Goldman Sachs enters British savings market September 27, 2017 S investment banking giant Goldman Sachs today entered the British savings market with a leading rate which will add to pressure on incumbents. The bank's Marcus brand, named after one of its founders, will offer an annual equivalent rate of 1.5 per cent, which includes a 12-month bonus rate of 0.15 per cent. The [...]
Brevan Howard US fixed income head jumps ship and heads to Barclays September 6, 2017 A top trader from Brevan Howard’s New York office has left the renowned hedge fund to head up Barclays' macro trading team. The exit comes after City A.M. revealed last week that Brevan Howard’s chief operating officer had resigned and the fund was considering headcount reductions in New York and Israel. Michael Lublinsky will start [...]
Deutsche Bank bags Tesco’s Thomas Nielsen as its new chief digital officer for global transaction banking September 5, 2017 Deutsche Bank has hired Tesco’s chief digital officer, Thomas Nielsen. The German firm said today that Nielsen, as chief digital officer for global transaction banking, will drive its “digitalisation strategy”. At Tesco, Nielsen was responsible for a portfolio of digital platforms, websites and apps, including loyalty programme Clubcard. He previously spent more than 20 years [...]
Retailers back increase in contactless payment limit as transactions jump August 1, 2017 Retailers would back raising the contactless spending limit as the ultra-fast system for processing payments has pushed up transactions. Research released by Barclaycard today has found three-quarters of retailers who have introduced contactless payments into shops have experienced an uplift in transactions of 30 per cent on average. Read more: Is bPay a flop? Barclays' [...]
Asset manager Pemberton launches new debt strategy to fill funding gap left by banks July 5, 2017 Pemberton, a UK-based asset manager backed by insurance giant Legal & General, has launched a new private debt strategy to fund mid-market companies. The “strategic credit opportunities” strategy differs from Pemberton's previous offerings as it will provide junior capital, as well as senior. The junior capital, which has a lower repayment priority in event of [...]
Lloyds has unveiled a massive shake-up of its top team July 5, 2017 Lloyds Banking Group has revealed how it is preparing itself for its new strategic plan: a huge shake-up of its top team, which includes the departures of two of its senior executives. In a statement today the lender said Andrew Bester, the group director of its commercial banking team, and Simon Davies, its chief people, [...]
Big UK banks slip down in global ranking, but Metro and the challengers make ground July 3, 2017 Big UK banks are suffering compared with international rivals, according to a ranking of the world’s 1,000 largest lenders out today. HSBC remains Britain’s biggest bank in the global ranking, coming in ninth for the second year in a row. However, the lender – which topped the 2008 ranking – suffered its worst result in [...]
The new voice of British banking: UK Finance launches today with new board members revealed July 3, 2017 The British finance industry will be publicly represented from today by a single new body, UK Finance, after the merger of six separate lobby groups. The new body, which officially starts operations today at Angel Court, behind the Bank of England, will represent over 300 British firms providing credit, banking, markets and payments services. The [...]
What is euro clearing? Why is it so important to the City of London? All your clearing questions cleared up June 14, 2017 Euro clearing has hit the headlines in recent days, but what is it and why is it so important to the City of London? We’ve answered all your questions… Read more: London’s euro clearing market at risk as Brussels sets out rules shake-up What is euro clearing? Clearing is the process through which financial transactions [...]
Lloyds Bank completes £1.9bn MBNA credit card deal to “strengthen” position in the UK June 1, 2017 Lloyds Bank today completed its £1.9bn takeover of credit card firm MBNA from Bank of America. The deal to buy MBNA is the first transaction by Lloyds since the financial crisis. The last major transaction by Lloyds was its ill-fated purchase of HBOS in 2008. The UK government sold its final shareholding in Lloyds last [...]