London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
Banks begin tempting businesses away from RBS as £350m switching scheme goes live February 25, 2019 Banks have begun tempting businesses to switch away from Royal Bank of Scotland as part of a scheme to boost competition in the sector. As a condition of RBS’ £45bn government bailout during the financial crisis – £350m of a state aid package has been provided to eleven other banks to help them attract firms. Read [...]
‘Bridge over Brexit’: UK and US strike post-Brexit derivatives and trading deal in major boost for the City February 25, 2019 Derivatives trading and clearing between the UK and the US will continue as normal regardless of the outcome of Brexit, the Bank of England said today in a major boost for the City. The US Commodity Futures Trading Commission (CFTC), the Bank of England and UK watchdog the Financial Conduct Authority (FCA) have struck a deal to [...]
Barclays rallies as shareholders promised more February 25, 2019 | City Talk In a bear trend since 2007, Barclays has won over the market with this update, at least temporarily. These numbers from Barclays (LSE:BARC) have been well received on the basis of "jam tomorrow", as the high street bank continues to suffer from litigation and conduct fines, whilst growing strongly excluding these charges. The increase to [...]
Troubled subprime lender Provident slams ‘irresponsible and highly opportunistic’ £1.3bn takeover bid by rival February 25, 2019 Provident executives have hit out at an “irresponsible and highly opportunistic" £1.3bn takeover bid by smaller rival Non-Standard Finance. The struggling subprime lender hit back at its peer in robust fashion this morning after receiving an all-share offer for the company on Friday. Read more: Provident shareholders including Neil Woodford accept £1.3bn takeover Non-Standard Finance’s offer, [...]
Why Lloyds Banking Group pleased its City fan club February 22, 2019 | City Talk Our head of markets explains why the City reacted positively to these results despite a profits miss. Despite missing expectations at a pre-tax profit level, Lloyds Banking Group (LSE:LLOY) is not only in rude health but also has a clear vision on where next to take the business. The bank describes its own model as [...]
Ed Bramson’s Barclays board bid suffers double blow as investment banking unit outperforms European rivals February 22, 2019 Barclays executives doubled down on efforts to scupper activist investor Ed Bramson’s bid to join the board yesterday, armed with better-than-expected results in its investment banking unit. In a further blow for Bramson, who has called for Barclays to scale back its investment bank, one of his key allies in the City, Aviva, said his [...]
UBS boss vows to protect dividend after €4.5bn fine in French tax fraud trial even if appeal fails February 22, 2019 UBS chief executive Sergio Ermotti has vowed to protect its dividends after being hit by a €4.5bn fine in a French tax fraud trial. Speaking to investors earlier today, Ermotti said the Swiss banking giant would prioritise protecting shareholder dividends if it fails to get out of the huge fine imposed by a French court [...]
Barclays Bank chairman Sir Gerry Grimstone to step down later this month February 22, 2019 The chairman of Barclays’ investment arm Sir Gerry Grimstone will step down at the end of the month, the bank said today. Grimstone, chairman of Barclays Bank PLC – the group’s non-ring-fenced investment banking wing – has been a member of the bank’s board since 2016 and will also step down as a non-executive director. [...]
Troubled subprime lender Provident receives £1.3bn takeover bid from smaller rival Non-Standard Finance February 22, 2019 Struggling sub-prime lender Provident Financial has received a £1.3bn takeover bid from rival Non-Standard Finance. The all-share offer, pledging to revitalise the firm, has been supported by Provident shareholders, including leading fund manager Neil Woodford. Read more: Provident Financial shares tumble on profit warning The doorstep lender has seen its share price plunged 84 per [...]
Apple and Goldman Sachs set to launch joint credit card in bid to win over iPhone users February 21, 2019 Apple is reportedly teaming up with Goldman Sachs to launch a joint credit card to help customers manage their finances through their iPhone. The joint venture will allow iPhone users to link the card with the Apple Wallet app, allowing them to better track spending and earn rewards, the Wall Street Journal reported, citing sources familiar [...]