Royal Bank of Canada bumps up dividend as income increases August 24, 2016 Royal Bank of Canada (RBC) has today announced a boost to its income, along with a slightly sweeter dividend for its third quarter of its financial year. RBC revealed net income of CA$2.9bn (£1.7bn) for the three months to the end of July, an increase of 17 per cent on CA$2.5bn the year before. Meanwhile, diluted earnings per share were reported [...]
Yes, it really is as hot in your office as you think it is August 24, 2016 If you feel like you've been melting at your desk today, take heart – much of the south east has probably been feeling the same way. Temperatures sailed past the 30 degrees Celsius mark in some parts of the country today, with Gravesend clocking up the hottest temperature of the year so far. Early figures show that [...]
Here’s why RBS has told thousands of clients to get a move on and find another bank August 24, 2016 Most banks fight tooth and nail to hang onto clients, but one industry player has a very good reason for telling a certain group of customers they need to find somewhere else. RBS has written to Global Transaction Services (GTS) clients who will be affected when the bank shuts down certain offerings at the end of the year to gently [...]
Big City bosses batten down the hatches for Brexit deal drag August 24, 2016 A drawn-out Brexit process would have a dire impact on the UK's investment and growth according to some of the City’s top veterans as they brace themselves for a lengthy divorce from the EU. Sir Martin Sorrell, the chief executive of advertising giant WPP, BT chairman Sir Mike Rake, and private equity guru Jon Moulton [...]
OneSavings Bank chief executive explains why his business is safe as houses August 24, 2016 Despite worries the referendum would wobble housing demand, the boss of OneSavings Bank has found particular niches of the market to be quite lucrative. In particular, Andy Golding told City A.M. the bank was focusing on the "normal stock" side of the market in London – as opposed to the "high-end, crazy value stuff" – which was "still very [...]
Atlas Mara profits plunge but Bob Diamond’s venture positive on rest of 2016 August 24, 2016 Atlas Mara announced today it was feeling positive about the rest of 2016, even though it reported a drastic drop in profits year-on-year. The figures The financial services company, which focuses its efforts on banking in Africa, reported net profit after tax of $1.2m (£0.9m) for the first half of 2016, down 70.7 per cent on the $4.1m profit reported the [...]
Elon Musk just revealed a “ludicrous” move for Tesla’s product range August 23, 2016 Tesla has today announced revamped versions of its Model S and Model X, which will take advantage of a more powerful battery pack. Chief executive Elon Musk has revealed the upgraded vehicles will take advantage of a feature called "Ludicrous mode" to offer the fastest acceleration among Tesla's offering so far. "I think this is going to send a [...]
Barclays becomes the latest bank to get on the CoCo bond bandwagon August 23, 2016 Barclays has today become the latest lender to launch a CoCo bond. The transaction for the bonds, which will be denominated in US dollars, has not been priced yet and is expected to launch in the near future, depending on market conditions. Contingent Convertible capital notes – or CoCos for short – are a type of [...]
This major European bank remains committed to Canary Wharf move despite Brexit vote August 23, 2016 Some may have predicted an exodus of bankers after Brexit, but one major European player has confirmed to City A.M. it still plans on keeping a UK presence. A spokesperson for Societe Generale has confirmed the bank intends to move into its Canary Wharf base in 2019, as had been previously planned. Soc Gen also acquired [...]
Where will Team GB store their medals? This challenger bank has a solution… August 23, 2016 It's a problem most of us could only dream of having – where does one store one's gold medals from the Olympics? Fortunately, a high street challenger bank has stepped up to the plate. Metro Bank has revealed to City A.M. it is offering complimentary safe deposit boxes to all of Britain’s 2016 Olympic medallists. "We [...]
