Barclays rallies shareholders to vote down Ed Bramson’s ‘destructive and destabilising’ board bid March 19, 2019 Barclays has issued a plea to shareholders to reject Ed Bramson’s bid for a seat on the board, warning his presence would be “destabilising and destructive” to the bank. The bank published a comprehensive 1,500 words explanation as to why shareholders should fend off the activist investor’s advances at its AGM in May. Bramson, whose [...]
UBS fined £27.6m by City watchdog for transaction reporting failures March 19, 2019 UBS has been fined £27.59m by the City watchdog for misreporting 135.8m transactions. The Swiss investment bank failed to provide complete and accurate information in relation to 86.6m reportable transactions, and also wrongly reported 49.1m transactions over a period of nine years and six months, the Financial Conduct Authority (FCA) said. Read more: Former graduate [...]
Theresa May gathers cabinet after Bercow deals fresh blow to her Brexit deal March 19, 2019 Theresa May is set to push on with her deal despite Commons speaker John Bercow threatening to derail the process yesterday. Read more: 'Constitutional crisis' as Bercow blocks another vote on May's Brexit deal Today Brexit secretary Stephen Barclay suggested a vote could occur next week despite Bercow saying “substantial changes” must be made to [...]
Brexit delay on the way after MPs back Theresa May’s postponement plan March 14, 2019 MPs have given the green light for Brexit to be delayed beyond March 29, but the divisions at the heart of Theresa May’s government were once again laid bare. The Commons voted 413 to 202 in favour of asking the EU to postpone the Brexit date – either by three months if MPs back a deal by [...]
One Savings Bank and Charter Court announce terms of £1.6bn merger March 14, 2019 Challenger banks One Savings Bank and Charter Court have confirmed the terms of a £1.6bn merger. Following the completion of the deal One Savings Bank shareholders will own around 55 per cent of the combined company, the firm announced as it posted its full-year results for 2018. Read more: One Savings Bank and Charter Court [...]
City Moves for 14 March 2019 – Who’s switching jobs at Marex Spectron, Digital Catapult and Clifford Chance? March 14, 2019 Today's City Moves include Marex Spectron, Digital Catapult and Clifford Chance. Marex Spectron Marex Spectron has announced the appointment of Carla Stent as non-executive chair of the group board. Carla, who has sat on the board for the past four years and was until recently chair of the audit and compliance committee, takes over from Simon [...]
End of an era: Martin Gilbert’s legacy as he steps down from Standard Life Aberdeen chief executive role March 13, 2019 City veteran Martin Gilbert stepped down as joint chief executive of Standard Life Aberdeen this morning as the investment firm ditched the management structure put in place following the 2017 merger of Standard Life and Aberdeen Asset Management. The move brings to an end Gilbert's 36-year reign as chief executive of Aberdeen Asset Management, and Standard [...]
Sterling drops against the dollar as traders prepare for Brexit votes March 12, 2019 The pound was down 0.6 per cent against the dollar today as traders and their advisors steeled themselves for more Brexit turmoil. The morning saw sterling fall by more than one per cent against the dollar to a low of $1.301 after the government’s chief legal advisor said the current Brexit deal could leave the UK locked in a [...]
UK bank shares: A pre-Brexit view March 12, 2019 Some UK bank shares have made massive profits for shareholders, but how should you play the sector now? It’s been a few weeks since the last of the big UK-listed banks published results for 2018, and share price performance since has been varied. Brexit, of course, has played its part and, with some lenders up [...]
Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms March 11, 2019 Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures. Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country. Read more: Digital bank Monzo in discussion with Post Office over cash [...]