RBS has slashed its bonus pool after disappointing results February 24, 2017 Royal Bank of Scotland (RBS) bankers are in for a disappointing bonus season, after the lender said it had cut its bonus pool by eight per cent. The company said today it had cut its bonus pool from £373m in 2015 to £343m last year. Over 93 per cent of the pool will be paid [...]
Morgan Stanley may move 300 UK jobs to Frankfurt or Dublin February 24, 2017 American investment bank Morgan Stanley could move 300 jobs out of the United Kingdom after Brexit and is already looking for new office space in Frankfurt and Dublin, according to reports. Plans are underway for an initial transfer of jobs to one of the two cities Bloomberg said. A spokesman for Morgan Stanley told City AM: “Our [...]
German central bank chief renews efforts to woo British banks – and questions the “sanity” of Brexit negotiations February 24, 2017 “Sanity” will not be the main principle of negotiations over Brexit, according to an influential central banker, as he renewed efforts to woo British-based banks to move to Europe. Andreas Dombret, an executive board member at the German Bundesbank, said political considerations will override economic concerns in a speech delivered in London at the consultancy [...]
This is how City analysts reacted to RBS’ results February 24, 2017 Royal Bank of Scotland reported its ninth consecutive annual loss this morning, pushing shares down two per cent. The lender's losses widened to £6.96bn in 2016, compared with £1.98bn the year before, largely due to litigation and conduct costs. This is how the analysts reacted: Groundhog Day RBS chief exec Ross McEwan "must feel that he is [...]
Royal Bank of Scotland’s losses widen to £7bn for 2016 as mis-selling charges take their toll February 24, 2017 Royal Bank of Scotland (RBS) has announced a multi-billion pound loss for the year to the end of December due to misconduct charges and restructuring costs, making 2016 its ninth straight year of losses. The figures The 73 per cent state-owned bank posted an attributable loss of £6.96bn, after a loss of £1.98bn in 2015 due to litigation and [...]
London: Our city of eternal resilience is not endangered by Brexit February 24, 2017 We have been here before. Seismic political or economic events strike like a tsunami; panic breaks out that London’s position as a leading world city is endangered. It happened in the aftermath of 2008’s financial crisis and it’s happening as Brexit looms. In 2009 the Economist observed magisterially, “Before the credit crunch, talk that London [...]
Bonus pools across UK banks dry up, but Wall St lenders still shelling out for their junior staff February 24, 2017 City workers at US investment banks are enjoying rising bonuses despite a squeeze in payouts from UK and other European lenders. New figures reveal a widening transatlantic gap – bigger bonuses at US banks contrast with belt-tightening measures by their rivals headquartered on this side of the pond. Bonuses for relatively junior banking staff at the likes [...]
Ministers set to face spending watchdog scrutiny over Green Investment Bank sale February 23, 2017 Government ministers are in the glare of Whitehall spending watchdog the National Audit Office (NAO) as the Green Investment Bank privatisation drags on, City A.M. has learned. With Australian investment bank Macquarie hopeful of clinching a deal soon, the government sale has come under intense scrutiny from politicians in recent weeks. MPs, led by the Green Party’s [...]
Barclays boss Jes Staley spills the beans on Dodd-Frank, Brexit and robots February 23, 2017 Barclays boss Jes Staley was in a chatty mood today – perhaps unsurprising given his bank just announced it had nearly tripled its yearly profits. However, it wasn't just bottom lines and capital ratios the banking chief executive spoke about, as he shared his words of wisdom on a slew of other issues weighing on the [...]
Banks and building societies create more than one-in-10 jobs in five locations across the UK February 23, 2017 The importance of the banking sector in the UK's jobs market has been laid bare by new figures from the British Bankers' Association (BBA). A jobs report from the BBA shows that banks and building societies represent more than 10 per cent of local jobs in five parliamentary constituencies, four of which are outside London. Two [...]