Revealed: Deutsche Bank swipes another chunk from bonus pots, having already trimmed payouts for one in four staff March 13, 2017 Staff at Deutsche Bank have been dealt another blow after discovering the German lender's group bonus pool is being cut in half. Bankers were told last week to expect a so-called "group bonus" equivalent to 50 per cent of the maximum amount they were due, City A.M. can reveal. Deutsche's variable pay consists of two [...]
Q&A: This is what you now need to know about the second Scottish independence referendum March 13, 2017 Nicola Sturgeon announced today she would shortly be heading to Scottish parliament to seek a second referendum on the country's independence, with the possibility the nation could be casting their votes at some point between autumn 2018 and spring 2019. But what does it all mean? Should we be surprised by the first minister's comments? Probably [...]
Revealed: Notes coffee shop nets £600,000 loan from challenger bank OakNorth to open two new London branches, despite Brexit uncertainty March 13, 2017 Notes has struck a deal for a £600,000 loan to open two further branches in London, including its largest site to date, City A.M. has learnt. The coffee shop and wine bar chain, which already has six sites dotted around the capital, hopes to push ahead with aggressive growth plans in the near future and the [...]
Lloyds Banking Group is about to outsource nearly 2,000 tech jobs to IBM March 13, 2017 Lloyds is about to outsource nearly 2,000 tech jobs to IBM, according to the union representing the bank's workers, in a billion pound deal that will save cash in the long term. The bank and the tech giant are on the verge of agreeing a seven year deal worth £1.3bn that would see 1,900 IT staff [...]
HSBC share price rises as AIA head Mark Tucker confirmed as new chairman March 13, 2017 Hong Kong-listed shares in HSBC have risen as markets greet the announcement of Mark Tucker as its new chairman. Shares on the Hang Seng index rose by 2.06 per cent at the time of publication, ahead of markets opening in London, where HSBC is also listed. The stock subesquently rose 1.2 per cent at the open [...]
What you need to know about Mark Tucker, the newly confirmed chairman of HSBC and former man from the Pru March 12, 2017 Mark Tucker, currently chief exec of AIA and once the man from the Pru, has been confirmed to replace HSBC's departing chairman Douglas Flint. But Tucker's life might have gone down a different path entirely as he once trained to be a professional football player. Although he may have hung up his boots for studying [...]
Charlotte Hogg may get a roasting from the MPs mulling whether she is fit for her job at the Bank of England, as banks slam her slip in ethics March 12, 2017 Charlotte Hogg's fate as a deputy governor at the Bank of England is facing renewed pressure, as MPs are busily mulling whether she is fit for her role. Hogg has come under fire in recent weeks for failing to declare her brother's job at Barclays as a potential conflict of interest. Prior to her promotion, she [...]
Exclusive: How much the Financial Conduct Authority spent on its RBS GRG small business unit report March 12, 2017 The long-awaited report into Royal Bank of Scotland's Global Restructuring Group (GRG) cost the City watchdog more than £40,000 for the associated prep and monitoring work alone. The Financial Conduct Authority (FCA) revealed under a Freedom of Information request submitted by City A.M. that it ran up a bill of £40,722.68 for scoping, overseeing the review and [...]
Sweden bids to prise financial services power from UK after Brexit as minister visits Citigroup and fintech firms in London March 12, 2017 Sweden is the latest European country making a push to win financial services power after Brexit, having sent a minister to London to woo fintech firms and a major Wall Street bank. Per Bolund, the country’s financial markets minister, visited fintech incubator Level 39 in Canary Wharf on Friday before hosting more than a dozen more [...]
HSBC chairman search: Former man from the Pru Mark Tucker will replace Douglas Flint March 12, 2017 Mark Tucker, chief executive and president of AIA and former boss of Prudential, has been confirmed as chairman of HSBC, marking the first time the bank has appointed an external chairman. Tucker will receive an annual fee of £1.5m and a one-time relocation benefit of £300,000 for moving from Hong Kong to London. He will take up [...]