Axa to sell Sun Life to Phoenix on €400m loss May 27, 2016 UK insurer Phoenix is to buy Axa Wealth's pension and protection business Sun Life in a deal worth £375m – less than the £500m figure that had been touted previously. Axa said the deal, which is expected to complete in the second half of this year, would generate a loss of €400m. It is part of [...]
Axa unveils shake up of top team ahead of chief exec’s start May 27, 2016 Axa has revealed a major shake up of its senior team – including a new chief executive of its UK business – ahead of the arrival of incoming boss Thomas Buberl later this year. From 1 July the group will boast a new management committee that will "reinforce the role of large countries and global [...]
BBA: UK high street banks approved fewer mortgages than expected in April as stamp duty surge ends May 26, 2016 The number of mortgages approved by high street banks last month fell more than expectations, after a surge in the start of the year driven by the rush to buy before new stamp duty charges came in. BBA figures out this morning show that the number of mortgages approved in April fell to 40,104 – [...]
No charge for early exit on pensions under FCA proposals May 26, 2016 Firms will not be able to charge consumers for taking money out of their pensions early under new proposals put forward by the FCA. The watchdog is calling for a one per cent cap on for people with existing contract-based personal pensions, including workplace personal pensions. But for future pensions, firms will be banned from applying fees. [...]
L&G chairman to retire from next week as search for successor continues May 26, 2016 Legal & General chairman John Stewart is retiring from the business next week . The insurance group, which previously announced that Stewart would be stepping down in November, said "the search is well advanced" for his successor and the individual would be named "in the coming weeks". L&G added: "Given the very good progress made by [...]
Debenhams raids Amazon for new chief executive May 26, 2016 Debenhams' share price rose this morning on the news it has appointed Amazon Fashion Europe's vice president Sergio Bucher as its new chief executive- giving a taste of the struggling department store's future. Bucher will join the retailer in October, having been in his current role since 2013. Previous positions include general manager of retail and e-commerce worldwide at Puma, [...]
Thomas Cook cabin crew are going on strike May 25, 2016 Thomas Cook cabin crew will go on strike, as part of an going row over health and safety concerns. Members of Unite the Union have just voted three-to-one, according to widespread reports. A union spokeswoman told City A.M. a statement would be issued shortly. Thomas Cook had not responded to requests for a response at the [...]
Stephen Hester’s got another role May 25, 2016 Former Royal Bank of Scotland boss and current boss of RSA Insurance Group Stephen Hester has got another role to add to his list of duties. Hester will become a non-executive director at energy giant Centrica from 1 June, joining the group's nominations and audit committees when he does so. Rick Haythornthwaite, chairman of Centrica said: “I am [...]
Get ready for good, cheap wine in east London: Aldi opens first dedicated wine store May 25, 2016 Can you have too much of a good thing? Aldi doesn't seem to think so. The budget supermarket – which has won plaudits for its wine range, including beating Waitrose to be crowned supermarket of the year at the Drinks Retailing Awards – is launching its own dedicated "ultra-modern" wine store in Shoreditch's Boxpark. The store consists of glass wine [...]
London house prices: Mortgage lending rises 41 per cent in capital May 25, 2016 Slowdown? What slowdown? Mortgage borrowing to fund London house purchases rose a whopping 41 per cent in the first quarter of 2016 compared with last year, up to £7.1bn, figures published by the Council of Mortgage Lenders this morning revealed. The amount borrowed was also up quarter-on-quarter, rising six per cent on the last [...]
