companies comply with the Act, which is regulatedby the Financial Services Authority. Under the regulations, firms in the finance sector must ensure employees areproperly qualified and trained or risk action – including fines – from the FSA.Gilbert said, “We share the FSA’s concerns that HR is not preparedacross the sector. It has not taken on board the extent to which people’scompetencies and development have to be checked – from chief executivesdownwards, not simply those directly involved with financial regulation.” David Jackman, FSA head of industry training, urged HR professionals in thesector to get up to speed on the requirements. “Anecdotal evidence suggests that some firms may not be prepared and inparticular there may not be an awareness within HR departments that these rulesaffect them. “There needs to be an effective partnership between line management andHR to make these requirements work. Jackman stressed HR must also be aware of the Act when recruiting. “HRdepartments need to be familiar with the rules on recruitment as these includethe need to relate the skills and knowledge of a potential employee to theknowledge and skills required for a role, and the taking of reasonable steps toobtain sufficient information about a potential employee’s previous relevantactivities and training.” the Act firms must ensure: – Employees are competent – Employees remain competent for the work they do – Employees are appropriately supervised – Employees’ competence is regularly reviewed and the level of competence isappropriate to the nature of the business last_img read more

Sporting chances

first_img Previous Article Next Article Can the games people play really add value to business and coachingscenarios?It had to happen. British business has long turned to sport for models ofinspiration and motivation and has been kicking around with tennis and golfingparallels for the past 30 years. Now it is football’s turn to take the winner’spodium and supply a fresh perspective on the challenges facing modernorganisations. A new book, The 90-minute manager – business lessons from the dugoutsuggests that ‘the beautiful game’ can offer answers to classic modernmanagement questions such as: – how to create team spirit – what makes top talent want to work for a particular manager Authors David Bolchover and Chris Brady look at the key personalitycharacteristics that define a great talent manager and examine whether theideal manager of a winning football team is different from that for astruggling team. So why is football relevant? Bolchover and Brady argue that business is‘making the journey’ that football did many years ago, because it is finallyrealising the importance of the highly visible manager, as football always has.They argue that because a growing impatience with bureaucracy means business ismoving towards the openness and visibility which football has always possessed,management performance will be more measurable and the positive effect of a goodmanager will be more obvious. They also believe that the ‘transitional nature’ of the roles withinfootball, in which players are instantaneously transformed from attackers todefenders and vice versa, reflects the dynamism of today’s corporate giants. The book works well as an introduction to management principles. It makesgood reading material for line managers on issues such as creating teams anddemarcations within management. It is also useful for bringing a fresh view onunderstanding the talent economy, but ultimately can football, or any sport, bea valid tool for understanding business or are we in danger of transferring thenational obsession with sport into the workplace just for the sake of it? “Football is an eye-opener,” says Warwick Business School’s DrSusan Bridgewater, who has been working with football managers and coaches todevelop their skills as club managers. A programme of distance learning andclassroom sessions, sponsored by bodies such as the FA Premier League, willlead to a University of Warwick Certificate in Applied Management. Bridgewater believes business managers would be shocked if they looked atthe pressures facing their counterparts in football. “Football managers have a relatively short timescale to prove themselves,”she says. “And they have to do this in the spotlight. The average managersin a large organisations have much longer to make their mark than theirfootball counterparts and are unlikely to be sacked instantly if they makemistakes.” Bridgewater believes football managers have to command a bewildering numberof skills. “They need leadership ability, teambuilding and negotiationskills and have to quickly master public speaking,” she says. “Theyalso need to be adept at multicultural management and be able to quickly bindplayers of different nationalities to work as a team.” Ultimately, she believes, football is one of a number of tools whichbusiness can turn to. “It is another source of ideas,” she says.”Business needs to find examples of good practice wherever they can.”At CGR Business Psychologists, principal consultant Sarah Macpherson agreesthat sporting, and especially football, analogies have their uses. “A lotof businesses seem to like these comparisons,” she says. “They helptrainees remember key points from a course and work well in terms ofacceptability in a male environment.” Sporting terms, for example, can prevent training from seeming ‘fluffy’, shesays. “Male managers respond really well to talk of goals and winning,just as they like rugby phrases such as ‘tackling the issues’ and golfing talkabout ‘business handicaps’. However, courses which take in a female audienceneed to carry a broader range of references.” Women can be turned off by sporty talk, says Macpherson, because they tendto be less overtly competitive and don’t need to identify as strongly withpopular heroes. “They can also feel that sporting analogies arereinforcing a macho culture,” she adds. Another danger when trying to apply sporting metaphors to business isgetting too hung up on the concept of the sports coach, cautions managingdirector of the School of Coaching David Webster. “The common view of sports coaches in the UK is someone who shouts fromthe touchline,” he says, adding that it is madness to try to apply thisapproach in business. Webster advocates sensitive and appropriately non-directive coachingtechniques and defines the level of business performance that participantsshould be aiming for as “relaxed concentration, such as when tennis is goingwell.” Both Macpherson and Bridgewater see sport as just one of the tools forbusiness to enrich its thinking, and believe the trainer needs to draw on othermetaphors and references too. As Webster says: “In sport, the game is well-defined. Businesses don’thave that because part of a leader’s role is to define ‘the game’. Sport is ananalogy for life”, he says. “It’s not life”. Sporting chancesOn 1 Jul 2002 in Personnel Today Comments are closed. Related posts:No related photos.last_img read more


first_img Comments are closed. PeopleOn 10 Dec 2002 in Personnel Today Previous Article Next Article Guru has graced the back pages of Personnel Today for the last six years,regularly astounding the HR community with his incisive wit, cutting satire andnear telepathic foresight. Tackling all subjects from executive coaching tostrippers’ unions, Guru is never afraid to dodge the controversial questions orcast his educated eye over the issue of the day. Here, in our last issue of theyear, we find out what makes him tick. What qualifications do you hold? It’s more a question of which ones don’t I hold. Who is the ultimate guru? I always like to see myself as the guru’s guru. Michael Porter, CharlesHandy, Gary Hamel and even Dave Ulrich all pale in comparison to the mightyblue head! What is your essential viewing? I really enjoyed the recent six-part documentary The Office. Its findingsshowed me that top-class British managers are alive and well in Slough. I washugely impressed by David Brent’s grasp of HR policy and his ability to bluesky think while on the job. If only all UK managers were as gifted as Brent –there wouldn’t be a productivity gap. How do you fill your spare time? Of course working so hard is a full-time job and leaves little time for MrsGuru, although that luxury is starting to recede since the advent of work-lifebalance. I’m also a keen reader – currently halfway through How to Lose Friendsand Alienate People. What is the greatest risk you have ever taken? The greatest risk is probably the annual pilgrimage to Harrogate. Every yearthe faces get younger, the days more tiresome and the expense account moredifficult to explain away. Do you network? Extensively. Only this week I’ve held informal meetings with Jack Daniels,Jim Beam, John Smith, Jose Cuervo and Julio Gallo. If you could do any job in the world, what would it be? A reporter on Personnel Today. It must be so exciting, rewarding and wellrespected. Who would play you in the film of your life? Papa Smurf. What’s the worst/best office party you’ve ever attended? Harlequins nightclub onboard The Oriana cruiseship. It was the best oftimes, it was the worst of times. On the moveJackie Arthur has been appointed HR and communications manager for watermanagement firm Ondeo Industrial Solutions. The company is part of the SuezGroup, which employs more than 190,000 staff in 130 countries. Arthur’s time issplit between sites at Durham and Scotland. Prior to his appointment he workedas regional personnel manager for Chubb security in London. He has a degree inmarketing and a post graduate diploma in HR Management. Chartered surveyor and rural property Consultant Smiths Gore has appointedTrevor Richards (pictured) as its new HR manager. Richards will be based at thefirm’s Peterborough administrative headquarters, and be responsible for HRacross the company’s 17 UK offices. His role will encompass a wide range ofissues from recruitment and training policies to the day-to-day management ofemployment issues. As a newly-created position, much of his work will bebuilding best practice. Colin Staffell has been appointed network development manager for theproperty services NTO, Property Learning Network. Staffell holds mastersdegrees in philosophy and education and is a chartered surveyor. He brings adeep knowledge of education and training for staff at all levels, backed byexperience in academia and commercial practice. His last job was training anddevelopment manager at Countrywide Surveyors. He will be visiting employers todiscuss training needs and demonstrating examples of online courses. Related posts:No related photos.last_img read more

Handling training

first_imgBOXTEXT: Lifts classified as ‘unsafe’ RCN 1998 Comments are closed. Cross arm lift    Draw sheet lift Combine lift Handling trainingOn 1 Aug 2003 in Clinical governance, Musculoskeletal disorders, Personnel Today Shoulder slide   2 poles canvas lift (quantitative)     (qualitative) Through arm lift            Walkingperson linking arms Related posts:No related photos. Non-experimental         Ethnographic (quasi) strategy study    Grounded theory This article examines new RCN training guidance – both abook and a conference – on handling patients, by Greta Thornbory Musculoskeletal injuries top the list of cases caused or made worse by work,according to statistics from the Health and Safety Executive (HSE) 2001/2,especially those which result in injuries involving handling, lifting andcarrying.1 This is particularly relevant to those whose manual handlinginvolves handling people. The past 12 months have seen a renewal of thetraining guidance from the Royal College of Nursing (RCN 2003)2 and thepublication of the book Evidence-based patient handling (Hignet et al 2003).3With quality healthcare under the auspices of clinical governance, practiceshould be evidence-based and patient handling is no exception. The RCN followed up its guidance and the publication of Evidence-Basedpatient handling with a conference in London. Welcoming delegates to theconference, Carol Bannister, OH adviser RCN, said the event was designed toallow discussions around the book’s findings and to examine the potential ofthe work in affecting patient handling practice. The book aimed to ‘bringtogether all available research in a systematic literature review framework’(Evidence-based patient handling, p3) and covered the background to researchand research criteria, as well as the results from the literature. Three of the six contributing authors presented papers at the conference,together with Howard Richmond from the RCN legal services, Sally Williams fromthe HSE and Patricia Bartley, who introduced her work on a new approach topatient handling training. The papers were followed by five concurrentworkshops based on the issues raised. Dr Sue Hignett is a lecturer in ergonomics at the University ofLoughborough, and is leading a research project for the HSE to measure theeffectiveness of competency-based education and training programmes in changingthe manual handling behaviour of healthcare staff. At the conference, she gavea rundown of the different research methodologies, critical appraisal anddiscussed the nature of research evidence. By using the critical appraisalapproach, she has developed a systematic review of all the evidence to date onpatient handling for the book. Consequently, her work provides a much-needed resource for all healthcareprofessionals. One of the significant aspects of Dr Hignett’s paper was theacceptance of research that was different from the medical model’s ‘randomisedcontrol trials’ and it explored more suitable research designs (see box below).This session was an excellent refresher for those who do not have dailyinvolvement, or who are new to, research. The second speaker, Sue Ruszala, is a manual handling and ergonomics adviserto United Bristol Healthcare NHS Trust. She spoke on the ‘controversialissues’, reviewing the evidence and explaining why some techniques, onceaccepted practice, were now regarded as hazardous. Cartoon pictures ofcontroversial lifts from the illustrator, Moira Munro, supported her talk. Techniques were regarded as controversial if they were condemned,inappropriate, and unsafe or presented a risk of injury – see box below. One ofthe questions Ruszala asked was why, when there is research to support lifts ashazardous, are they still used? Emma Crumpton, consultant ergonomist for the RCN then presented her Back inWork project, ‘Changing practice, improving health’. (Crumpton et al 2001).4This work was funded by the Department of Health (England) and the HSE.Previously, projects had focused mainly on the moving and handling of patients.This project took place in three nursing homes in the Home Counties and wasbased on the three core concepts or themes of: – The prevention of injury – Identifying causes of musculoskeletal health – The promotion of good staff health and healthy backs The initial objectives were to raise staff awareness through focus groups,identifying problems and solutions by using a problem-solving approach andupdating resident’s care plans. Training played an important part, as did therationalisation of equipment provision. OH was also regarded as one of the core aspects, and identifying suitable OHprovision was a priority. Outcomes were measured by a database, withinformation from residents’ care plans, staff perceptions, a back questionnaireand also a StaDyMeter, which is a form of ‘frequency log’ or self completingdiary. Results of these interventions showed care had improved, and exposure tomanual handling had decreased. Other factors it was concluded, were that‘effective management is an absolute prerequisite for the change process to beeffective in reducing back symptoms in care staff’. This session concluded thepresentation from the authors of the book. Patricia Bartley from movement specialists Corpus shared information fromthe process of implementing outcome-based training. Bartley previously workedin one of the largest NHS trusts in the UK and had first-hand experience of thedifficulties associated with generic based patient handling training – time andmoney being key to the problems. She outlined how they had identified problems that could be overcome bypeople using the simple format of TILE (task; individual; load; environment)and highlighting the need for individuals to carry out risk assessments forthemselves. Simple factors that had been overlooked by practitioners were things such asencouraging patients to move for themselves and learning to use equipment, ieadjusting the height of beds. Personal injury litigation and human and disability rights are high on theagenda for many practitioners who have to undertake manual handling tasks inless than ideal environments. Recent litigation has highlighted these factors and raised the issue ofwhether one can refuse to lift patients who themselves refuse to be liftedusing a hoist. Howard Richmond, deputy director of legal services at the RCN, discussedseveral cases that had occurred over the past few years. One factor raised in a particular case was that the local authorities hadnot undertaken sufficient risk assessments and the courts ruled that it was notthe court’s place to do so, but that it was for the local authority as theemployer, to formulate manual handling policies. Within the same case, mention was made of the dignity of the patient when usinga hoist, as it was felt that it could be regarded as ‘undignified’. Therefore,the employers’ risk assessment for the employee was of great importance (HSE2002) if the patient or client was refusing to be lifted using a hoist.5 Sally Williams, HSE inspector, was the last speaker of the day, andexplained how the criminal statutory framework influences patient handlingpractice. Williams highlighted the six pieces of legislation which provide thelegal framework on patient/client handling in the UK: – Management of Health & Safety at Work Regulations 1999 – Manual Handling Operations Regulations 1992 – National Health Service and Community Care Act 1990 – Charter of Fundamental Rights of the European Union – European Convention for the protection of Human Rights and FundamentalFreedoms – Community Care (Direct Payments) Act 1996 She also identified the six factors necessary for the successfulimplementation of a risk management system: – Senior management commitment – Worker involvement – Risk assessment – Control measures – Instruction and training – Proper management of cases This was followed by some examples of prosecutions, and improvements noticesissued under the Manual Handling Operations Regulations over the last couple ofyears – 32 per cent of which were due to deficiency in training and 28 per centto risk assessment. To improve the situation, the HSE has made the following recommendations forsafer patient handling: – Better data on risk is needed as evidence for nursing practice – There needs to be greater focus on the patient’s needs and experience – Training needs to be more focused, with emphasis on core skills such ascommunication and body language – Much more needs to be done from an ergonomics perspective. A new word was introduced during the day: ‘haptonomics’. Haptonomy isderived from the Greek words ‘hapsis’, meaning tactile contact, sense, feeling;and ‘nomos’, meaning law, rule or norm. ‘Hapto’ means to establish arelationship through tactile contact in order to heal, to make whole, toconfirm the other’s existence. It is a science based on the observation of andexperimentation with phenomena, which can be produced or verifiedÉ whichcharacterises in a very specific way the emotional experiences of humans.( Subsequent searches of this topic in nursing/medical literature and internetsearch engines did not produce any more information, although the companyPatricia Bartley works for, Corpus, runs courses on the subject; It is the six success factors that form the basis of the new RCN manualhandling training guidance (RCN 2003)2 developed from a series of focus groupsessions held with stakeholders throughout the UK. The main thrust of the guidance is the ‘Competencies for manual handling’section, which is divided into domains: – Domain 1: management of risk – Domain 2: creating a safe system of work – Domain 3: professional effectiveness and maintaining standards Each domain is subdivided again into competencies to be achieved by threegroups: – Back care advisers – Line managers/appointed manual handling supervisors/key workers – Patient/client handlers The booklet goes on to say that these competencies can be used to identifyeducational needs, underpin educational plans, curriculum and learning outcomesfor sessions and to assess competence. The conference concluded with feedback from the five workshops, whichenabled participants to discuss a variety of issues surrounding topics such asequipment, hygiene and other handling tasks in different settings. Conclusion Overall, the book, as a systematic review of patient handling research,together with the RCN guidance and the conference, provided a good basis onwhich to build and develop policies, and to update procedures and methods oftraining for a safer system of patient handling than has previously existed. Itdoes not mean however that research should stop, and all speakers at theconference agreed that more research into patient handling is needed. If your job involves giving OH support and advice to those involved withpatient or client handling, the book and guidance are for you. Greta Thornbory is a consultant in health and education References 1. HSE, 2002, Causes and kinds of occupational/work-related accident andinjury, 2001/2, 2. RCN, 2003, Safer staff, better care: RCN manual handling guidance andcompetencies, publication code 001 975 3. Hignet S, Crumpton E, Ruszala S, Alexander P, Fray M, Fletcher B, 2003,Evidence-based patient handling: Tasks, equipment and interventions, London,Routledge 4. RCN, 2001, Changing practice – improving care: an integrated back injuryprevention programme for nursing and care homes, publication code 001 255 5. HSE, 2002, Handling home care, HSG 225 Research designs Source: Hignett et al, 2003 Fixed design     Flexible design Experimental strategy    Case study Previous Article Next Article 3 or more person lift Two-sling lift     Front assistedtransfer with 1 carer Leg and arm lift Flip turn on bedlast_img read more

Disability ruling highlights need for policy care

first_img Comments are closed. Previous Article Next Article Related posts:No related photos. Disability ruling highlights need for policy careOn 17 Feb 2004 in Personnel Today An employment tribunal has found supermarket giant Asda guilty of disabilitydiscrimination, despite managers following processes set down by the company todeal with employees on long-term sickness absence. In the case, Asda employee Jack Gillies fell down some stairs, which heclaimed resulted in physical and mental injuries. The Glasgow employment tribunal held that during various ‘back to work’meetings no adjustments were made to standard procedures laid down by thecompany. The tribunal also found that the standard letters set out in Asda’s employeeguides were not composed to take into account Gillies’ mental condition. It found that managers carried out procedures without considering thedistress that the procedures would cause Gillies, due to his mental state. It ruled that Asda had discriminated against him, as a duty existed underthe Disability Discrimination Act to make reasonable adjustments to the processto ease Gillies’ distress. Asda was ordered to pay the ex-employee £5,000. Claire McManus, an employment lawyer with Harper Macleod, who representedGillies, said that having extensive guidelines on the treatment of long-termabsentees was not enough, and that managers had to look at individualcircumstances and underlying factors in each case. A spokesman for Asda said the company thought the ruling was unfair andwould be considering its position. last_img read more

Whizzer for Chips as dog ban ends

first_imgA blind factory employee has won his battle to take his guide dog to workfollowing an article in Personnel Today. Last week we reported how Peter White’s employer Beautymatic had banned hislabrador retriever guide dog, Chips, from the factory floor. The firm claimed that dog hair could contaminate its perfume products. Following a meeting with White, the GMB union, the Guide Dogs for the BlindAssociation and local MP Alan Hurst, the firm’s management relented and agreedto let Chips in. The company released a statement which said: “The existing roomidentified to house the dog will be adapted as an office for Peter and hisguide dog, so that he can carry out his duties and the dog can be with Peterfor a large part of his time at work.” Beautymatic has also agreed to reimburse White for his lost earnings when hewas at home during the dispute. Whizzer for Chips as dog ban endsOn 2 Mar 2004 in Personnel Today Comments are closed. Related posts:No related photos. Previous Article Next Articlelast_img read more

Managers to shake a tail feather in Rio

first_img Comments are closed. Related posts:No related photos. Previous Article Next Article Restaurant chain Nando’s is planning to reward allof its UKmanagers by taking them to Brazilfor next February’s Rio carnival. The privately-owned company, which has 95 outlets across the UK,is holding its annual staff conference in Rio, instead ofa conventional location such as a country hotel. HR director Julia Rosamondtold Personnel Today: “We know managers have a tough job so we want toreward them, and where nicer than Rio? We will be taking all of our assistantmanagers out there the year after as well.” According to Rosamond, staffmotivation is the key measurement for most HR activity. “One of the mostimportant things for us is how people feel inside the business,” she said.”Our annual staff survey showed that 93 per cent of employees ‘enjoy’working here, compared to 91 in 2003 and 93 in 2002. To maintain that levelwithin a period of growth is pleasing.” Managers to shake a tail feather in RioOn 24 Aug 2004 in Personnel Todaylast_img read more

Woolworth Building’s $79M “pinnacle” returns in challenging market

first_imgFor more than a year, the developer worked with architects Thierry Despont and David Hotson to illustrate how the space could be designed for functionality. While the unit will be offered as a white box so a buyer can customize it, renderings produced by Despont and Hotson show how spiral staircases, built-in bookshelves and walls of oddly shaped windows could feel livable.To Compass’ Vickey Barron, that was a smart move. “Now that it’s priced where it is and the market seems to be picking up and people are wanting to have assets and not their money sitting liquid, there’s a good opportunity for them to capture that buyer,” Barron said.Barron, who worked on Walker Tower’s record-setting penthouse sale in 2014, speculated that a buyer would likely be someone with a deep appreciation for architecture and a desire to put their own stamp on the property.“You can’t really guess what that end user’s going to want, and there’s nothing worse than to have them rip it out after it was just put in,” Barron said.But Compass broker Clayton Orrigo — who has marketed similar high-end properties, including a $50 million penthouse at 56 Leonard Street — called the white box concept “problematic.”“A lot of people, now more than ever, lack patience,” said Orrigo. “People during the pandemic realized that having the home of your dreams today is more valuable than having it tomorrow.”Richard Steinberg, a broker at Douglas Elliman, was more blunt. “I just don’t think people are going to want to do a project like this,” he said. “I don’t see it, I just don’t.”He expects a buyer would be someone looking for a second (or third, or fourth) home: “A billionaire who wants it as a pied-á-terre and at that point may want to undergo the two-year renovation, [and] doesn’t really care because it’s not their primary residence.”As more people are vaccinated and travel restrictions loosen up, Orrigo has seen more potential buyers queue up to see trophy listings in person. He imagines the same will happen with this property.“The reality is, there’s only so many buyers for this,” Orrigo said. “It’s a lot of international buyers who would buy these trophy assets, and most of these international buyers have not been able to come here in a year. … It’s hard to pull the trigger and transact on an asset of that size without seeing it in person.”Stan Ponte of Sotheby’s International Realty, who is marketing the penthouse, argues that the Pinnacle isn’t an ordinary apartment; it’s a “piece of art” that will be more attractive in a post-Covid world.Ponte thinks the property can attract a “leader of an industry, someone who has made their mark on the world, and who wants to bring their mark to New York City,” he added. “There’s a lot of energy around that, locally, nationally and internationally.”Contact Cordilia James alchemy propertiesLuxury Listings NYCNYC Luxury MarketResidential Real Estate Full Name* Email Address* Message* Alchemy Properties president Ken Horn and The Pinnacle at the Woolworth Building (Alchemy, iStock) Since 2015, the trophy penthouse atop the Woolworth Building has quietly waited for the right buyer to come along. It’s gotten one substantial discount — from $110 million to $79 million — and recently re-listed at that eye-popping price tag late last month.But in the pandemic-hammered luxury real estate market, one might wonder: Is there a taker out there for this apartment?The 9,680-square-foot penthouse — dubbed “The Pinnacle” — occupies the top five floors of the landmark skyscraper’s neo-Gothic crown, with 24-foot ceilings, 125 windows and a private 408-square-foot observatory terrace that takes up the 58th floor.Ken Horn, the president of developer Alchemy Properties, says the firm decided to bring the penthouse back to market now as Covid-19 restrictions have lessened and more units within the building are finding buyers. Horn said that the development is now more than 75 percent sold, although some of its units have been selling at substantial discounts.“We always knew that a buyer who is going to come in and execute on the purchase of this unit really wants to see that the building was a success,” Horn said.The apartment’s unique layout has also made marketing it a challenge.“What you have here doesn’t exist anywhere else,” said Horn. “It doesn’t exist anywhere in New York, where you’re on the top of a building … you literally have a castle which is now raw space. How does one live in it?”Read moreHamptons estate asking $145M under contract, may set recordSocialite relists UES co-op for $45MBuyer revealed for Vincent Viola’s massive UES townhouse Share via Shortlink Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Signs of success, trouble for property lender Signature Bank

first_img Full Name* The ominous signs loom as the bank celebrates what chief executive Joseph DePaolo called an “unbelievable quarter” with record earnings and deposit growth, the publication reported.The bank is involved in the cryptocurrency market, with financial technology company Circle saying that Signature bank would hold billions in deposits related to USD Coin, the report added.Signature Bank’s stock price jumped 12 percent when the quarterly earnings were reported and has nearly tripled in the past 12 months.[Crain’s New York] — Cordilia JamesContact Cordilia James Signature Bank CEO Joseph DePaolo (Getty, Google Maps, iStock)Signature Bank saw record earnings and deposit growth last quarter, but also some red flags.Loan modifications related to Covid-19 rose to 7.1 percent of its loan book, up from 6.6 percent in the fourth quarter, Crain’s New York reported.It’s a sign that the property lender’s borrowers are struggling as the pandemic continues. Signature held $3 billion of troublesome loans rated “special mention” or “substandard,” compared to $1 billion as of Sept. 30, the publication said.Commercial property and apartment loans make up more than half of the company’s $50 billion portfolio, according to Crain’s. Signature Bank defines modified loans as those where interest but not principal is paid, and they aren’t classified as deferred.ADVERTISEMENTRead moreSignature achievement: Bank’s loan deferrals down to 9% Signature Bank: Collections down 50 percent in rent-stabilized apartments Signature Bank “pleasantly surprised” by multifamily rent collections Email Address* Tags Message* Real Estate LoansResidential Real Estate Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlinklast_img read more

Observations of a reversal in vertical and horizontal strain-rate regime during a motion event on Unteraargletscher, Bernese Alps, Switzerland

first_imgDuring a motion event on Unteraargletscher, Bernese Alps, Switzerland, in spring 1996, surface velocities were measured up to eight times a day at four different locations along the central flowline using global positioning system equipment. In addition, accumulated vertical strains over the uppermost 50 and 100 m were measured at a location where the total ice thickness is 260 m. The motion event was accompanied by high horizontal and vertical strain rates as compared to annual mean values. A reversal in strain regime was observed, with horizontal strain rates changing to extension while vertical strain rates became compressive. This strain-rate reversal coincided, within the temporal resolution of the data, with a maximum in vertical ice displacement at the surface. Within a day, variations in vertical strain from 0.04 a(-1) to -0.06 a(-1) were observed over the uppermost 100 m. Vertical stretching is estimated to have contributed to at least 20% of the anomalous vertical ice movement at the surface. There were significant differences between measured longitudinal strain, averaged over a distance corresponding to a few ice thicknesses, and measured vertical strain. In spring 1997 a similar, but more detailed, set of measurements was collected at the same measuring site, and vertical strain rates were found to vary non-uniformly with depth, with the largest values closest to the surface.last_img read more