City Moves for 14 December 2015 | Who’s switching jobs December 13, 2015 MARKETFORM Robert Brown has joined specialist underwriting firm Marketform as global practice leader of its M&A Insurance operations, heading up a team specialist underwriters and lawyers who are responsible underwriting complex transactions to provide bespoke warranty and indemnity and tax insurance products. Robert has more than 20 years’ worth of underwriting experience and has previously [...]
UK broadband battles: Ofcom consultation into BT pricing to close tomorrow December 13, 2015 Get ready for another round of the UK's broadband battles, as industry regulator Ofcom’s consultation into how much BT can charge its rivals for leasing its broadband lines closes tomorrow. After a month-long consultation, part of its Business Connectivity Market Review, Ofcom’s review into BT’s cost attribution methodologies closes tomorrow, leaving the watchdog with a [...]
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 [...]