European Investment Bank considering capital increase to plug €3.5bn gap post-Brexit September 8, 2018 The European Investment Bank will consider a capital increase to allow EU nations to increase their stake after Britain pulls out of bank in March. Britain – the biggest EIB shareholder – leaving the EU would mean the bank losing €3.5bn (£3.1bn) of capital. Other existing shareholders will increase their stake proportionally to make up [...]
The clock’s ticking for Smiths Group to shape its destiny, Big Four accountancy firms’ flaws and Paul Pester’s parting mistake September 7, 2018 The clock is ticking for Andy Reynolds Smith, chief executive of the industrial conglomerate Smiths Group. Talks about a combination of Smiths Medical, which manufactures devices ranging from tracheostomy tubes to chest drainage catheters, with US-listed ICU Medical have been ongoing for the best part of four months. When Reynolds Smith presents the company’s annual [...]
Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise September 6, 2018 London fintech Acorn Oaknorth has been valued at $2.3bn (£1.8bn) after it secured $100m from two Singaporean state-backed funds EDBI and GIC, as well as NIBC Bank, Clermont Group, and Coltrane Asset Management. The deal represented a total 4.3 per cent holding in the group. The fresh capital, announced yesterday, will be used to power growth [...]
City watchdog Andrew Bailey calls for open financial services trade after Brexit September 6, 2018 The City's top watchdog has urged the EU to remain open to British financial services and warned against a power grab post-Brexit. Financial Conduct Authority (FCA) boss Andrew Bailey said there is a “strong case for the UK and the EU to find each other equivalent on ‘day 1’” of Brexit, letting firms continue to [...]
Standard Chartered revamps top team with hire of new group chief operating officer September 6, 2018 Standard Chartered has hired David Whiteing as its new group chief operating officer as the bank revamps its top team to put more focus on technology. The newly expanded role will join together the chief operating officer team with the previously separate IT operations function. Michael Gorriz, group chief information officer, will continue to lead [...]
Lloyds axes 380 jobs but adds more amid digital strategy shake-up September 5, 2018 LLOYDS Banking Group is axing nearly 400 jobs as part of a company-wide shake-up to bolster its online and mobile services performance, it emerged last night. Roughly 435 new roles will also be created in the efforts to compete in an increasingly digital market. A Lloyds spokesperson said that the new roles will be created [...]
Credit Suisse hires Antonia Rowan as head of UK advisory and corporate broking September 5, 2018 Credit Suisse has promoted Antonia Rowan to head the bank's UK advisory and corporate broking business, replacing Lewis Burnett after he was poached by BNP Paribas. Rowan will start her role with immediate effect, according to an internal memo seen by City A.M. and confirmed by a Credit Suisse spokesperson. Rowan joined Credit Suisse as [...]
RBS prunes another 54 branches from its network of high street banks September 5, 2018 Royal Bank of Scotland is to close another 54 branches, expecting to make 259 people redundant. The closures, which will take place in January, come after the announced closure of 162 branches, resulting in an expected 792 redundancies. They are a consequence of RBS deciding against spinning off two banks as a challenger bank operating [...]
Royal Bank of Scotland closes 54 branches with 258 jobs lost September 5, 2018 Royal Bank of Scotland (RBS) will cut its English and Welsh branch network in half in January with the loss of more than 250 jobs, in the latest move by a major high street lender to cut back their sprawling networks. RBS is closing 54 branches, leaving another 54, including six in London and the [...]
Lord Mervyn King labels Brexit preparations ‘incompetent’ September 5, 2018 Former Bank of England governor Lord Mervyn King has condemned the government’s Brexit preparations, claiming they leave the UK in a weak negotiating position. Calling plans to stockpile food and medicine in the event of a hard Brexit “incompetent”, the Brexit voter told the BBC that “a government that cannot take action to prevent some [...]