TSB boss Paul Pester to give up (one) bonus after IT meltdown May 2, 2018 TSB chief executive Paul Pester will give up a bonus tied to the computer systems migration which has gone disastrously wrong, leaving thousands of customers without access to their accounts for days. Speaking at the Treasury Select Committee, TSB chair Richard Meddings today said: “He will not be taking his bonus for the integration”. In [...]
Committee chairs Neil Parish and Rachel Reeves to ask competition watchdog to include suppliers in Sainsbury’s Asda probe May 2, 2018 Two select committee chairs have joined forces to ask the competition watchdog to include suppliers in any probe of the Sainsbury’s Asda merger. Neil Parish, the Conservative chair of the Environment, Food and Rural Affairs (EFRA) Committee, told City A.M. that he and Labour MP Rachel Reeves will ask the Competition and Markets Authority (CMA) [...]
Inmarsat slammed by Royal London as shareholders revolt over sky-high exec pay packets May 2, 2018 Exec pay at UK satellite firm Inmarsat has been slammed for being “too closely geared towards short-term awards” as shareholders today revolted and voted down multi-million awards to the firm’s top brass. Some 58.49 per cent voted against Inmarsat’s remuneration report at its annual general meeting (AGM). Chief executive Rupert Pearce took over £1.9m in [...]
Weinstein company bought by private equity firm Lantern Capital May 2, 2018 A private equity firm called Lantern Capital has been chosen as the winning bidder in the sale of the bankrupt Weinstein Company. The bidding war for the company has been shrouded in controversy since news of sexual misconduct allegations around Hollywood producer Harvey Weinstein broke earlier this year. It follows Dallas firm Lantern making a [...]
Pinsent Masons tops Acritas legal brands survey alongside DLA Piper, CMS, Linklaters, Allen & Overy, Eversheds Sutherland and Clifford Chance May 2, 2018 An index of the leading UK legal brands has seen law firm Pinsent Masons take the top spot for the first time, beating Eversheds Sutherland into second place. The biggest climber is CMS, which following its three-way merger with Olswang and Nabarro last year, has climbed to fourth in the rankings, from 13th last year. [...]
Prime Minister backs Nicky Morgan over TSB failings ahead of Treasury Select Committee grilling May 2, 2018 The Prime Minister has backed Nicky Morgan’s criticism of TSB after an IT meltdown left thousands of customers without access and in some cases gave individuals access to other people’s accounts and personal information. Ahead of this afternoon’s evidence session before the Treasury Select Committee, in which TSB will explain what happened and why it [...]
House of Fraser to sell stake to Hamleys owner and close stores May 2, 2018 House of Fraser became the latest struggling retailer to confirm that it will close stores yesterday, as part of a deal to sell a stake to the owner of Hamleys. But employees will have a nail-biting month-long wait to find out which of the 59 stores will be affected. The department store group, owned by [...]
TSB calls up elite law firm Slaughter and May to advise on IT crisis May 2, 2018 Embattled bank TSB has engaged leading law firm Slaughter and May to advise on its ongoing IT crisis. The bank has been rocked by IT problems that have left many of its customers without access to their online banking accounts for the past two weeks. The law firm has been brought in by the under [...]
Lloyds’ private bank tells its wealthy clients that emerging markets such as India, Mexico and China are ‘THE asset class to watch’ May 2, 2018 Emerging markets are “THE asset class to watch” according to Lloyds Bank’s private banking division, which advises wealthy clients on how to invest. In a review of its ten-year investment strategy, Lloyds said that emerging markets such as China, India, Indonesia and Mexico offer investors the “potential to reap higher returns”. It noted that the [...]
City of London Police launch Cyber Griffin initiative to fight online crime in Square Mile May 2, 2018 The City of London Police have launched a new initiative to help protect businesses in the Square Mile from cyber attacks. Called ‘Cyber Griffin,’ the new programme will see specially-trained officers lead a series exercises which will include threat briefings, incident response training and more. The initiative is aimed at businesses within the City and [...]