NatWest backtracks on plans to freeze UK account of Russian state broadcaster RT January 30, 2017 NatWest has reversed its decision to freeze the accounts of Russian state broadcaster RT. RT, formerly known as Russia Today, revealed a letter from NatWest announcing the freeze in October, with the broadcaster’s editor-in-chief condemning the move as an attack on freedom of speech. RT said NatWest announced plans to close the UK accounts of the [...]
Unicredit gets green light from European authorities paving the way for €13bn fundraise January 30, 2017 European authorities have not raised any issues with Unicredit breaching capital ratios after the bank convinced them it is merely a temporary problem and will be solved by its mammoth €13bn (£11bn) rights issue. Plans for Italy's largest lender to right-size its balance sheet appeared to have been dealt a blow after it revealed this morning it will [...]
Goldman Sachs, JP Morgan and Morgan Stanley bosses rally behind staff after Trump travel ban January 30, 2017 The bosses of three US banking giants have moved to reassure staff after President Donald Trump introduced a travel ban over seven majority Muslim countries. In a voicemail sent to staff yesterday evening, Goldman Sachs chief executive Lloyd Blankfein hit back at the policy, saying: "This is not a policy we support, and I would note that it has [...]
The government has sold more Lloyds Banking Group shares January 30, 2017 The government has sold more shares in Lloyds Banking Group, bringing its holding below the five per cent threshold. UK Financial Investments, which manages the government's stake in the bank, said today it now owns 4.998 per cent of the group. Shares in the bank dipped 1.4 per cent at the open. Until a few [...]
The first of many? TP Icap seals first deal under new banner January 30, 2017 Newly named financial broker TP Icap has made its first acquisition, picking up analytics and business consulting firm Burton-Taylor International. TP Icap has its own division providing independent real time information on over-the-counter financial product prices. Burton-Taylor will "complement" this division, TP Icap said. Read more: This high-profile City boss just sold his shares in new company TP Icap [...]
The City should welcome apprenticeships to build a higher-skilled economy for all January 30, 2017 The City of London Corporation recently announced its pledge to hire 100 new apprentices. This figure, combined with 17 current positions, will give 117 career-starters a role in the organisation. This echoes Sadiq Khan’s recent calls for more powers to build skills among London’s workforce – and to help keep the capital globally competitive in [...]
With reports Barclays has chosen Dublin for its EU HQ, will Ireland be the beneficiary of any City Brexodus? January 30, 2017 Daniel Mahoney, head of economic research at the Centre for Policy Studies, says Yes. Although Theresa May has provided a degree of clarity on the Brexit negotiations, remaining uncertainties mean that financial service firms will, inevitably, seek to implement some restructuring and contingency planning. Ireland is well placed to take advantage of this. Ireland shares [...]
Treasury Select Committee chair hits back at chancellor over rules which could have blocked HBOS review January 30, 2017 The chair of the influential Treasury Select Committee has written to the chancellor, slamming powers which could have been used to block reviews into recent high-profile scandals like HBOS. In a letter dated last Tuesday, but not published until today, Andrew Tyrie warned Philip Hammond that powers granted to the Treasury to push the stop button on [...]
Former watchdog Tracey McDermott will join Standard Chartered to build relationships with regulators January 29, 2017 Tracey McDermott will join Standard Chartered as group head of corporate, public and regulatory affairs effective 20 March to build the bank's relationships with regulators and policy makers. The former acting chief executive of the UK's financial watchdog, the Financial Conduct Authority (FCA), will report to group chief executive Bill Winters and will join Standard Chartered's global [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]