JP Morgan’s Jamie Dimon says Brexit job moves all about serving clients, as London faces declustering following UK departure from EU March 9, 2017 The boss of JP Morgan has said that any Brexit-related job moves will focus simply on serving clients. Jamie Dimon, whose bank heavily backed the campaign for Britain to Remain in the EU, said London's world-renowned cluster of financial and professional services firms could be fractured by Brexit. Many across the City are considering what moves they [...]
Barclays just handed its exec team £13.6m worth of shares in the bank, and there’s the chance they could snap up £9.2m more March 9, 2017 Barclays handed 10 of its most senior staff members shares worth £13.6m in the bank today, while also giving them the chance to snap up several million pounds more in years to come. By comparison, the bank awarded nine people shares worth £8.7m last year. The lender said the boost in this year's award was thanks [...]
Co-op Bank stems losses to £477m but says legacy problems and lower for longer interest rates led to sale March 9, 2017 Co-operative Bank today said legacy issues and low interest rates had dragged on performance and prompted the lender's owners to put the bank up for sale. Although the bank reduced annual losses of £477m from £611m in 2015, it took a further £60m hit from its merger with Britannia Building Society and was slapped with an £82m charge following [...]
RBS’ chief exec Ross McEwan just got awarded shares worth £1.2m in the loss-making bank March 8, 2017 Royal Bank of Scotland's chief executive was awarded £1.2m worth of shares this afternoon, as benefits from the loss-making lender's long-term incentive plans (LTIPs) were paid out. Ross McEwan, who took over at the helm of the taxpayer-backed bank in October 2013, was vested a total of 512,509 shares under the incentive scheme at £2.389 a pop, [...]
Spring Budget 2017 figures predict banks will cough up an extra £2.1bn in bank levy and surcharge payments compared with Autumn Statement 2016 forecasts March 8, 2017 The government expects to pocket an extra £2.1bn from banks' coffers compared with what it forecast four months ago. Figures tucked away at the back of the spring Budget statement reveal the Treasury now expects to bring in £27bn from the bank levy and surcharge combined between financial years 2015-16 and 2021-22. The same analysis in last [...]
Barclays is cutting more than 180 jobs as it shuts the doors on its mortgage unit in Wales March 8, 2017 Barclays is cutting more than 180 jobs, as it shuts down its mortgage centre in Wales. "Barclays is working hard to meet customer needs and keep the customer at the heart of what we do," a spokesperson for the bank said. "Part of this work is ensuring that our contact centre site processes are working [...]
“Inherent conflict of interest” existed in overseeing of Libor, court told in case against two ex-Barclays traders March 7, 2017 A witness from the so-called "voice of banking" told a court today there was an "inherent conflict of interest" in Libor's governance, as trial of two ex-Barclays traders rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June [...]
Charlotte Hogg has apologised for not disclosing her brother’s position at Barclays March 7, 2017 The Bank of England's (BoE) new deputy governor, Charlotte Hogg, has apologised for failing to disclose that her brother worked for Barclays, a potential conflict of interest, before she joined the central bank. Hogg worked as the BoE's chief operating officer from July 2013. Last week, as she started her new role as deputy governor, the Treasury Select Committee questioned her on why she [...]
Shawbrook has turned down an £825m takeover offer March 7, 2017 Challenger bank Shawbrook revealed today that it had rejected an £825m takeover bid by a private equity consortium. Shawbrook announced that Pollen Street Capital and BC Partners had paired up to offer 330p per share after the bank's board rejected an initial offer of 307p per share, but the board said: "Taking into account the [...]
It’s a thumbs up from the City: Over half of bankers think the Senior Managers’ Regime was a good idea March 6, 2017 Bankers have given their blessing to a recently introduced set of rules designed to increase personal accountability, the next tranche of which is due to take effect tomorrow. Over half (55 per cent) of nearly 200 senior finance execs polled by Duff & Phelps think the Senior Managers' and Certification Regime, which first came into force last [...]