Moody’s: RBS, Lloyds, Barclays, Santander, HSBC and Nationwide need to close a £129bn capital shortfall to satisfy new Bank of England requirements March 8, 2016 Britain's biggest banks need to close a £129bn shortfall in capital requirements by the end of the decade if they are going to satisfy new Bank of England rules by the time they go into effect in 2019, according to a new report out today. Moody's said Britain's seven largest banks – Royal Bank of Scotland [...]
Bad news: Bonuses on Wall Street have fallen as companies were hit by compliance costs March 8, 2016 If you're in securities, look away now. A new report has shown the average bonus paid on Wall Street has fallen nine per cent to $146,200 (£102,565) as finance firms' revenues were hit by extra compliance costs. The figure, by the Office of the New York State Comptroller, Thomas DiNapoli, showed profits at New York City's securities [...]
Why Mario Draghi is in a bind over negative interest rates March 8, 2016 What a difference a few weeks make. Sentiment has improved and fears of imminent recession now appear a touch hasty. But the question of where markets head next still depends on policy-makers’ ability to deliver decisive action. Step forward Mario Draghi, who is expected to tinker with the Eurozone’s financial plumbing this week in the [...]
Chemist chain Day Lewis Group secures £160m M&A funding and targets 150 pharmacy acquisitions March 7, 2016 Chemist chain Day Lewis Group has secured £160m of investment from banking partners as it targets the acquisition of 150 pharmacies. The family-owned business currently owns 277 sites across the UK and is aiming to build this number up to more than 400 by 2021. Day Lewis Group also said it aims to double its [...]
Alliance Trust, City of London and Bankers Investment Trust: Dividends at these 19 investors have been raised for 20 or more years in a row March 7, 2016 While high-profile banks such as Barclays and a number of companies have had to cut their dividends already this year, if you're an income seeking investor, don't be put off: the dividend heroes are here. A list of 19 investment companies with at least 20-year records of dividend rises, dubbed the "dividend heroes", has been [...]
Competition and Markets Authority (CMA) delays publication of retail banking review until August March 7, 2016 The Competition and Markets Authority (CMA) has confirmed plans to delay the publication of its long-awaited review into the retail banking market, saying today that the results of the probe will not be published until the end of the summer. In a statement this morning, the CMA put forward more recommendations to help customers understand [...]
Barclays appoints CMC Capital’s Carlo Calabria as chairman of mergers and acquisitions in Europe, the Middle East and Africa March 7, 2016 Barclays has appointed founding partner of CMC Capital Carlo Calabria as chairman for mergers and acquisitions in Europe, the Middle East and Africa (EMEA). Calabria is one of nine new people employed to Barclays' investment banking operations from CMC Capital. "Carlo will work closely with Pier Luigi Colizzi, Head of M&A EMEA, to help accelerate the [...]
Aviva set to report £100m impact from UK floods while Prudential will post another year of earnings growth March 6, 2016 Aviva is set to reveal the UK floods in December put a £100m dent in earnings for 2015 when it reports its annual results on Thursday. The impact of the floods, as well as the recently announced acquisition of RBC Insurance in Canada, is likely to drag operating earnings per share from 49.2p to 47p, [...]
From pensions panic and Barclays bungles to Brexit blues and half pint horrors: Here’s what got us talking this week March 4, 2016 There was a hush hush high profile wedding. There were some fancy cars. And there was the disappointing discovery that having a job actually costs you money. Here's what got us talking 1) Pensions panic Retirees at both ends of the spectrum continued to fret over changes to their pension scheme. In one corner, we [...]
From Barclays to UBS and Lloyds: Here’s how much City banking interns earn March 4, 2016 If you’re planning to give up your university summer break, you may want to make sure you’re being adequately reimbursed – especially if you’re working long hours in one of London’s biggest banks. But asking about pay in an interview can be awkward, so where do you turn? Careers website Glassdoor.com has all the information you need [...]