Lloyds Bank ‘prepared for further Brexit uncertainty’ as profits stay flat May 2, 2019 Lloyds Bank is prepared to weather further Brexit uncertainty, the group’s chief executive said today as the bank reported results for the first quarter. Read more: Lloyds Bank handed capital boost by regulator following risk change The figures Profit before tax was flat at £1.6bn, the bank said this morning, while underlying profit was up [...]
City Moves for 2 May – Who’s switching jobs at Santander, Intertrust and Bristows? May 1, 2019 Today's City Moves includes Santander, Intertrust and Bristows. Santander UK Santander UK has announced the appointment of Ben Covey as head of private banking, reporting directly to Charlotte Platts, head of wealth. Ben will take up his position from 1 May and will be responsible for the direction and growth of the private banking proposition [...]
Former Hbos chief executive set to take top job at The Restaurant Group May 1, 2019 The former chief executive of Hbos is set to be appointed chief executive at Wagamama-owner The Restaurant Group. Sky News reported that Andy Hornby had been given the job with his role expected to be announced as soon as tomorrow. Read more: The Restaurant Group profits fall as like-for-like sales slip Hornby has reportedly resigned [...]
Theresa May moves away from ‘no deal is better than a bad deal’ Brexit pledge May 1, 2019 Theresa May said she was talking in the “abstract” when she claimed “no deal is better than a bad deal” during a grilling over the Brexit stalemate. Appearing before parliament’s powerful Liaison Committee of leading MPs, the Prime Minister repeatedly refused to say whether she would back the UK leaving the EU without an agreement [...]
US Federal Reserve opts to hold interest rates in strong labour market May 1, 2019 The US Federal Reserve said today it was not raising interest rates, citing a strong labour market with solid economic activity. The Fed said it would maintain its target rate at 2.25 to 2.5 per cent. It said the labour market remains strong and economic activity rose at a “solid rate”. It said job gains have [...]
Is it time for Mike Coupe to check out as Sainsbury’s boss? May 1, 2019 Mike Coupe was met with rapturous applause from his fellow directors when he stepped up to the microphone this morning, as he hailed the coming of an era in Sainsbury’s history that would see it thrive having merged with long-time rival, Asda. Coupe spoke boldly about price cuts and cost savings, and finished with a [...]
Defence secretary Gavin Williamson ousted from cabinet over Huawei security leak May 1, 2019 Defence secretary Gavin Williamson has been fired from the cabinet after an investigation into the leak of details of a National Security Council (NSC) meeting discussing Chinese tech firm Huawei. Prime Minister Theresa May wrote in a letter released today that "no other credible version of events to explain this leak has been identified". Read more: [...]
Metro Bank profits halve and deposits fall in aftermath of £900m loans blunder May 1, 2019 Metro Bank profits halved in the first quarter and deposits fell as it battled the aftermath of a £900m loans blunder. The lender revealed it had lost of its largest customers due to "adverse sentiment" following the error, as deposits fell 3.6 per cent from the previous quarter. The challenger bank also reaffirmed that its £350m [...]
Labour party launches investigation into move to oust London Assembly member May 1, 2019 The Labour party is investigating alleged irregularities in an attempt by Jeremy Corbyn supporters to oust one of the only two black members on the London Assembly. Florence Eshalomi, the London Assembly member for Lambeth and Southwark, is facing a fight to retain her seat after Labour party members narrowly voted by 88 votes to 81 [...]
City watchdog launches review of the financial advice market May 1, 2019 The City watchdog today launched a review of the financial advice market amid concerns investors are paying too much. The Financial Conduct Authority’s review will look at what consumers want from the market and how the market works to deliver this. The FCA will review how changes made since 2012, including the retail distribution review [...]