Sajid Javid to meet City figures for talks on a no-deal Brexit September 1, 2019 Sajid Javid will meet key City figures tomorrow in a bid to persuade them that a no-deal Brexit could provide opportunities for businesses. The chancellor is to hold a meeting with the bosses of financial powerhouses such as Barclays, Goldman Sachs and the London Stock Exchange Group on Monday, which will also be attended by [...]
No-deal Brexit could hit UK banks’ earnings by 25 per cent, says Citigroup August 30, 2019 US bank Citigroup has estimated that the UK leaving the European Union without a deal could cut UK banks’ earnings by as much as 25 per cent. A no-deal Brexit is likely to reduce revenue of high street lenders as economic growth slows and interest rates remain low, a note to clients from Citi analysts [...]
Banks buckle under strain of PPI claims August 29, 2019 Some of Britain’s biggest banks came under fire today after suffering a series of IT failures in the run-up to a long-awaited payment protection insurance (PPI) deadline. A number of major high-street lenders were rushing to fix website glitches and jammed phone lines this evening following an 11th-hour stampede of consumers making complaints for mis-sold [...]
Italian stock market soars as new coalition takes shape August 29, 2019 Italy’s stock market jumped two per cent this morning and bond yields hit record lows as Prime Minister Guiseppe Conte took a big step towards forming a new government. Read more: Italian bond yields hit record low on hopes of new coalition Conte said he had accepted President Sergio Mattarella’s invitation to form a new [...]
German CDU leader pledges to keep balanced budget as recession looms August 26, 2019 The leader of Germany’s ruling party has resisted calls to increase government spending to stimulate the economy, saying the “black zero” balanced budget policy is “indispensable”. Read more: German business confidence slumps to lowest point since 2012 Annegret Kramp-Karrenbauer, the leader of German Chancellor Angela Merkel’s Christian Democrats (CDU), said at a news conference: “The [...]
City Moves for 23 August – Who’s switching jobs at Oxford Properties, WH Ireland and Mediconnect? August 23, 2019 Today’s City Moves includes Oxford Properties, WH Ireland and Mediconnect. Oxford Properties Global real estate investor, developer and manager Oxford Properties Group, has announced a series of changes to its leadership team and the appointment of Dean Hopkins as chief operations officer. The changes come at a time of rapid worldwide growth for Oxford, which [...]
UK officials ‘unshackled’ from EU meetings ahead of Brexit August 20, 2019 The government has told UK officials and ministers to stop attending “most” European Union meetings from the start of next month. The move, which will come into effect from 1 September, is billed as enabling officials to “focus on our future relationship with the EU and other partners around the world”. From that point on, [...]
City Moves for 19 August – Who’s switching jobs at Morgan Lewis, Saranac Partners and Sativa? August 20, 2019 Today’s City Moves includes Morgan Lewis, Saranac Partners and Sativa. Morgan Lewis Morgan Lewis has appointed corporate lawyer Ayesha Waheed, who focuses on international energy and infrastructure transactions, as a partner resident in London. Ayesha has significant experience throughout Europe and in emerging markets in Africa and Asia, particularly south east Asia. She arrives from [...]
Watchdog’s ban on ex-Barclays executive holding senior positions overturned August 16, 2019 A ruling by the financial watchdog banning former Barclays executive Andrew Tinney from holding senior positions at financial institutions has been overturned. Tinney, former chief operating officer of Barclays Wealth, was also cleared of misleading the Financial Conduct Authority (FCA) and the US Federal Reserve Bank of New York, but a finding he “acted without [...]
Rabobank profits fall by a quarter as lender hit with charges August 15, 2019 Pre-tax profit at the Dutch lender Rabobank fell by 26 per cent in the first half of the year, the company said today, after it was hit with impairment charges and struggled with low interest rates. Read more: Four lenders awarded £40m from RBS banking competition funds The figures Rabobank’s operating profit before tax dropped [...]