Bank of America has its eye on Ireland for a post-Brexit base, as the country urges others not to engage in a red tape race to the bottom March 14, 2017 A senior executive from Bank of America has revealed today it is considering making Dublin its main EU base if the UK cannot hold onto certain rights, such as passporting, post-Brexit. The announcement came the same day the country's officials pleaded with other nations not to take part in a red tape bonfire following the UK's departure [...]
Now fintech startup Revolut is getting into loans March 14, 2017 Fintech startup Revolut has partnered with a peer-to-peer lender to offer loans to users, its newest product in addition to a current account and money transfers. With Lending Works, it will offer loans of up to £5,000 at a rate of 9.9 per cent APR over 12 months. The credit facility is instant, if approved, with [...]
Former senior Barclays banker tells court he can’t remember what Libor training the bank offered its traders March 14, 2017 A ex-Barclays banker who held senior roles at the firm told a court today he could not remember what training for Libor was on offer, as the trial against two of the bank's other former traders for rigging the rate rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, [...]
Close Brothers share price jumps after snaring Direct Line chairman Mike Biggs March 14, 2017 Close Brothers' share price jumped two per cent this morning after naming its new chairman and posting half-year numbers that were broadly in line with expectations. Direct Line chair Mike Biggs will join the investment firm's board with immediate effect, taking over from Strone Macpherson on 1 May. The figures Adjusted operating profit over the first six [...]
Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Charlotte Hogg resignation: The Treasury will look for two people to replace her March 14, 2017 The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands. Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job [...]
Charlotte Hogg’s resignation letter to the Bank of England in full March 14, 2017 Charlotte Hogg has resigned from the Bank of England after the Treasury select committee said her failure to inform the Bank about her brother's job meant she was not competent to be deputy governor. Here's her resignation letter to Bank governor Mark Carney and chair of the Bank's supervisory Court in full: Dear Mark [...]
TP Icap to move client relationships to EU countries as it plans for Brexit March 14, 2017 TP Icap said today it will move client relationships out of the UK as a result of Britain's decision to leave the EU. The broker revealed the plans as it posted better than expected annual results, with shares in the firm falling two per cent in early trading. The figures Tullett Prebon completed its buyout of Icap's [...]
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 [...]