Major Metro Bank shareholder Legal and General Investment Management reveals it will vote against chairman Vernon Hill May 17, 2019 Metro Bank shareholder Legal and General Investment Management has revealed plans to vote against chairman Vernon Hill’s re-election, ramping up pressure on the US founder. The top 15 shareholder said it had “long standing concerns” over the bank and would vote against Hill and a number of other directors over independence concerns as well as members [...]
Metro Bank shares surge after £375m emergency capital raise following loans blunder May 17, 2019 Shares in Metro Bank soared this morning after it successfully raised £375m of extra capital as investors backed the challenger bank following a major loans blunder. Read more: Metro Bank raises £375m of capital hours after launching share placing The embattled bank raised more than its target amount of £350m just hours after launching a [...]
Metro Bank raises £375m of capital three hours after launching share placing May 16, 2019 Metro Bank raised £375m of capital just hours after launching a discounted funding round this evening. A spokeswoman confirmed that the embattled challenger bank, which has struggled after a major loans blunder in January, closed the share placing less than three hours after announcing the funding round. Read more: Metro Bank launches £350m share placing [...]
Metro Bank launches £350m share placing at discounted price May 16, 2019 Metro Bank has launched a discounted share placing as the troubled bank taps up investors to raise £350m of capital. The challenger bank, which has struggled following a major loans blunder in January, placed the shares at 500p, a discount on today’s closing price of 536.5p. Read more: Metro Bank shares soar ahead of £350m [...]
Lloyds Bank avoids shareholder revolt over pension pay but faces grilling from Noel Edmonds over HBOS fraud May 16, 2019 Lloyds Bank has avoided a shareholder revolt over pension pay despite MPs accusing bosses of “boundless greed.” Chief executive Antonio Horta-Osorio, Britain’s best-paid bank boss, took home £6.3m last year, which included a pension contribution of 46 per cent – compared to the maximum 13 per cent for other employees. Read more: Lloyds Bank unveils [...]
Goldman Sachs buys United Capital for $750m in wealth management expansion drive May 16, 2019 Goldman Sachs announced it will buy boutique wealth management firm United Capital Financial Partners for $750m (£585.54m) in a move to extend its offering to clients “across the wealth spectrum”. United Capital, which has $25bn of assets under management, will join Goldman Sachs’ $500bn wealth management business that is comprised of Private Wealth Management and Ayco, [...]
Bank of England deputy recommends ‘British approach’ to post-Brexit financial regulation May 16, 2019 Britain's financial regulations should be just as strict following Brexit, but more power should be handed to regulatory bodies to create “dynamic” rules, Sam Woods, a deputy governor of the Bank of England, has said. Read more: EU officials mulling post-Brexit financial reforms Woods, who is also chief executive of the Prudential Regulation Authority (PRA), [...]
Barclays, Ruby Wax and mental health: How the banking giant is tackling stress in the City May 16, 2019 Square Mile careers are stereotypically fuelled by mantras such as "work-hard, play-hard", achieving "inbox zero", "surviving the rat race". All are excuses for raising your tolerance to stress. As a result the career pathways of the City are often littered with burned-out workers. Read more: Wellbeing should be top of the business agenda Unsurprising, stress [...]
Capital markets software firm OpenFin backed by Wells Fargo and Barclays in $17m funding round May 16, 2019 Capital markets software provider OpenFin has raised $17m (£13.2m) after being backed by Wells Fargo, Barclays and JP Morgan. OpenFin, the operating system (OS) for finance, provides banks, asset managers and hedge funds with financial desktop systems and access to their own app store. Read more: The financial services sector needs a shot of confidence [...]
Barclays and the Royal Bank of Scotland among five banks hit with €1bn fine for forex rigging May 16, 2019 The EU Commission has fined five banks €1.07bn (£940m) for rigging foreign exchange markets for 11 currencies, it announced today. Competition regulators fined Barclays, The Royal Bank of Scotland (RBS), Citigroup, JP Morgan and MUFG Bank, while UBS was not fined as it revealed the existence of the rigging to the regulator. In the first [...]