Government reduces its stake in Lloyds bank to below three per cent March 15, 2017 The government’s stake in Lloyds has fallen below three per cent, the bank announced this morning in a regulatory filing. The new sell-off marks the next stage in the government’s efforts to re-privatise the bank, which was bailed out in the global financial crisis. The Treasury said the sale means the government has recovered £19.5bn [...]
Now “gallant George” Osborne has ridden to Charlotte Hogg’s defence March 14, 2017 Former chancellor George Osborne has taken time out from his newly-established portfolio career to wade into the debate about Charlotte Hogg, the now ex-Bank of England deputy governor for markets and banking. Hogg, who came under fierce criticism last week when it emerged that she had forgotten to add her banker brother's name to her official list of [...]
Banking pressure group, the British Bankers’ Association, plans to lobby the EU27, arguing a strong UK financial sector post-Brexit benefits everybody March 14, 2017 The UK's pressure group for the banking industry is pulling together plans to lobby the EU27 for a Brexit deal that will benefit all involved, just days before Prime Minister Theresa May is expected to pull the trigger on Article 50. The British Bankers' Association (BBA) has signed up an army of experts to draft plans to persuade [...]
Banker burnout: Boardrooms at banks warned they must do more to address well-being, as over a quarter of staff reveal they think their job is harming their health March 14, 2017 Banking top dogs have been urged to address workers' well-being, after a new report revealed more than a quarter of bank staff believed their job was dragging down their health. The first-of-its-kind survey of over 28,000 banking staff carried out by the Banking Standards Board revealed 26 per cent of workers either agreed or strongly [...]
Bank of America has its eye on Ireland for a post-Brexit base, as the country urges others not to engage in a red tape race to the bottom March 14, 2017 A senior executive from Bank of America has revealed today it is considering making Dublin its main EU base if the UK cannot hold onto certain rights, such as passporting, post-Brexit. The announcement came the same day the country's officials pleaded with other nations not to take part in a red tape bonfire following the UK's departure [...]
Now fintech startup Revolut is getting into loans March 14, 2017 Fintech startup Revolut has partnered with a peer-to-peer lender to offer loans to users, its newest product in addition to a current account and money transfers. With Lending Works, it will offer loans of up to £5,000 at a rate of 9.9 per cent APR over 12 months. The credit facility is instant, if approved, with [...]
Former senior Barclays banker tells court he can’t remember what Libor training the bank offered its traders March 14, 2017 A ex-Barclays banker who held senior roles at the firm told a court today he could not remember what training for Libor was on offer, as the trial against two of the bank's other former traders for rigging the rate rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, [...]
Close Brothers share price jumps after snaring Direct Line chairman Mike Biggs March 14, 2017 Close Brothers' share price jumped two per cent this morning after naming its new chairman and posting half-year numbers that were broadly in line with expectations. Direct Line chair Mike Biggs will join the investment firm's board with immediate effect, taking over from Strone Macpherson on 1 May. The figures Adjusted operating profit over the first six [...]
Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Charlotte Hogg resignation: The Treasury will look for two people to replace her March 14, 2017 The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands. Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job [...]