From big hitters to big quitters: Three FTSE resignations surprise the City October 2, 2019 A trio of City big-hitters shocked the Square Mile this morning after revealing plans to resign from their companies. Tesco boss Dave Lewis, Standard Life Aberdeen fund veteran Martin Gilbert and Metro Bank chairman Vernon Hill all said today that they will be leaving their posts. The triple-whammy of surprise announcements was met with mixed [...]
Martin Gilbert to leave Standard Life Aberdeen and join fintech Revolut October 2, 2019 Veteran investor Martin Gilbert is stepping down from Standard Life Aberdeen next year, calling time on a high-flying career as one of the City’s most prominent asset managers. Poised to take on a new role as chair of fintech giant Revolut, Gilbert said this morning that he will not seek re-election as vice-chairman of the [...]
Tailed in Zurich: How the Credit Suisse spy drama unfolded October 1, 2019 Not many employees start their first day in the new job with a spying scandal hanging over their head. But so it is for Iqbal Khan, the star banker who began life at UBS today against a backdrop of car chases, cocktail party bust-ups and private investigations. While it may read like the plot of [...]
John Lewis to axe a third of senior managers to save £100m October 1, 2019 The John Lewis Partnership is slashing its senior management layer by one third in a shock £100m bid to cut costs at the struggling retailer. Around 75 senior managers will get the axe from the current total of 225 in head office, John Lewis said. As part of the shake-up, the embattled chain also revealed [...]
Hong Kong protests: Activist shot as clashes overshadow China’s National Day October 1, 2019 A Hong Kong protester has reportedly been shot in the chest by a live police round, overshadowing China’s celebrations of its 70th anniversary of Communist rule. First aid workers were seen tending to an injured man on the street, according to South China Morning Post, which reported that police hit a demonstrator in the chest [...]
Credit Suisse operating chief resigns after botched spying investigation October 1, 2019 A top executive at Credit Suisse has resigned today following a botched spying scandal that has rocked the world of Swiss banking. Chief operating officer Pierre-Olivier Bouee has stepped down after an internal probe found that he alone initiated surveillance of the bank’s former head of wealth management. Read more: Activists circling Metro Bank Tidjane [...]
Competition watchdog ploughs ahead with investigation into JD Sports’ Footasylum takeover October 1, 2019 Britain’s competition watchdog has decided to plough ahead with an investigation into JD Sports’ £90m takeover of Footasylum. The Competition and Markets Authority (CMA) has referred the deal to an in-depth probe amid concerns that it could potentially result in higher prices and less competition. Read more: CMA warns that JD Sports deal with Footasylum [...]
Lloyd’s of London set outs electronic modernisation drive September 30, 2019 Lloyd’s of London has unveiled plans for an electronic risk exchange as part of a sweeping company overhaul aimed at modernising the 331-year-old marketplace. The historic insurance group, which has faced growing calls to revamp both its business model and its culture in recent months, has vowed to deliver a series of “early quick wins” [...]
Whitbread share price tumbles on Barclays downgrade September 30, 2019 Whitbread suffered a fall in its share price this morning after Barclays downgraded the UK’s biggest hospitality company. The Premier Inn owner’s share price has tumbled five per cent during trading today after its rating was cut by Barclays, which moved its recommendation from ‘Overweight’ to ‘Equal Weight’. Read more: Markets mixed on US-China trade [...]
Days of soaring London house prices ‘are long gone’, says UBS September 30, 2019 The capital’s real estate market has moved out of bubble-risk territory for the first time in four years amid cooling London house prices, according to a new UBS report. An end to London’s housing boom has pushed the capital down a UBS index that ranks the cities with the biggest real estate bubbles in the [...]
