The woman behind the Brexit row: Gina Miller tells City A.M. why she took the government to task over Article 50 October 13, 2016 Gina Miller's high-profile court case over the triggering of Article 50 – the process by which the UK would start to leave the EU – begins today (Thursday 13 October). Miller's action is one of many brought after the public voted in June for Britain to leave the European Union, but hers has become the bellwether case. Constitutional law, [...]
There’s no return from triggering Article 50, court hears October 13, 2016 There's "no going back" for the UK once it triggers Article 50, a court has been told today. At a case in the Royal Courts of Justice to debate the legal process of the UK's departure from the EU, Lord Pannick QC highlighted that the wording of Article 50 does not envision any provisional or [...]
Bank of England warns: EU cannot replace the City October 12, 2016 London's financial services firms would rather head across the Atlantic to New York than relocate across the Channel if forced to leave London, a Bank of England deputy governor said yesterday, as diplomatic figures suggest that Europe would shoot itself in the foot if it drives a hard bargain with the City over Brexit. Jon [...]
EMBARGOED: London businesses call for looser restrictions for non-EU immigration after Brexit vote October 12, 2016 NULL
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]
Secure Trust Bank share price finishes slightly up during first day on main market October 12, 2016 Shares in Secure Trust Bank finished slightly up today, marking a positive end to its first day of trading on London's main market. The challenger bank, which listed on the London Stock Exchange's AIM market in November 2011, announced plans to shift from the junior market last month. The company has not raised any funds or issued [...]
Germany wants Deutsche Bank DoJ fine wrapped up ASAP, as lender reaches settlement with SEC on another issue October 12, 2016 Deutsche Bank's investors are not the only ones who want a swift settlement on the US Department of Justice fine, as German officials have today spoken out calling for a deal to be done. The German lender is currently facing a potential penalty of $14bn (£11.5bn) for mis-selling mortgage-backed securities. Many had hoped chief executive John [...]
Investors more worried about lower for longer interest rates than Brexit vote October 12, 2016 Rock bottom interest rates appear to have given people more headaches about where to stash their cash than the Brexit vote. Paul Abberley, chief executive at investment manager Charles Stanley, told City A.M. clients seemed generally more concerned about the "near zero interest rate" than they did about the Brexit vote, adding the lower for longer policy [...]
TSB to slash rates on Classic Plus account from next year October 12, 2016 TSB has confirmed it is cutting the interest rate on one of its top accounts. From 4 January next year, the challenger's Classic Plus account will offer a three per cent rate on balances up to £1,500, which is less generous compared with the five per cent rate on balances up to £2,000 currently offered. In [...]
Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]
