UK banks’ bonus pools have shrunk five per cent over the last year, but bosses’ handouts are on the rise February 26, 2017 Bonus pools at the UK's big five banks have shrunk five per cent in the last year, but handouts to bosses have almost doubled in the same space of time. The total bonus pool for HSBC, Lloyds Banking Group, RBS, Standard Chartered and Barclays fell to around £5.6bn for 2016, compared with around £5.9bn in [...]
Barclays to install ex-boss of B&Q-owner Kingfisher Sir Ian Cheshire as chair of its UK operations February 26, 2017 Barclays is set to announce Sir Ian Cheshire as chair of its UK ringfenced operations tomorrow. Under the ringfencing rules, banks have until 2019 to split their retail units away from their investment divisions. Sky News, which first reported the news of Cheshire's impending appointment, revealed the Prudential Regulation Authority, the banking sector watchdog, has now [...]
Some Barclays customers are still locked out – but Barclays says it isn’t related to yesterday’s huge outage February 26, 2017 Barclays customers were still complaining about problems with Barclays' online banking service this morning, following a huge outage stranded many of its 15m customers without access to their money last night. However, a spokesperson for the lender said while there was an "ongoing issue with a minimal number of Android users", problems experienced this morning [...]
How UK banks’ bonus rounds stacked up in 2016 February 24, 2017 Bad news if you're a UK-based banker: your bonus probably dropped this year. As bank results season came to a close, it turned out three out of the four major UK lenders shrank the size of their bonus pools this year – Lloyds was the only exception. RBS employees suffered the most, with their bonus [...]
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 [...]