Former senior Barclays banker tells court he can’t remember what Libor training the bank offered its traders March 14, 2017 A ex-Barclays banker who held senior roles at the firm told a court today he could not remember what training for Libor was on offer, as the trial against two of the bank's other former traders for rigging the rate rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, [...]
Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Charlotte Hogg resignation: The Treasury will look for two people to replace her March 14, 2017 The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands. Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job [...]
Revealed: Deutsche Bank swipes another chunk from bonus pots, having already trimmed payouts for one in four staff March 13, 2017 Staff at Deutsche Bank have been dealt another blow after discovering the German lender's group bonus pool is being cut in half. Bankers were told last week to expect a so-called "group bonus" equivalent to 50 per cent of the maximum amount they were due, City A.M. can reveal. Deutsche's variable pay consists of two [...]
UK oil services companies John Wood Group and Amec Foster Wheeler in £5bn merger deal March 13, 2017 Two UK oil services firms have agreed to a £5bn merger. John Wood Group announced this morning it had agreed a takeover deal for FTSE 250-listed Amec Foster Wheeler. Amec’s share price jumped 18 per cent to £5.76 at the time of writing, while John Wood’s was up eight per cent to £8.10. [stockChart code="AMFW" date="2017-03-13 [...]
Charlotte Hogg may get a roasting from the MPs mulling whether she is fit for her job at the Bank of England, as banks slam her slip in ethics March 12, 2017 Charlotte Hogg's fate as a deputy governor at the Bank of England is facing renewed pressure, as MPs are busily mulling whether she is fit for her role. Hogg has come under fire in recent weeks for failing to declare her brother's job at Barclays as a potential conflict of interest. Prior to her promotion, she [...]
UBS has slashed its bonus pool by almost a fifth March 10, 2017 UBS has become the latest investment banking giant to slash its bonus pool as uncertain conditions continued to bite for the world's largest lenders. In the annual report it published today, UBS revealed its bonus pool has fallen 17 per cent, from SFr 3.5bn (£2.84bn) in 2015 to SFr 2.9bn in 2016. Meanwhile, chief executive Sergio Ermotti kept [...]
Theresa May steps up Brexit charm offensive, reassuring City chiefs at Downing Street and Morgan Stanley party March 9, 2017 Prime Minister Theresa May has been stepping up a City charm offensive in recent weeks, hosting top bankers and asset managers at Downing Street, City A.M. can reveal. It is understood an hour-long meeting at No 10 in late February was attended by Aberdeen Asset Management boss Martin Gilbert, Schroders’ Peter Harrison, Barclays chief Jes [...]
Barclays just handed its exec team £13.6m worth of shares in the bank, and there’s the chance they could snap up £9.2m more March 9, 2017 Barclays handed 10 of its most senior staff members shares worth £13.6m in the bank today, while also giving them the chance to snap up several million pounds more in years to come. By comparison, the bank awarded nine people shares worth £8.7m last year. The lender said the boost in this year's award was thanks [...]
Budget 2017: Government provides updates on sales of Green Investment Bank, Lloyds and RBS March 8, 2017 The government remained largely quiet on its various privatisation processes in the Budget today. The Treasury announced no new sell-offs, and confirmed the sale of the Green Investment Bank and £12bn of student loans are ongoing. The Green Investment Bank sale process has come under intense scrutiny in recent months, with several MPs raising concerns about [...]