Behind the deal: Biggest IPO of 2017 so far is another triumph for boutique investment bank Zeus February 14, 2017 Actuarial and consulting firm Xafinity today announced plans for the biggest UK float of 2017 so far. Weighing in at £190m, the first premium main market listing of the year marks another triumph for boutique investment bank Zeus Capital, which acted as financial adviser, bookrunner and sole broker. Skiing, mountain biking and initial public offerings Read [...]
HSBC has appointed a new boss for its retail bank February 14, 2017 HSBC has named a new boss for its retail bank – the current head of commercial banking. Ian Stuart will become chief executive of the newly ring-fenced institution, subject to regulatory approval. Stuart will be based in Birmingham, in the head office of the retail bank. Stuart has helmed commercial banking in both the UK for the bank [...]
Credit Suisse posts worse than expected losses with thousands more jobs to go in 2017 February 14, 2017 Credit Suisse's share price jumped over three per cent this morning despite posting greater than expected fourth quarter losses following its settlement with US authorities. The lender also revealed it plans to further reduce headcount in 2017, with 5,500 jobs set to go. Shares in the firm were trading at SFr15.20 at 8.30am this morning. The figures Fourth quarter [...]
As the Co-Op Bank goes on sale, is now the time to buy UK banks? February 14, 2017 It wasn't hard to spot the irony when Paul Flowers, chairman of the avowedly ethical Co-Operative Bank and a methodist minister, was arrested for drug possession in 2013. In the same year, the mutual Co-operative Group ceded control of the ailing lender to its bondholders, after a massive £1.5bn hole was discovered in its balance [...]
As it puts itself up for sale, is the Co-op Bank now essentially worthless? February 14, 2017 Frances Coppola, a former banker who blogs at coppolacomment.blogspot.co.uk, says Yes. The Co-Op Bank is reaching the end of the road. Yesterday’s announcement that it is putting itself up for sale follows on from disclosure last month that it was facing a full-year loss for the third year running, and would fail to meet Prudential Regulation [...]
Many City bosses disapprove of Trump’s presidency, but would be happy to see Dodd-Frank reformed February 13, 2017 President Donald Trump has finally appointed a Treasury Secretary, with former Goldman Sachs banker Steven Mnuchin confirmed by the Senate last night. Mnuchin joins former Goldman Sachs number two Gary Cohn who has been filling the vacuum since becoming Trump’s head of the National Economic Council, and is believed to have already exerted broad influence [...]
Struggling Co-op Bank is up for sale, but analysts warn nobody may want to, or be able to, buy February 13, 2017 The Co-operative Bank announced this morning it was putting itself up for sale, but analysts have warned it might be tricky to find somebody to snap up the struggling bank. The bank, which is currently 20 per cent owned by the wider Co-operative Group, had been undertaking an ambitious turnaround plan, after a £1.5bn black hole [...]
Lloyds Banking Group eyes Berlin for new EU base post-Brexit February 13, 2017 Lloyds Banking Group is closing in on Berlin as its new EU hub post-Brexit. It was reported last December that the bank, which is the only major UK retail lender without a subsidiary in another EU country, was looking into establishing a base in either the Netherlands or Germany to make sure it still had access [...]
Fidessa shares rise after being boosted by a year of change February 13, 2017 Fidessa's share price jumped nearly four per cent after revealing it was well placed to take advantage of regulatory and structural change and posting "solid" full-year profit growth. The figures Revenue at the trading software firm for the year to December 2016 grew by 12 per cent to £332m, although this was three per cent growth based on [...]
Here’s who could buy the Co-operative Bank February 13, 2017 The Co-operative Bank has kicked off the week with big announcement: it's put itself up for sale. The bank said it was seeking a buyer after making "considerable progress implementing its turnaround plan" – the lender famously faced a near collapse in 2013 when it admitted to a £1bn black hole in its finances. Co-op [...]