Sir Hector Sants to lead new review into competitiveness of British banks May 18, 2015 A former top City regulator has been tapped to lead a new review of the competitiveness of Britain’s banking sector. The British Bankers’ Association (BBA) has asked Sir Hector Sants to look at whether tax and regulatory reforms in the wake of the financial crisis hurt Britain’s international reputation as a banking centre, Sky [...]
Diamond has a Yale of a time May 18, 2015 “NO ONE in the world I admire more than my dad,” tweeted Bob Diamond’s loyal daughter when, in the summer of 2012, the Barclays boss was being hounded out of the bank over the Libor-rigging scandal. Diamond was subsequently replaced by Antony Jenkins, of course, but now it seems that daughter Nellie may admire her [...]
Barclays to settle £2bn forex-rigging case May 17, 2015 Barclays Bank is closing in on a major £2bn settlement with regulators around the world, drawing to a close its role in the deeply damaging foreign exchange markets rigging scandal. The bank, whose chief executive is Antony Jenkins, is attempting to settle with a number of regulators simultaneously. Last November it pulled out of a [...]
City Moves for 18 May 2015 | Who’s switching jobs May 17, 2015 BT Alison Wilcox has been appointed group HR director at BT. She joins from Vodafone, where she has been regional HR director for Europe for the past 18 months. Wilcox has also worked as regional HR director for Africa, the Middle East and Asia Pacific at the mobile operator. Centrus Advisors The treasury and debt [...]
Bob Diamond re-elected as Atlas Mara director after facing a minor investor revolt May 13, 2015 Ex-Barclays chief Bob Diamond was re-elected as a director at his latest venture Atlas Mara – but only after a modest shareholder rebellion among voters. The chief executive was backed by 91.2 per cent of shareholders, giving him the support a solid majority. But that figure compares with more than 99 per cent for all [...]
Citi avoids Libor charge but faces forex-rigging settlement May 11, 2015 Giant investment bank Citi will not face prosecution over Libor manipulation from the US Department of Justice, yesterday announcing that the investigation is at an end. However, Citi is expected to be one of at least four banks settling the allegations of foreign exchange manipulation with US regulators this week. The bank has already paid [...]
Trading coffee one year on from record highs: Could prices rocket again? May 11, 2015 Prices of Arabica coffee hit record highs last year after a drought in Brazil, the world’s largest coffee producing nation. A dearth of supplies on the world market meant the price of Arabica soared to $3 a pound – a massive rise from under $1.30 back in 2010. “The drought in Brazil had [...]
Andrew Tyrie MP faces fight to keep Treasury Committee chair May 11, 2015 High-profile MP Andrew Tyrie is facing a challenge to his position as Treasury Select Committee (TSC) chairman, City A.M. understands. Jesse Norman, fellow Conservative and former Barclays banker, is believed to be seeking the role for the coming parliament. Such a move could shock political and financial circles, given that Tyrie is held in high [...]
Barclays joins banks paying fines over forex-rigging scandal May 10, 2015 Barclays, RBS, JP Morgan and Citigroup are all expected to settle forex manipulation accusations with US regulators as soon as this week. Shares in the sector have been held down by uncertainty around the scale of the fines, which are expected to come in at around the £3bn mark. It comes six months [...]
Former financiers have mixed political fortunes May 10, 2015 THE CITY’S alumni were well-represented in the General Election, with varying fortunes. Chis Chope – a former Ernst & Young consultant – kept the Christchurch Conservative safe seat he has held since 1997 and Sajid Javid – a former high flyer at Chase Manhattan Bank and Deutsche Bank – is tipped for a cabinet promotion [...]