News in brief: Anglo on the slide as iron disappoints, Barratt boss aboard at United Utilities, Swiss bank closes after US tax dispute

Shares in FTSE 100 miner Anglo American today slipped 2% after it admitted in its third-quarter production report that iron ore output slipped in the three months to October.

Anglo said that although copper production was up by a third — at 207,300 metric tons — iron ore output fell 24% to 9.5 million tons because of ongoing pit constraints and safety stoppages at the Sishen mine in South Africa. Shares fell 36p to 1517p.

Barratt Developments chief executive Mark Clare is to join the board United Utilities, Britain’s biggest water firm.

Clare, who has been at the helm of housebuilder Barratt for seven years, will join as a non-executive director on 1 November. He boasts previous utilities experience — he was finance director of Centrica and managing director of British Gas between 1997 and 2006.

Swiss private bank Frey & Co is to close following “unsustainable costs” stemming from the country’s dispute with the US over alleged tax evasion.

Frey, which had assets under management of 1.9 billion Swiss francs (£1.3 billion) at the end of 2012, said it was one of 14 banks ineligible for a government-struck settlement programme with the US Department of Justice because it is already under investigation by US authorities.