CYBG axes deal with former Barclays boss following Virgin Money merger November 12, 2018 The new owner of Virgin Money has cancelled the bank’s partnership with a technology company run by former Barclays chief executive Antony Jenkins. CYBG, which also owns Clydesdale and Yorkshire Bank, axed the deal following its £1.7bn takeover of Virgin Money in September, Sky News reported. Virgin Money had hired Jenkin's fintech start up 10X [...]
Brexit deal remains most likely outcome, says the Bank of England November 12, 2018 The Bank of England predicted today that a deal remains the most likely Brexit outcome, despite ongoing uncertainty around UK and EU negotiations. “I still think it’s the most likely outcome, but obviously over time, every day there are headlines – positive, negative – which will send the currency in particular one direction or the [...]
The UK’s financial services profession is surprisingly resilient to Brexit woes November 12, 2018 The looming shadow of Brexit is hard to shake off and financial services, like most UK businesses, doesn’t like uncertainty. But despite the talk of doom and gloom with jobs disappearing in this part of the financial sector, surprisingly perhaps, we are seeing a different picture. The Chartered Institute for Securities & Investment (CISI) is [...]
The number of people banned from the financial services sector rose 28 per cent last year November 12, 2018 The number of individuals banned from working in the financial services sector by regulator the Financial Conduct Authority (FCA) rose 28 per cent last year, research published today shows. There were 23 people banned from working in the industry by the FCA in 2017-18, up from 18 the previous year, according to City law firm [...]
Showdown: Barclays boss set to meet troublesome activist investor November 11, 2018 Ever since the activist investor Edward Bramson revealed his 5 per cent stake in Barclays in March of this year, the two sides have danced around each other. The bank's chief executive, Jes Staley, aspires to lead an investment banking powerhouse. Bramson, on the other hand, wants that operation scaled back – favouring, in its [...]
Barclays bosses to meet activist investor Edward Bramson over calls to scale back investment bank November 11, 2018 Barclays chief executive Jes Staley and chairman John McFarlane will meet activist investor Edward Bramson in New York this week over calls to downsize the investment bank’s markets division. The meeting comes as Barclays received backing from top shareholder James Lowen, who told the Sunday Times that a decision to scale back the division would [...]
Hedge fund Marshall Wace to expand Dublin operation in Brexit contingency plan November 10, 2018 Marshall Wace has become the latest investment group to begin putting its post-Brexit contingency plans into action, despite chairman Paul Marshall being a Brexit supporter. The $35bn manager has received licenses to run management companies in Ireland and plans to increase its presence in Dublin as a protective measure ahead of the UK leaving the EU. Marshall [...]
JP Morgan predicts Brexit deal to be agreed in coming days – but parliamentary approval won’t come until 2019 November 9, 2018 Banking heavyweight JP Morgan revealed today that it believes a transitional Brexit deal is likely to be signed between Britain and the EU within the coming days. JP Morgan economist Malcolm Barr said in a note to clients: “Agreement in time for a November 17-18 summit appears to remain possible even if odds are slightly [...]
War games: Bank of England to test financial services sector’s resilience to cyber attacks November 9, 2018 The Bank of England will today test the financial industry's ability to withstand a major cyber attack on the UK. Leading banks will be among around 40 firms that will partake in the exercise, aimed at ensuring firms are able to meet certain recovery requirements in the wake of a cyber-attack. "This exercise forms a [...]
Gresham House scoops up assets from Livingbridge in £30m deal November 8, 2018 Asset manager Gresham House will hand over £30m to acquire Baronsmead and other funds from manager Livingbridge. The deal, which could rise to £40m, brings half a billion pounds in assets under management to the London-based manager. The acquisition is expected to boost Gresham House’s earnings per share when it closes at the end of the [...]