Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal January 29, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days. City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]
More than 12 offers on the table for Agent Provocateur January 29, 2017 At least a dozen offers have been made for troubled lingerie brand Agent Provocateur, according to sources familiar with the chain's owner. Private equity company 3i put the retailer up for sale this month following disappointing December trading. The firm is seeking an offer which exceeds the brand's £30m debt pile. Sources close to the [...]
Telefonica is working through a strategic plan that will pave the way for O2 float January 29, 2017 O2's owner has set the ball rolling on a strategic plan to clear legacy issues before either floating or selling the British mobile phone operator, according to reports. Singapore's sovereign wealth fund, GIC, is working with private equity fund CVC to buy a controlling share in Telefonica's infrastructure division in a deal worth €1.5bn (£1.3bn), the [...]
Behind the deal: These are the bankers and advisers working on the £3.7bn Tesco-Booker tie-up January 27, 2017 Tesco’s £3.7bn deal for wholesaler Booker is an early boost for the UK’s 2017 M&A market, following a rather subdued 2016. Below are details of the bankers and advisers behind the deal. Tesco advisers It’s increasingly difficult to find a big UK deal without a boutique investment bank at its centre. And this £3.7bn merger proved [...]
City Moves for 27 January 2017 – who’s switching jobs? January 27, 2017 Today's City Moves covers the real estate, finance and legal sectors. Take a look at these movers and shakers: Colliers International Apara Guha has been appointed as director in Colliers International’s Europe, Middle East and Africa (EMEA) corporate solutions team. Apara brings more than 20 years’ experience of first generation outsourcing and emerging markets, business [...]
Forget Berlin, Dublin and Paris – Asia’s a bigger rival to London fintech regardless of Brexit January 26, 2017 As Germany, France and Ireland attempt to woo London's fintech firms to their respective capital cities after the Brexit vote, one of the UK's top VCs has warned the industry should be more concerned with the rise of Asia as a fintech powerhouse rather than other European cities. In the long-term, the continent's prominence in financial technology is likely [...]
Barclays is reportedly preparing to move its EU headquarters to Dublin January 26, 2017 Barclays is planning to move its EU headquarters to Dublin, according to sources. The bank is preparing for the relocation ahead of Brexit, Reuters reported. "We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin," a spokesman for Barclays said. [...]
RBS to be hit by multi-billion-pound charge for mis-selling mortgage-backed securities January 25, 2017 RBS is set to be hit by a new multi-billion-pound charge for mis-selling mortgage-backed securities. A formal statement confirming the charge could come as soon as today with RBS directors expected to discuss the move in a board meeting this week. The charge could be between $3bn (£2.4bn) and $4bn, sources told Sky News last night. The [...]
Is blockchain a “new operating system for the planet”? Barclays vice chairman Jeremy Wilson thinks so January 25, 2017 Blockchain has the potential to become “a new operating system for the planet” in a generation’s time, while mainstream commercial use is likely to happen within the next decade, one of Barclays’ top executives believes. “I don’t think I’ve heard it mentioned as anything other than a significant opportunity,” said its corporate banking vice-chairman Jeremy Wilson. [...]