Ross McEwan resigns as chief executive of RBS after five and a half years April 25, 2019 Ross McEwan has resigned as chief executive of Royal Bank of Scotland (RBS) after more than five years in charge. The bank announced McEwan’s shock resignation ahead of its AGM this afternoon and its first quarter results tomorrow. The New Zealander has a twelve month notice period and will remain in the role until his [...]
What the next Bank of England governor’s CV needs to look like April 24, 2019 With less than a year until Mark Carney steps down, the government today kickstarted the search for a new Bank of England governor. We’ve already compiled a list of candidates tipped to replace the American when he departs the post in January 2020, but chancellor Philip Hammond has put out a job ad anyway. Read [...]
Extinction Rebellion protests: Police issue warning as eco-activists prepare to target City of London businesses April 24, 2019 Climate change activists are planning to target financial institutions in the Square Mile tomorrow, police have warned. Extinction Rebellion, the eco-activism group, is planning to disrupt roads and the transport network in the City as part of a fortnight of action across the capital. Read more: Police charge 71 in relation to Extinction Rebellion protests [...]
Metro Bank CEO’s pay almost halved after waiving bonus in aftermath of loans blunder April 24, 2019 Metro Bank boss Craig Donaldson saw his pay almost halved last year after waiving his bonus in the wake of a major loans blunder. Read more: Public sentiment towards Metro Bank plunges after accounting error Donaldson was paid £800,000 last year, down from £1.5m in 2017 following the loans error, which is being investigated by [...]
UBS and Deutsche in ‘serious’ talks over asset management merger April 24, 2019 The asset management divisions of Deutsche Bank and UBS are in “serious” talks over a potential merger, according to reports. The combined businesses would have more than €1.4 trillion (£1.2 trillion) of assets under management, overtaking Legal and General in the UK and France’s Axa to create a rival to Amundi, which is Europe’s largest [...]
UK investment banker speaks of grief after losing two children in Sri Lanka suicide bomb attacks April 24, 2019 A UK investment banker who lost two children in the Sri Lanka bomb attacks has spoken about his desperate attempt to save them. Matt Linsey, founder and managing partner of North of South Capital, told CNN that Amelie and Daniel Linsey were walking back from the Shangri-La hotel buffet when a bomb exploded. Read more: [...]
Tory MP Johnny Mercer dismisses alleged ties to London Capital & Finance as ‘smear’ by rivals April 24, 2019 Tory MP Johnny Mercer has hit back at allegations he was involved in collapsed firm London Capital and Finance (LCF), claiming they are part of a "co-ordinated attempt" to go after him. Mercer, who is thought to want to run for Tory leader, has been under scrutiny for his non-executive director role at the Crucial Academy, for [...]
Philip Hammond starts search for successor to Mark Carney as Bank of England governor April 24, 2019 Chancellor Philip Hammond has started the process of finding a new governor of the Bank of England. Whoever he chooses will replace current governor Mark Carney when he steps down at the start of 2020. Read more: Mark Carney warns of "alarmingly high" no-deal Brexit risk The Canadian economist, the first overseas governor of the [...]
Credit Suisse posts unexpected profit rise as wealth management unit shows resilience in tough quarter April 24, 2019 Credit Suisse has reported an unexpected profit rise as its wealth management division proved resilient in a “difficult quarter.” The Swiss bank posted a fifth consecutive quarterly profit following a three-year restructuring plan but its investment bank continued to struggle. The figures Net income rose eight per cent to Sfr 749m, the bank’s highest quarterly [...]
Andrew Bailey is right to think about the City’s future April 23, 2019 Throughout the interminable Brexit debate, sensible voices have been hard to come by – but Andrew Bailey provides one. The head of the Financial Conduct Authority was ahead of the curve in pushing for EU counterparts to match the UK's planning to ensure financial stability in the event of a no-deal Brexit and, now that [...]