Ex-Sage chief Stephen Kelly appointed chair of Tech Nation May 31, 2020 The former boss of Sage Group Stephen Kelly has been appointed the chair of technology industry body Tech Nation. Kelly succeeds Eileen Burbidge, partner at technology venture capital firm Passion Capital, who stepped down in January after four and a half years at the helm. Kelly led the turnaround of enterprise software company Sage Group [...]
What are negative interest rates and will the UK turn to them? May 22, 2020 Bank of England governor Andrew Bailey this week said he has changed his mind on negative interest rates, saying the BoE is keeping them under “active review”. President Donald Trump has repeatedly made clear that he is a fan of negative rates, and wants the US to have them as it deals with the coronavirus [...]
Lloyds suspends job cuts until October amid coronavirus crisis May 22, 2020 Lloyds Banking Group said today it has suspended all job cuts until October to help employees through the coronavirus crisis. City A.M. revealed last month that staff already going through redundancy processes feared the bank would leave them jobless at the height of the pandemic. Lloyds had previously suspended all new job cuts, but those [...]
Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved May 19, 2020 UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. CBILS lending data showed British lenders have distributed that cash to more than half a million UK companies, with over £14bn lent out in the form of bounce [...]
Sir James Dyson tops rich list as coronavirus hits mega-wealthy May 17, 2020 Entrepreneur Sir James Dyson has climbed to the top of the Sunday Times’ annual rich list, which saw the combined wealth of its 1,000 constituents fall due to the coronavirus pandemic. Dyson, who takes the top spot for the first time, saw his net worth increase by £3.6bn in the last year, despite a £500m [...]
Office Politics: What does the workplace of the future look like? May 17, 2020 There are plenty of people – including Barclays boss Jes Staley – who believe that big offices may be a thing of the past, now we’ve all got over our work-from-home hang-ups. But while the shift from the workplace to the home has been clear to see, less obvious is what the broader and longer-term [...]
Just Eat boss Peter Duffy moves to Moneysupermarket May 15, 2020 Just Eat boss Peter Duffy has been appointed as chief executive of price comparison website Moneysupermarket. Duffy, who was chief commercial operator at Easyjet before he joined takeaway giant Just Eat, will take the reins at Moneysupermarket from 1 September. He will replace Mark Lewis who announced he would step down as chief executive in [...]
Canary Wharf draws up plans for return to work May 15, 2020 Canary Wharf has drawn up plans to allow bankers, accountants and lawyers back to the financial district as lockdown restrictions start to ease. The London estate, home to the European headquarters of Barclays, Citigroup and HSBC, is issuing guidance to tenants this week, according to the Financial Times. The plans include introducing one-way routes, limiting [...]
Watch: Christian May discusses the problems with the CBILS scheme May 14, 2020 City A.M. editor Christian May has said UK SMEs are hitting a brick wall trying to access the Coronavirus Business Interruption Scheme (CBILS), and warned there may be further trouble ahead. The CBILS scheme allows companies to apply for a loan through 60 accredited lenders to stay afloat during the coronavirus crisis. But issues with [...]
Square Mile lockdown: City firms plot staff’s return to work May 14, 2020 City banks and professional services firms are drawing up plans to send staff back to the office as the UK begins to ease its coronavirus lockdown. Earlier this week Prime Minister Boris Johnson announced that people who can work from home should continue to do so, as he laid out guidance to make workplaces “Covid-secure”. [...]