Metro Bank leads post-referendum challenger bounceback September 14, 2016 Metro Bank shares climbed again today, as the challenger bank's mighty post-referendum run continues. Shares rose by one per cent to £27.39, leaving the bank up 67 per cent from levels hit amid frantic trading on 27 June. Banks were some of the worst affected in the aftermath of the UK's shock vote to leave [...]
Secure Trust Bank eyes graduation to London main market September 14, 2016 Secure Trust Bank, one of the UK’s challenger bank brands, is planning to move to from London’s junior market to the main market. The move is expected to happen around 12 October. Shares in Secure Trust have rebounded after hitting yearly lows on 7 July and have climbed by almost 30 per cent. Challenger banks [...]
UK could tie global Bank for International Settlements currency trading code into new senior managers rules September 14, 2016 The UK could be set to add another layer of scrutiny to its senior managers regime, by adding a requirement that bankers stick to the Bank for International Settlements' (BIS) new global code of conduct for the FX market. The first full draft of the code is expected by the market in October, with the final [...]
Finance watchdog slaps former Barclays wealth and investment management boss Andrew Tinney with ban September 14, 2016 A former boss of Barclays wealth and investment management has been told by the regulator he should be banned from working in any senior management positions at financial institutions. The Financial Conduct Authority (FCA) found that Tinney failed to carry out his job with integrity and accused him of willfully obscuring a report criticising Barclays senior management. Tinney, who now works in the [...]
Bob Diamond’s Atlas Merchant Capital searching for a new partner in Barclays Africa bid September 13, 2016 Atlas Merchant Capital, an investment vehicle led by former Barclays boss Bob Diamond to create a pan-African bank giant, is searching for a new partner to table a bid for Barclays Africa, City A.M. understands. It was yesterday revealed that private equity giant Carlyle had walked away from its consortium with Atlas in April this year. [...]
Plastic fantastic: The new fiver has gone into circulation today September 13, 2016 A mini revolution in British banking becomes reality today, with the most eagerly-anticipated launch of a bit of paper in living memory. That's because this isn't just any old bit of paper. This is a Bank of England bit of paper. And, truth be told, it isn't even paper. Read more: Who's going to be [...]
Two Lloyds execs set to leave as pressure grows on banking group September 12, 2016 Two of Lloyds’ most senior executives are set to leave the banking group. The company’s group director of digital Miguel Angel Rodriguez-Sola is to depart after three years in his position. And Mary Hall, the bank’s group audit director, is also set for an exit, Sky News first reported. Read more: RBS and Lloyds shares tumble [...]
UK bidder urges government to keep Green Investment Bank in British hands as it faces battle with Australia’s Macquarie September 11, 2016 A UK investment banking group is hoping to convince the government that the Green Investment Bank (GIB) should remain in British hands as the bidding process moves into a two-horse race. Sustainable Development Capital (SDC) is understood to be in competition with Australian bank Macquarie as the government prepares to privatise the £4bn-valued GIB. Read [...]
Britain’s biggest buy-to-let investors have sold nearly half their £250m property portfolio September 11, 2016 A couple crowned Britain's biggest buy-to-let landlords have sold off nearly half of their £250m property portfolio and called time on the era of the "amateur landlord". Fergus and Judith Wilson became notorious for buying up properties to rent when the buy-to-let boom kicked off in the 1990s. Read more: Mapped: House price changes in [...]
MasterCard hit with record £14bn bill as 46m customers could win compensation September 8, 2016 MasterCard is being sued for £14bn in the largest legal claim in British history over allegations it used its market dominance to overcharge millions of UK customers. The credit card providers have been accused of charging shops excessive fees to process card transactions, which resulted in retailers being forced to pass on these costs in [...]