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 [...]
Veteran City banker and billionaire Bruno Schroder dies aged 86 February 21, 2019 Bruno Schroder, the longest serving FTSE 100 board member and British banking veteran, has died aged 86. The billionaire, who served as a non-executive director of his family’s business Schroders for more than 50 years, died yesterday following a short illness, the company said. Read more: Lloyds and Schroders sign £80bn joint venture deal Schroder [...]
Swedish and Estonian regulators probe Swedbank over money-laundering report as SEC goes after Danske February 21, 2019 Swedish and Estonian financial regulators have launched a joint investigation after an explosive report linked Stockholm-headquartered lender Swedbank to a Baltic money-laundering scandal. The countries’ respective Financial Supervisory Authorities (FSAs) announced the probe following a report by Swedish broadcaster SVT that alleged links between Swedbank and scandal-ridden Danish lender Danske Bank. Dankse has been rocked [...]
Barclays profits slip as bank sets aside £150m for Brexit February 21, 2019 Profits missed estimates at Barclays last year, the bank revealed today, as it set aside £150m for Brexit and paid out billions of pounds in misconduct and litigation charges related to its role in the financial crisis. Read more: Ex-Barclays chair Agius tells court he was unaware of £280m Qatar deal The figures Profit before [...]
Foreign affairs select committee calls for overseas territories to publish ownership registers February 20, 2019 The Foreign Affairs select committee has called today for British Overseas territories to publish registers of the ultimate owners of assets on national security grounds. The Sanctions and Anti-Money Laundering Act which became law in May 2018 requires British overseas territories such as Anguilla and Bermuda to establish publicly-accessible registers of beneficial ownership by 31 [...]
Government agency set bonus targets for senior RBS GRG bankers February 20, 2019 Top bankers at RBS’s disgraced global restructuring unit GRG had 70 per cent of their bonuses pegged to Treasury targets, it can be revealed. The details follow claims that the Treasury influenced GRG policy at a time when it was mistreating business customers, many of which went bust. Former GRG head Derek Sach and UK [...]