As Lloyds posts its highest profit in a decade, have British banks got over the financial crisis? February 23, 2017 Fahad Kamal, senior market strategist at Kleinwort Hambros, says Yes. In the latest stress tests conducted by the European Banking Authority, only two of the 51 banks tested – neither British – would fall below the minimum capital level required in an “adverse” scenario. Admittedly, some UK banks still have a hangover from the pre-crisis [...]
Formula One: MEP hits back at governing body claims of malicious intent February 22, 2017 The MEP championing change in Formula One has hit back at claims by the sport's governing body that her cause is “inaccurately informed or made maliciously”. In an open letter Anneliese Dodds highlighted a conflict of interest in Formula One's regulator, the FIA, allegedly profiting from signing off on the sale of Formula One to Liberty Media. One [...]
What really goes on inside Barclays’ global business division… February 22, 2017 Have 120 seconds free? Take a look behind the scenes at Barclays' UK corporate, consumer and investment bank. Discover why a 250-year relationship is so vital for this operation:
The UK’s big banks need to keep a close watch on risks February 22, 2017 Less than a week ago, analysts were predicting that the UK’s banks could be about to turn a corner. Mega-fines appeared to be tailing off, signalling an end to the failings of the past. It was no secret that fresh challenges lay ahead for the sector, notably the costs of ringfencing and IT legacy issues, but [...]
HSBC slashes its bonus pool for the year, but chief exec Stuart Gulliver’s annual handout rises February 21, 2017 HSBC has cut its bonus pool by 12.3 per cent following a worse-than-expected 2016, although chief executive Stuart Gulliver saw his annual bonus grow. The banking giant revealed its total group variable pay pool for the year was slightly over $3bn (£2.4bn), down from $3.5bn in 2015. Meanwhile, bonuses to go around investment bankers fell to [...]
HSBC reveals it’s being probed by the watchdog over money laundering compliance issues February 21, 2017 HSBC revealed this morning it is being investigated by the City watchdog over potential shortcomings in its anti-money laundering controls. The bank's 2016 results statement, in which it also revealed its reported profits before tax had slumped 62 per cent to $7.1bn (£5.7bn), said it was "the subject of an investigation by the Financial Conduct Authority [...]
CYBG officially confirms it’s not trying to buy Williams & Glyn, after the Treasury says RBS no longer has to sell the challenger February 21, 2017 Clydesdale & Yorkshire Banking Group (CYBG) officially announced late last night it was no longer looking to buy Williams & Glyn from Royal Bank of Scotland. A statement from the challenger bank said it had "withdrawn its preliminary non-binding proposal for, and ceased discussions relating to, the Williams & Glyn operations". Shares in CYBG are trading up 1.8 [...]
Telefonica sells stake in Telxius to KKR in a deal that values the firm at €3.2bn February 21, 2017 Telefonica has sold a €1.3bn (£1.1bn) stake in its Spanish infrastructure division, a move that paves the way for it to refocus on plans for the London listing of O2. The Spanish telecoms giant sold a 40 per cent share of Telxius Telecom to private equity firm KKR, in a deal that values its infrastructure subsidiary at €3.2bn. KKR saw off competition [...]
City Moves for 21 February 2017 – who’s switching jobs? February 21, 2017 Today's City Moves cover financial restructuring, investment management and the tech sector. Take a look at these movers and shakers: Eversheds Sutherland Eversheds Sutherland (International) has appointed Carl Allen to its finance and restructuring team in London. Carl joins the firm from Pinsent Masons and will be based in Eversheds Sutherland’s London office. He specialises [...]
Kraft Heinz’s withdrawn Unilever bid ranks as the world’s third largest collapsed M&A deal February 20, 2017 Kraft Heinz’s scrapped $140bn (£113bn) bid for Unilever marks the third biggest M&A collapse in history, according to Thomson Reuters figures. US food giant Kraft shocked the financial world on Sunday night, withdrawing the bid just two days after details of the deal leaked. Read more: Unilever share price plunges after deal talks with Kraft [...]