Barclays faces shareholder revolt over fossil fuel investments as AGM approaches April 29, 2021 Barclays is facing a second consecutive shareholder resolution concerning its position as Europe’s largest fossil fuel financier. Investors are increasingly drawing attention to the shareholder resolution due to be voted on at the bank’s Annual General Meeting next week, on Wednesday 5 May. A letter from investors with more than $4 trillion of funds urged [...]
The Evening Read: City veteran Gavin Rochussen on closing deals remotely April 29, 2021 In an exclusive interview, City A.M. sits down with Gavin Rochussen, the CEO of St. James’s-based Polar Capital, to talk all things asset management, how the pandemic has changed working practices, navigating acquisitions in lockdown and how culture is so important to success. You told me that Polar Capital is a boutique asset manager, but [...]
Deutsche Bank staff in the City set for three-day work from home week April 29, 2021 Deutsche Bank plans a post-pandemic policy for its City staff that allows them to work from home for up to three days a week. The implementation of the hybrid working model is part of a wider initiative to encourage flexible working at the German financial giant. “It’s a range of 40 per cent to 60 [...]
Standard Chartered profit soars to $1.4bn as Covid19 provisions to cover bad loans go unused April 29, 2021 Standard Chartered this morning posted a higher- than-expected 18 per cent jump in quarterly pre-tax profit, as the Asia-focused bank began recovering from the economic hit caused by the Covid19 pandemic. Pre-tax profit for the three months to 31 March was $1.4bn, up from $1.2bn a year earlier, and well ahead of the $1.08bn analysts had [...]
NatWest beats forecasts as bank returns to profit in the first quarter April 29, 2021 NatWest returned to profit in the first quarter of the year after releasing cash it had set aside to cover bad loans due to the pandemic. The bank reported a pre-tax profit of £946m for the first three months of the year, beating an average analyst forecast of £536m. It exceeds the £519m pre-tax profit [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
London used as ‘money-laundering base’, mafia trial prosecutor says April 28, 2021 In Italy’s largest mafia trial in three decades, the UK’s capital has been roped in as a potential hotspot for organised crime, particularly post-Brexit. The trial will see around 900 witnesses testify against more than 350 ’Ndrangheta defendants, including politicians and officials charged with being members of Italy’s most powerful criminal group. Defendants are set [...]
Compensation scheme that cost £23m to set up has yet to pay any redress April 28, 2021 A compensation scheme for victims of banking scandals that cost millions of pounds to establish is yet to pay out even a penny in redress. The Business Banking Resolution Service (BBRS), which was formed in 2019 and cost £23m to set up, has run up huge bills for staff and third-party advisers, but is yet [...]
City Moves: Who’s switching jobs in the Square Mile this week? April 28, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Cazoo bolsters board after $7bn NYSE listing After its $7bn New York Stock Exchange listing through its AJAX merger, UK online car retailer Cazoo has confirmed that a new non-executive director [...]
Co-op bank reports ‘resilient’ performance in first few months of 2021 April 28, 2021 Co-op Bank reported a small underlying profit in the first three months of 2021 of £2.6m, with statutory profit before tax of £7.2m. CEO Nick Slape said the bank had delivered a “resilient” three-month performance, that should position it well to deliver overall profit in 2021. “We have delivered a resilient performance by maintaining our [...]