Private equity salaries swell by 52 per cent to £152k as war for talent with banks intensifies October 11, 2021 Private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. In 2019, private equity professionals across Europe with only two years in the industry were paid, on average, just under £100,000 in [...]
Buy-to-let and partnerships power LendInvest portfolios in first results since IPO October 11, 2021 In its first update since going public, property finance asset manager Lendinvest has reported a 31.7 per cent increase in assets under management and a 39.8 per cent increase in funds under management. The growth was caused by record originations in buy-to-let (BTL) as well as new transactions and financial partnerships – including the £100 [...]
UK’s big five banks set to pay out £7bn in dividends as their earnings soar October 10, 2021 The UK’s largest banks are preparing to hand out a collective £7bn in dividends this year, on the back of earnings hitting their highest level for the sector since 2008. The £7bn payout would be more than double the £3.3bn handed out in dividends by the UK’s big five in 2020. The UK’s five largest [...]
Virgin Money store closures latest in long line of banks and lenders shutting branches September 30, 2021 Virgin Money’s latest tranche of branch closures, announced this morning, comes after swathes have been shut across the banking sector in recent months. The move to axe nearly a fifth of Virgin Money’s branch network – 31 stores with 112 jobs at risk – comes as rival HSBC also calls time on the last of [...]
Staycations could inject over £9bn into economy September 30, 2021 A continued demand for staycations could see more than £9bn injected into the UK’s tourism economy. Barclays estimated that, should a preference for UK holidays continue at the same rate in 2022, it would add up to £9.2bn to the domestic tourism market. While many Brits will be eager to swap Cornwall for Portugal next [...]
Barclays targets $3.8bn Gap-branded US credit card portfolio August 27, 2021 Barclays’ US division will buy a $3.8bn credit card portfolio in a co-branding deal with retailer Gap, in a bid to up its market share in the US. Four months after initially reaching an agreement with the clothing giant to partner and create co-branded credit cards for Gap customers, the bank has announced it will [...]
London’s newly-listed LendInvest scores £150m partnership with Barclays and HSBC August 16, 2021 Property finance asset manager LendInvest has announced a £150m lending collaboration with two of Britain’s biggest banks, just weeks after its £255m IPO on London’s AIM index. The new tie-up is geared towards financing UK property entrepreneurs and will see the British banks provide funding for short-term mortgages through LendInvest’s digital platform. It’s the first [...]
Barclays UK assets hit £219bn as easing lockdown sees fewer loan costs July 28, 2021 Barclays UK assets have hit £219bn in the past six months as lockdown measures have eased, allowing for fewer loan costs. The bank’s UK division pulled in a total income of £3.2bn, which was up one per cent in comparison to last year but was partially offset by its operating expenses of some £2.1bn. Shares [...]
Barclays appoints Ingrid Hengster as Germany head July 22, 2021 Barclays announced the appointment of Ingrid Hengster as country chief executive for Germany and global chairman of investment banking. Hengster joins from KfW, the German state-owned investment and development bank, where she held the role of executive board member since 2014. “The almost eight years at KfW were very rewarding because I had the opportunity [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 21, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex-UBS and Canary Wharf Group chiefs join construction-tech firm British construction technology company Modulous has bolstered its London workforce with former Canary Wharf and UBS leads this week. Former director of the Canary Wharf Group Chris [...]