RBS favours an end to era of free in-credit current accounts February 4, 2015 CHARGING for bank accounts will promote innovation in the sector, RBS’s Moray McDonald told MPs yesterday. Most current accounts are free when they have positive balances, which critics argue makes it hard for new banks to enter the sector and squashes competition. “Would we be in a better place if we didn’t have free-if-in-credit banking?” the [...]
Banks dust off plans for Scottish independence as SNP coalition forecast raises referendum prospect February 4, 2015 Britain's high street banks are dusting off their contingency plans for Scottish independence, City A.M. understands, as the prospect of a coalition government including the Scottish Nationalists raises the chance of another referendum. Although the plan for Scotland to leave the UK was defeated in a vote in September, growing support for the SNP means [...]
Exclusive: Early Metro Bank investor Jamie Reuben resigns role as director February 4, 2015 Metro Bank director Jamie Reuben has left his role at the bank, following fellow early-stage investor Luke Johnson out of the high street lender. He is a director at family firm Reuben Brothers, which bought a stake in the challenger bank in April 2010. Reuben was appointed as a non-executive at the lender in October [...]
Firms fear tax crackdown may hurt innocents February 4, 2015 A CRACKDOWN on firms who manipulate international structures to dodge tax could wrongly hit innocent businesses with extra tax bills, the Confederation of British Industry (CBI) warned yesterday. A diverted profits tax has been proposed to stop firms artificially shifting profits to overseas units, cutting their UK tax bills. The tax will be charged at 25 [...]
Sky staves off the cold winter once again as profits and customer numbers rise February 4, 2015 The City cheered Sky yesterday as – despite increasing competition in sport, huge amounts of industry consolidation occurring all around it and a mobile offering due to launch behind those of rivals – the firm continues to grow. With the former exclusively UK broadcaster now reporting solid growth across all of its three European markets, [...]
Hargreaves feels the pain of funds industry sales dip February 4, 2015 WEAKER stock markets slowed Hargreaves Lansdown’s sales in the latter half of 2014, the company’s chief executive told City A.M. yesterday. Ian Gorham, who has been at the helm since 2010, said a slump in the FTSE between July and December had created a sluggish environment for retail funds sales across the industry. “It’s definitely [...]
Handelsbanken picks new chief February 4, 2015 SWEDISH banking group Handelsbanken promoted Frank Vang-Jensen to head the firm, replacing Par Boman who will become chairman. Vang-Jensen is moving up from his current role as head of Sweden for the lender. The group’s post-tax profits rose six per cent on the year to SEK15.2bn (£1.2bn) for 2014, although profits in the final quarter [...]
Office supplies firms to bind in mega merger February 4, 2015 LEADING US office supply firm Staples is set to acquire Office Depot in a $6.3bn (£3.4bn) deal in the hope of creating a mega corporation with the muscle to take on Wal-Mart and Amazon and giving it pro forma annual sales of approximately $39bn. The deal will see the leading US supplier of office basics [...]
First Libor rate-fixing battle as Icap rejects EU’s €15m fine February 4, 2015 Brokerage Icap has become the first City institution to challenge a fine for attempted Libor manipulation, yesterday vowing to battle the European Commission. The EC issued the firm with a €14.9m (£11.2m) fine, arguing that Icap broke competition rules “by facilitating several cartels in the sector of yen interest rate derivatives.” Icap was fined £54m in [...]
HSS tool hire slumps as debut is a damp squib February 4, 2015 TOOL hire firm HSS’s shares slid on conditional trading yesterday, in a disappointing launch for the newly-public stock. Its shares floated at 210p, coming in at the bottom of the price range set by the firm and its advisers. But they quickly started falling, moving as low as 198.25p – a fall of 5.6 per cent [...]
