London banking job losses will be “small” according to chancellor Philip Hammond January 20, 2017 Chancellor Philip Hammond has said job losses at banks in the UK after Brexit will be “small”, after earlier calling for the maximum possible reciprocal trade access with the EU. Multiple international banks have announced they are considering moving jobs out of the UK in recent weeks, with London’s dominant financial services sector under threat. [...]
Royal Bank of Scotland flogs £235m of investment grade shipping loans to Japanese bank January 20, 2017 Royal Bank of Scotland (RBS) has sold £235m of Greek shipping loans to Japanese firm Orix in an attempt to bolster the coffers of the majority state-owned bank. The sale is considerably smaller than the original $3bn deal to sell the whole of RBS' Greek shipping business to Orix, and a narrower portfolio compared with $600m of debt [...]
Close Brothers shares muted despite revealing strong first five months January 20, 2017 Close Brothers' share price was slightly up this morning after revealing a strong first five months of trading. The figures The FTSE 250 firm's loan grew by 2.3 per cent between July 2016 and the end of the year. Standing at £6.6bn, it was 9.3 per cent higher than the end of 2015. Managed assets by [...]
After meeting leading bankers in Davos, will Theresa May be able to limit job moves out of the City? January 20, 2017 Jonathan Portes, professor of economics and public policy at King’s College London, says Yes. Theresa May’s Brexit speech has been well received politically – but the implications for the UK’s financial sector are becoming apparent: banks are announcing the transfer of jobs out of London, the inevitable consequence of the government’s decision to leave the [...]
JP Morgan Chase reveals chief executive Jamie Dimon gets $28m pay package January 20, 2017 JP Morgan Chase directors paid the bank's chief executive Jamie Dimon $28m (£22.7m) in total compensation for last year, the group said yesterday. This was a four per cent bump on the previous year and includes a base salary of $1.5m as well as cash and stock-related instruments tied to his performance, a filing with the US Securities and Exchange [...]
Theresa May and Philip Hammond stick up for the City in Davos after banking job threats over Brexit January 19, 2017 Prime Minister Theresa May and her chancellor Philip Hammond came out fighting at Davos yesterday following reports that London’s banking sector faces job losses in the wake of Brexit. Ahead of a crunch meeting between May and global investment banking bosses including Lloyd Blankfein, German newspaper Handelsblatt said that Blankfein’s bank – Goldman Sachs – could [...]
Goldman Sachs’ veteran Michelle Pinggera to retire from bank January 19, 2017 Goldman Sachs' international chief of staff is to step down after 28 years at the Wall Street titan. Michelle Pinggera, who also has some responsibility for overseeing the bank's Brexit plans, is due to leave the investment giant at the end of March, around the same time the Prime Minister will trigger Article 50. In a [...]
Barclays boss: London will continue to be the “financial lungs” of Europe post-Brexit January 19, 2017 The boss of one of the UK's biggest banks has today come out fighting for the City's post-Brexit status, likening London to an essential organ for the continent's financial health. "I don't believe that the European finances system, our centre, will leave the City of London," Jes Staley, chief executive of Barclays told the BBC in [...]
Clydesdale and Yorkshire Bank to shut a third of its branches and cull around 400 jobs January 19, 2017 Clydesdale and Yorkshire Bank is to shut the doors of 79 branches, resulting in over 400 job losses. The closures, which were announced yesterday, mean the challenger bank is effectively reducing its branch network by a third. The branch closures were tentatively announced by the bank last September, as the company planned to bring its network [...]
Goldman Sachs is considering halving its London workforce January 19, 2017 Goldman Sachs is considering cutting the number of staff in London to 3,000 after Brexit, it has been reported – effectively halving its workforce in the UK. German newspaper Handelsblatt reported that the US banking giant is mulling moving 1,000 jobs to Frankfurt as part of the plans, while other key operations would move to New [...]