RBS joins Barclays in search for new corporate brokers May 28, 2015 Two of Britain’s biggest banks are both now searching for new corporate brokers, City A.M. understands, in a shake up of the sector’s relationships with the investing marketplace. UBS and Morgan Stanley are RBS’ current corporate brokers. UBS, it is understood, is highly unlikely to repitch for the role because of existing privatisation work it [...]
B&M eyes more stores as sales jump by a third May 28, 2015 Bargain retail chain B&M has hiked its store expansion targets after reporting a near 30 per cent jump in revenue in its first year as a public company. The company, which sells everything from toys to electrical goods and furniture, yesterday said sales jumped 29.5 per cent to £1.6bn in the year to 28 March, [...]
Banks in scramble for Barclays’ coveted broking ticket as Deutsche and Credit Suisse invited to re-pitch May 27, 2015 Barclays, the international London-based bank led by Antony Jenkins, has decided to put its broking mandate up for review after four years. The group is currently served by Deutsche and Credit Suisse as joint brokers. A source close to the bank, which is valued at around £45bn, said yesterday the decision to look for new [...]
US banks’ bonuses outstrip UK as Goldman Sachs tops payout league May 27, 2015 GOLDMAN Sachs’s directors received the biggest bonuses in the sector this year, according to figures published yesterday by Emolument.com. The iconic US investment bank paid an average of £194,000, well above second-ranked Morgan Stanley’s £170,000 average. All of the top five payers are US banks, followed by European banks Credit Suisse and Deutsche Bank, at £135,000 [...]
Bank of England holding firm on retail ring fence May 27, 2015 THE BANK of England yesterday rejected claims that the incoming ring-fence to separate retail and investment banking is no longer necessary, pressing ahead with its plans to implement the structural changes. Instead of setting additional hard rules on exactly which activities are in the ring-fence and which are not, the Prudential Regulation Authority said that the [...]
City Moves for 28 May 2015 | Who’s switching jobs May 27, 2015 Tokio Millennium Re The reinsurer and subsidiary of Tokio Marine & Nichido Fire Insurance Co has announced the appointment of Mark Julian as head of its UK branch. He joined Tokio Millennium Re (UK) in 2008 and assumed the dual role of chief risk officer and chief actuary in 2011. Baker & McKenzie Julia Hayhoe has [...]
‘It’ll be a Glastonbury but for sport and health’ May 27, 2015 British Athletics chief Niels de Vos has grand plans for Olympic Stadium and they start now BRITISH Athletics chief executive Niels de Vos is in no mood for understatement when discussing the importance of the Olympic Stadium to the future – the survival, even – of UK track and field. His organisation will take up [...]
The banks which pay the biggest bonuses: Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi May 27, 2015 US banks are paying their London staff a higher bonus on average than their UK counterparts. Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi took the top five spots of a new survey by salary benchmarking website Emolument, while British-based banks HSBC and Barclays came eighth and 11th respectively. While there's no official data on banker [...]
Bank of England offical Martin Taylor: Regulation will not drive big lenders out of the UK May 26, 2015 The Bank of England will not back down on tough regulation, top official and ex-Barclays boss Martin Taylor said in a speech published yesterday, dismissing threats from banks like HSBC that they could leave the UK for more welcoming shores. Some in the industry have started to argue that banks are now safe, and [...]
Libor-rigging scandal: As trader Tom Hayes comes to court, wait for justice will soon be over – Bottom line May 26, 2015 Politicians have been screaming for blood over the Libor scandal for years, as fines and firing have not sated their anger with banks. Now they have a chance to see if one accused trader will be jailed, as the evidence is presented to a jury. But coming three years after the Barclays fine blew [...]