Bank of England’s Open Forum: Osborne warns big bank fines aren’t a thing of the past November 11, 2015 Chancellor George Osborne has warned the huge fines levied on some of the world's biggest banks aren't a thing of the past, and will still serve to deter bad behaviour by bankers in the future. "If anyone thinks being unethical in the financial services industry is a good way to make money, I'd suggest they take [...]
Miners weigh down the FTSE for second day – London Report November 11, 2015 The FTSE 100 finished down yesterday as miners continued to suffer losses. The blue-chip index closed the day 0.32 per cent down at 6,275 points. Yesterday’s largest faller was Anglo American, which saw its share price fall 4.54 per cent to 492.22p per share. Glencore also shed 4.24 per cent to close at 105.05p per [...]
Barclays chairman John McFarlane: London risks losing its status as a global financial centre November 11, 2015 The City risks losing its status as the world’s leading financial centre, Barclays chairman John McFarlane will warn in a speech tonight. Speaking at TheCityUK’s annual dinner at Mansion House, McFarlane will say that Britain’s attractiveness as a financial centre is reaching a “tipping point” due to disadvantages in taxation, levies, regulation and infrastructure. “London [...]
At the close: FTSE 100 index closes slightly down on miners November 10, 2015 The FTSE 100 fell marginally again today as miners continued to suffer losses. The blue-chip index closed the day 0.32 per cent down at 6,275 points. Tuesday's largest faller was Anglo American, which saw its share price fall 4.54 per cent to 492.22p per share. Glencore also shed 4.15 from its share price to close at 105.15 [...]
Financial Stability Board unveils $1.19 trillion plan to prevent “too big to fail” November 9, 2015 The world's biggest banks could be forced to issue as much as $1.19 trillion (£790bn) in bonds by 2022 under new regulations set out earlier today. The Financial Stability Board (FSB), which was set up by the G20 after the financial crisis to coordinate regulation across the group’s economies, published the new rules for the [...]
Barclays appoints Standard Life’s Sir Gerry Grimstone as deputy chairman as Sir Mike Rake steps down November 9, 2015 Barclays has appointed Standard Life chairman Sir Gerry Grimstone to replace the soon-to-depart Sir Mike Rake as its deputy chairman. In a statement today, the bank said Grimstone, who is also on the board of Deloitte and the lead non-exec at the Ministry of Defence, will join at the beginning of January. It's the latest in a [...]
The Gym Group fixes valuation at £250m with today’s IPO November 9, 2015 Pay-as-you-go fitness chain The Gym Group has set its IPO at 195p per share, giving the company a market cap of around £250m. This is lower than the original valuation, which had been expected to come in around £300m. The business will be issuing just over 64m shares to the main market, 50 per cent [...]
RW Baird chiefs on the respectful way they do business and their plans to expand in the City November 9, 2015 Think banking is all about “sharp elbows,” gruelling hours, and job-hopping ‘til you reach the top? Zealous midwesterners Paul Purcell and Steve Booth, who run wealth-management-cum-investment-bank outfit RW Baird, say that they offer a more respectful way of doing business. Their bank has long-term partners, a “no asshole policy”, and has ended deal-related incentives for [...]
Sainsbury’s counts the cost of supermarket price war November 8, 2015 Sainsbury's is expected to unveil a near 25 per cent slide in first half underlying profits on Wednesday, as efforts to compete with rivals and stay ahead in the supermarket price war hurt margins. Analysts at Barclays expect margins to fall by 60 basis points to 2.5 per cent and underlying profit before tax to decline by [...]
City Moves for 09 November 2015 | Who’s switching jobs November 8, 2015 RSM The audit, tax, and consulting services firm has announced the appointments of Pelle Langli and Mark Wootton (pictured) as partners in its consulting practice. Langli joins from EC Partners. He has more than 15 years' experience in consulting, and will focus on building RSM's finance function advisory service line. Wootton joins from KM&T UK, [...]