City Moves for 30 March 2016 | Who’s switching jobs March 30, 2016 RateSetter Marketplace lender RateSetter has made two senior appointments in credit and risk. Jim Gunner has joined the board as a non-executive director and chair of the risk committee. Nigel Wilkinson has joined as head of commercial credit. Both executives are ex-HSBC. Jim has spent his career in banking, most of it specialising in risk [...]
Market close: FTSE holds steady, but Glencore leads the commodities sector down March 29, 2016 The FTSE 100 clocked a so-so first day back in the office after Easter, remaining unchanged at 6,105. However, there was more than just leftover Easter eggs for traders to sink their teeth into. Commodities giants were left bruised after a note from Barclays warned that the sector could be in for a fresh rout. [...]
Bank of England sets out UK bank stress test scenario and reveals plans to raise the countercyclical buffer rate for British banks in 2017 March 29, 2016 British banks, building societies and investment firms will need to build up their cash piles under new rules revealed today by the Bank of England. In a statement today, the Bank’s Financial Policy Committee (FPC) said that even though British banks have improved their “resilience” in spite of global and domestic headwinds, investors expect weaker [...]
Cyber security: Why the EU General Data Protection Regulations will be game changing for unreported cybercrime March 29, 2016 A report by the Institute of Directors (IoD) and Barclays recently highlighted that one quarter of organisations had suffered a breach in the last twelve months, although only 28 per cent had reported it to the authorities. It is believed that the actual numbers of attacks could be higher. The fact is that there are still a large number [...]
What Storm Katie? FTSE 100 opens higher as insurers Prudential, RSA and Standard Life rise March 29, 2016 The FTSE 100 was 0.5 per cent higher in mid-morning, at 6,136.6 points, as insurers led the index higher – despite the UK taking a battering from Storm Katie over the weekend. Prudential led the risers, up 2.3 per cent at 1,305p – while RSA Insurance rose 1.9 per cent to 476p, and Standard Life was up [...]
Why those with a head for compliance and regulation are in hot demand, as skills shortages cause salaries to rise March 29, 2016 Believe it or not, the red tape brigade look set to become the rock stars of the City as a study out today has found that demand for highly-skilled compliance professionals is outpacing supply. The report by specialist recruiter Barclay Simpson discovered that three-quarters (75 per cent) of managers believe that workers skilled in compliance are [...]
Barclays warns of oil prices falling back to the low $30s per barrel as investors “rush for exits” March 29, 2016 Barclays has warned oil prices could be heading back towards $30 per barrel, ending this year's rally which has sent the black stuff up around 50 per cent. The investment bank has predicted a broad-based plunge in commodity prices, arguing that the recent gains fail to correspond with market fundamentals. It said this could lead to a mass [...]
Barclays sued by Syrian billionaire Wafic Saïd over blacklisting after 40 year relationship March 23, 2016 Barclays is being sued by one of its oldest and richest customers, Syrian-born billionaire businessman and philanthropist Wafic Saïd after the bank cut ties with him after a 40 year relationship. Saïd, a 76-year-old Monaco resident and Conservative-party donor, today instructed his lawyers to file proceedings at the High Court in London according to a statement released by public [...]
Google’s Android Pay is coming to the UK, letting you pay with mobile on the Tube and across the high street, including Pret, Starbucks, Waitrose and more March 23, 2016 Users of Android will soon be able to use their smartphone to pay for items and even travel to work, as Google prepares to launch Android Pay in the UK following hot on the heels of Apple Pay. Google said it will roll out "in the coming months" with the backing of Britain's biggest banks, but did not [...]
Micro Focus share price rises after UK company announces $540m deal to acquire US firm Serena Software March 22, 2016 UK software company Micro Focus has announced a $540m (£379m) deal to acquire US firm Serena Software. Privately-owned Serena Software is headquartered in California, but is managed from Hillsboro, Oregon, and St Albans in the UK. It also operates in 10 other countries. Serena reported revenues of $176.2m in the year to 31 January 2015 and adjusted [...]