It’s official: The UK government is no longer the largest shareholder in Lloyds Bank January 9, 2017 The government is no longer the largest investor in Lloyds Bank, after it reduced its stake to below six per cent for the first time since it was bailed out in the financial crisis. The stake now comprises 5.95 per cent of the FTSE 100 bank. The sale means that over £18bn of taxpayer money [...]
How boutiques have snatched bankers and M&A business from the Wall Street giants January 9, 2017 With bonus season kicking off this week, one or two investment bankers at Wall Street heavyweights may well have cast an envious eye over the recent results of London boutique Robey Warshaw. The firm, which was founded in 2013 and has three former Wall Street bankers as its partners, reported profits of £36.6m for the year [...]
Libor trio to face confiscation orders next month, as hearing scheduled to begin in February January 8, 2017 Three ex-Barclays bankers who were found guilty last year of Libor-rigging offences now face being stripped of their property when they return to court again next month. When they were sentenced last July, it was also announced that Jonathan Mathew, Jay Merchant and Alex Pabon would face a confiscation hearing at a later date. City A.M. [...]
Lloyds share sell off set to gain pace tomorrow January 8, 2017 The government is set to ditch another £500m worth of its stake in Lloyds, with the next sale of its shares expected to be announced as early as tomorrow. In one of his earliest announcements as chancellor, Philip Hammond revealed last October that the government was now prepared to sell its remaining stake in the lender. [...]
Upbeat banking earnings bonanza predicted this week, as analysts forecast revenue bump for JP Morgan January 8, 2017 All eyes will be on Wall Street later this week, as the US' banking behemoths get set to reveal their fourth quarter, and latest full-year, results. JP Morgan, Wells Fargo and Bank of America are scheduled to be the first out of the gate, as the trio are due to deliver their results on Friday 13 [...]
There are good reasons to be optimistic about the City’s prospects post-Brexit January 6, 2017 The risk and uncertainty of Brexit has cast a shadow over parts of the City, with some worried that two of London’s great crowns – global litigation centre and global financial capital – will be threatened. But how much will London’s standing on the world stage change in these respects as a result of Brexit? [...]
Challenger bank Oaknorth expands its team with three key hires January 5, 2017 It's only a few days into 2017, but Oaknorth has already further expanded its team, making three key hires. City A.M. has learnt that the challenger bank has appointed Georgy Naydenov and Stuart Blair as debt finance directors, and David Webley joins as a credit director. Industry veteran Webley has previously spent 25 years at Barclays and was most recently [...]
Bank of England chief economist Andy Haldane says they were wrong on Brexit, but UK must factor in financial services in negotiations January 5, 2017 The Bank of England's top economist has said the financial services sector should be one of the top concerns for the government in the upcoming Brexit negotiations, while acknowledging that the Bank's predictions on the effects of a vote to leave the EU were badly wrong – a "Michael Fish moment". Andy Haldane, chief economist of [...]
The 9 best paying companies in the UK for directors January 5, 2017 Recruitment website Glassdoor has ranked British companies based on how much they pay directors — senior staff who generally take care of a particular area of a company. The site, which lets staff anonymously submit company reviews and salary information, used data compiled over the past three years to produce its list. Perhaps unsurprisingly, the [...]
No wonder the public doesn’t trust Labour with the economy – shadow chancellor John McDonnell can’t even add up January 5, 2017 Among its extensive list of New Year’s resolutions, the Labour party would have presumably included: “Try to win back an ounce of economic credibility”. Under the hapless leadership of socialist fanatics Jeremy Corbyn and John McDonnell, this once-proud party has plummeted in the polls, with a survey late last year revealing that just 18 per [...]