Lloyds Bank boss defends pay and pension perks as MPs accuse him of greed June 19, 2019 Lloyds Bank boss Antonio Horta-Osorio has defended his pay packet and pension perks in a grilling by MPs. Horta-Osorio, who as Britain’s best-paid boss took home £6.3m last year, insisted his pay packet was in line with the market rate for major bank chief executives. Remuneration committee chairman Stuart Sinclair told MPs the bank’s boss [...]
CVC abandons IPO or sale of Domestic and General after tepid investor response June 18, 2019 A sluggish response from investors has forced one of Britain’s biggest home appliance insurers to abandon plans for a public float as soon as this month which it hoped would value it at more than £1bn. Domestic and General has decided in the last few days to shelve the plans, Sky News reported. Read more: [...]
EU must drop its City hostility in UK trade talks, warns Brexit secretary June 18, 2019 The European Union must drop its hardline approach to relations between the City and the continent after Brexit, a cabinet minister has warned. The EU insists London’s finance sector must be closely-tied to the bloc’s own regulations in order to grant market access post-Brexit, despite calls for a more wide-ranging and preferential deal in light [...]
Fraudsters target children as young as 11 to launder money June 18, 2019 Identity fraud reached record highs last year and criminals targeted children as young as 11 to launder money. Criminals targeted younger people and pensioners, the UK’s fraud prevention service Cifas revealed in its annual report. The figures showed more than 189,000 fraud cases were reported last year with plastic card fraud proving the most common. [...]
Sainsbury’s Bank outage: Customers locked out of online banking June 18, 2019 A Sainsbury’s Bank outage spurred customers to take to Twitter today to complain they could not access their accounts online. Read more: The UK banks with the most IT outages Neither the supermarket’s new app nor online banking service wereworking for customers, with Down Detector reporting dozens of complaints this morning. An outage map showed [...]
Tory leadership vote: How the second round ballot works June 18, 2019 Tory leadership hopefuls face another hurdle in the race to become the next Prime Minister when a further round of voting takes place today. Who are the Tory leadership contenders? With 114 MPs backing him, Boris Johnson is guaranteed a place in the final two, where he will face either: Michael Gove Sajid Javid Jeremy [...]
Airtel Africa’s London float to value it at £3bn – £3.6bn June 17, 2019 One of Africa’s largest telecoms businesses said today it would float in London at a value of £3bn to £3.6bn. Airtel Africa announced the price range for its upcoming listing, setting its share price at 80p to 100p. The offer is expected to comprise 595m to 744m new shares to raise gross proceeds of approximately [...]
Football’s coming home to the City for the Square Mile’s unofficial club, the Honourable Artillery Company FC June 16, 2019 You could be forgiven for not realising it, but the City of London has its own football club which dates back to the 1800s and is among the leading lights of the amateur game. One reason you might have missed it is because red tape has seen them exiled from the Square Mile for two [...]
Boris Johnson warns further Brexit delay will spell Tory general election defeat June 12, 2019 Boris Johnson will officially launch his Tory leadership campaign today as one poll suggests he would comfortably win a general election as Prime Minister. Johnson, seen as the frontrunner among MP’s, Tory party members and bookmakers, will tell supporters the UK must leave the European Union on 31 October and that further delays would spell [...]
City Moves for 10 June – who’s switching jobs at CIMA, Wells Fargo and London Wall Partners? June 10, 2019 Who’s on the move today? CIMA Canadian finance leader Amal Ratnayake has been named 86th president of the Chartered Institute of Management Accountants (CIMA). In May, Ratnayake was also confirmed as chairman of the Association of International Certified Professional Accountants. As CIMA president, Ratnayake will represent 228,000 members and students across the world and be [...]