Nicholas Clegg retires as chairman at United Trust Bank after 15 years August 22, 2016 United Trust Bank has announced its 80-year-old chairman is standing down after 15 years. Nicholas Clegg, who has worked in banking for almost 60 years, took up his role on United Trust Bank's board when it was acquired by Insinger de Beaufort in 2001. "I have thoroughly enjoyed working with such an extraordinary group of people," said [...]
Brexit boost not here to stay, warns outgoing Baker & McKenzie chairman, as firm reveals profits and revenue growth August 22, 2016 It will be business as usual for lawyers before too long, warned the outgoing chairman of legal giant Baker & McKenzie, despite an uptick in work following the Brexit vote. The figures The firm, which also announced its results today, has reported revenue of $2.62bn (£2bn) for its year to June, up eight per cent on [...]
Small firms want Germany front and centre in Brexit negotiations, finds new research August 22, 2016 The UK's small businesses are keen to keep in touch with their German counterparts following Brexit, research out today has found. The study by PwC, as part of its My Financepartner offering, of 566 SMEs discovered that two thirds (66 per cent) want government to focus on maintaining access to the Single Market for businesses in its negotiations and [...]
Watch out, big banks: The claims are coming, and here’s the lawyer who’s bringing them August 21, 2016 Before the rigging scandals started to rock the City, most people would have been wholly unfamiliar with the idea of a 4pm fix or the Libor question. Then, in 2012, Barclays’ chief executive Bob Diamond sent shockwaves through the financial centre, as he stepped down from his role. Just days before, the bank had been [...]
Co-op Bank considers bumping up base pay for executives to overcome bonus rules August 21, 2016 The Co-operative Bank is considering raising salaries to get around rules that hamper bonuses. It is understood the bank is looking for ways to increase pay packets in a bid to secure top talent, but is struggling to do so thanks to the bankers' bonus cap rules, which stems from an EU directive. More specifically, under the rules laid [...]
High pay red tape likely to cause a muddle, warns new research August 19, 2016 Politicians who wade into regulate pay could wind up doing more harm than good, a report out today warns. The Institute of Economic Affairs' research found previous attempts to rule against high pay had backfired and governments would be better off focusing on cleaning up complex tax systems and closing up loopholes. In particular, the report noted [...]
Tomorrow’s Company report: Quite soft but does urge companies to cut dividends before wages etc. August 18, 2016 NULL
Too big to fail still too big a problem for banks August 18, 2016 Cleaning up the world's biggest banks in the event of a crisis is easier than it has been but there is still more to be done, the Financial Stability Board (FSB) has warned today. In particular, the papers published by the FSB, which is chaired by Bank of England governor Mark Carney, said more could be [...]
Lloyds Banking Group, HSBC and Royal Bank of Scotland in firing line in Australian rate rigging case brought in the US August 18, 2016 Lloyds Banking Group, HSBC and Royal Bank of Scotland are all in legal hot water after a case was filed in the US against a slew of banks on allegations they rigged a key Australian benchmark rate. The US lawsuit claims the lenders manipulated the bank bill swap rate (BBSW), a benchmark used mainly in Australian [...]
Rabobank mulls Brexit and US election uncertainty as profits dive August 18, 2016 Never mind Brexit – Rabobank revealed this morning it was also concerned about the impending US presidential elections and the Chinese economy, while unveiling a drop in its net profits and a fall in headcount. The figures The Dutch bank reported net profit of €924m for the first half of 2016, down 39 per cent compared with €1.5bn the [...]
