Debenhams chief executive Michael Sharp could recieve £922,000 in deferred shares after performance targets were lowered December 13, 2015 Outgoing Debenhams chief executive Michael Sharp could earn up to £922,500 in deferred shares this year, and a further £307,500 next year after the company’s performance targets were lowered. Sharp, who will leave in 2016, is eligible for the award after the targets management need to meet under the Performance Share Plan (PSP) were reduced, [...]
RBS faces fresh FCA probe after it reveals IT glitch led to misinforming 4,500 customers about their inactive accounts December 13, 2015 Royal Bank of Scotland (RBS) is facing fresh controversy after it was revealed to have concealed inactive bank accounts from thousands of customers. RBS said over the weekend that it had errantly told 4,500 customers who had asked for their money in inactive accounts that their savings were not held at the bank. RBS said [...]
Magic circle law firm Slaughter and May announces Christmas bonus bonanza December 13, 2015 Bankers are not the only ones who can dream of a bumper bonus this year, as law firm Slaughter and May has boosted its bonus pay. The magic circle firm revealed on Friday that its bonus for associates this year would be between nine to 16 per cent for those achieving a good or exceptional [...]
Challenger bank bosses to meet with Treasury this week over proposed new capital requirements for buy-to-let mortgage lenders December 13, 2015 Bosses from Britain’s challenger banks are expected to meet with Treasury officials this week to make the case for lower capital requirements for smaller lenders. Ten bank bosses are set to meet Charles Roxburgh, the Treasury’s director of financial services, on Wednesday. One source told City A.M. that while the banks will ask for a [...]
UK government officials scrutinise American activist investors buying up Rolls-Royce amid plummeting share price and repeated profit warnings December 13, 2015 Government officials are reportedly keeping a close eye on Rolls-Royce after American activist investors doubled their stake in the struggling aircraft engine maker. ValueAct, a California-based hedge fund, raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent last month, fuelling expectations that it would seek a seat on the firm’s board [...]
Towers Watson and Willis Group Holdings merger gets the green light from shareholders, with shares in both companies finishing on a high on Friday December 13, 2015 Shareholders gave the green light to the merger between Towers Watson and Willis Group Holdings on Friday. The merger between the professional services firm and the insurance broker, which was first approved by the companies’ boards of directors back in June, suffered a setback in November when key Towers Watson shareholders refused to back the deal, forcing [...]
At the close: FTSE 100 index closes down on Old Mutual, miners and oil companies December 11, 2015 The FTSE 100 index closed sharply lower, ending the week below the 6,000 mark and rounding off a poor week. The UK's top blue-chip index closed 2.22 per cent lower at 5,952 points, the lowest late September, led lower by miners, oil companies and Old Mutual. Old Mutual led the index lower, closing 10.62 per cent down at 155.7p per [...]
Volkswagen sales fall 2.4 per cent in November as emissions scandal hurts brand December 11, 2015 Volkswagen is starting to feel the effects of the emission scandal on its bottom line: sales in November slipped 2.4 per cent on the back of ongoing fears over the car giant's manipulation of data. The German manufacturer put much of the decline down to especially tough markets in Brazil and Russia, where sales slumped [...]
DuPont and Dow Chemical agree to $130bn merger December 11, 2015 DuPont and Dow Chemical are merging, the two companies have confirmed. In a statement, the American chemical firms said their boards of directors had “unanimously approved” the deal, which is worth $130bn (£86bn) and will result in the creation of DowDuPont. It is an all-stock merger of equals, which means shareholders in each company will own approximately 50 per [...]
Ford invests billions in electric vehicles as it adds 13 new electric vehicles to its line December 11, 2015 Ford has just announced a major investment into electric cars, aiming to have 13 new models hit the roads by 2020. The American automaker announced a $4.5bn (£3bn) investment in electric vehicles, the largest-ever investment in the eco-friendly solution in a five-year period. That means that by 2020, the company will be adding 13 new electric-powered [...]