This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost July 29, 2015 New rules which make it easier for customers to change current accounts resulted in a four per cent increase to 1.1m switches, compared to 1.06m during in same period a year earlier. The rules, introduced in October 2013, allow customers to switch accounts within seven working days, with all outgoing and incoming payments transferred automatically. [...]
Barclays profits beat expectations as executive chairman John McFarlane sets out new strategy July 29, 2015 Barclays' share price climbed more than 2.3 per cent this morning having beaten expectations for second quarter profits, with net income rising to £1.85bn – ahead of the £1.8bn expected – as chairman John McFarlane set out his three point plan to strengthen the bank. The figures Total income rose to £6.55bn in the three months [...]
Best of the Brokers for 29 July 2015 July 28, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com DFS FURNITURE Berenberg said the retailer’s recent pre-close trading update showed a solid performance, prompting the broker to increase its price target to 350p from 345p while reiterating “buy”. Cash generation remains robust and the broker forecasts a full year dividend yield of [...]
City Moves for 28 July 2015 | Who’s switching jobs July 27, 2015 Cording Real Estate Group The real estate investment and asset management firm has appointed Philip Gittins as group finance director. He was most recently managing director of Saltgate’s Luxembourg operation. Gittins has worked in investment since 1987, and spent almost 20 years at Henderson Global Investors. Ingenious Asset Management George Moorey-Denham has been appointed business [...]
Bank chiefs to be given ethics quiz: Banking Standards Board kicks off cultural audit of UK’s lenders July 26, 2015 The City body tasked with restoring faith in the UK banking system is set to write to the chairmen of Britain’s biggest lenders, quizzing them on their firms’ ethics and culture – the first major initiative by the taskforce to bolster integrity in the sector. The Banking Standards Board (BSB), chaired by former telecoms regulator [...]
Bumper week of UK results as oil majors update the market – London Report July 26, 2015 THIS week sees dozens of companies reporting results, while data on manufacturing orders and mortgage approvals should reveal that both markets are on the up. The Confederation of British Industry (CBI) is expected to report a modest pick-up in manufacturing orders in July, in data out today. Data on GDP growth, out tomorrow, is expected [...]
Which banks will offer the Help to Buy Isa? Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money July 25, 2015 Barclays, Lloyds Banking Group, Nationwide, Natwest, Santander and Virgin Money are among the banks and building societies which will offer the government's widely anticipated Help to Buy Isa. Help to Buy Isas, unveiled by chancellor George Osborne in his Spring budget, aim to give first-time buyers a much needed helping hand onto the property ladder. [...]
Why City workers are turning their attention to the charms of microbreweries July 24, 2015 Craft ale may once have been the preserve of the bearded hipster types who congregate just to the east of the City – but there are signs its charms are creeping westward, as an increasing number of finance sector workers ditch a life of banking for something altogether hoppier. To be fair, everyone's getting in [...]
City Moves for 24 July 2015 | Who’s switching jobs July 23, 2015 CVC Credit Partners Chris Fowler has been appointed managing director in the asset management and investment firm’s private debt team. Based in London, he joins from GE Capital, where he was managing director in the mid-market leveraged finance origination team. Fowler began his career at Morgan Stanley. Lloyds Bank Commercial Banking The bank has announced [...]
The Financial Conduct Authority is going to help savers by making it easier for them to switch accounts July 23, 2015 The Financial Conduct Authority (FCA), Britain’s financial regulator, has announced plans to introduce new measures to help customers switch cash savings accounts, following a review of competition in the industry. Read more: This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost The regulator is proposing new rules which will make [...]