Metro Bank CEO Craig Donaldson to step down December 4, 2019 Metro Bank’s chief executive Craig Donaldson revealed this evening that he will step down at the end of the year, bidding farewell to the troubled lender after a torrid 12 months. After a decade-long stint running the challenger bank, Donaldson has become the latest in a string of senior figures to announce his departure. Donaldson’s [...]
CBI launches search for Carolyn Fairbairn’s successor December 4, 2019 The CBI has reportedly begun a search for its next boss, as its current director’s term draws to a close. The business lobbying giant has drafted in Russell Reynolds Associates to identify potential executives who could fill the role, according to Sky News. The broadcaster said that CBI staff were briefed that the search was [...]
Woodford Income Focus fund stays suspended as administrators mull options December 4, 2019 The administrators of Woodford Income Focus have delayed a decision over the fate of the suspended fund. Link Fund Solutions has said it is in the “final stages” of deciding the fund’s future, aiming to choose a direction before the end of this year. In a letter today, the group said that it is still [...]
Hedge fund activists are ‘shepherds, not wolves’ December 4, 2019 Activist hedgies do not deserve their reputation as “big, bad wolves”, according to a new report which argues that the controversial industry is looking for more than a quick buck. A group of researchers have said this morning that there is no evidence of hedge fund activists being corporate raiders, hitting back at claims that [...]
Zopa secures last-minute £140m injection December 3, 2019 Zopa has secured a £140m cash injection that will help the peer-to-peer lending giant meet regulatory capital requirements to become a bank. The fintech firm has been in talks to secure a major lifeline with an entity connected to US-based private investment firm IAG Capital Partners and its UK arm Silverstripe. Read more: Moody’s downgrades [...]
Moody’s downgrades outlook for UK banking system December 3, 2019 The UK banking system’s outlook has been downgraded by credit ratings agency Moody’s, after it cited a swathe of challenges facing lenders in the year ahead. Flagging the persistently low interest rate environment and a competitive mortgage market, Moody’s is forecasting a modest slide in profitability. Read more: Carney appointed UN climate envoy The agency [...]
TSB mulls bonus docking after pushing back gender balance targets December 3, 2019 TSB is planning to dock bonuses for its bosses after missing gender balance targets, according to reports. The bank has pushed back its deadline to ensure women hold roughly half of the senior jobs by five years. Read more: Mark Carney appointed UN climate envoy TSB’s remuneration committee is set to decide pay for senior [...]
Brexit disruption ‘to spark activist investor interest’ in UK December 3, 2019 Disruption from Brexit could spark an increase in activist investors targeting public companies in the UK, a new report has warned. The UK, which is already Europe’s largest market for activists, is at risk of drawing more attention from investors looking to pile the pressure on management over the coming year. Read more: EU finance [...]
Scrutiny from DoJ on Deutsche Bank’s role in Danske money laundering scandal December 2, 2019 Deutsche Bank’s role in the Danske Bank money laundering scandal is reportedly facing a deeper investigation from the US, in a move likely to heap fresh pressure on the embattled German lender. The US Department of Justice is probing whether Deutsche helped transfer tainted money from Danske into the US, a source told Reuters. Read [...]
Capco to become real estate investment trust after completing £425m Earls Court sale December 2, 2019 Capital and Counties will officially become a real estate investment trust (Reit) this year after selling off its vast Earls Court development site. The FTSE 250 property giant said it is now a “prime central London property investment business centred around Covent Garden” after officially completing the sale of its stake in Earls Court to [...]
