Burberry shareholders vote against Christopher Bailey pay deal July 11, 2014 Shareholders have struck a blow to Britain's iconic luxury fashion brand Burberry by voting against the proposed multi-million pound pay package for new chief executive Christopher Bailey. More than 50 per cent of those who voted at the luxury giant's annual general meeting today went against the directors' remuneration report. The lucrative package includes a [...]
Barclays ditches cashiers as it shifts to digital July 11, 2014 The face of high street banking is changing, and Barclays has decided to drop the role of traditional cashier as customers increasingly adopt digital services for managing their finances. The British bank has announced that it will be moving 6,500 employees from cashier roles to advisory roles, where they will help customers with managing [...]
Portugal banking crisis rocks markets as Espirito Santo share price plummets July 10, 2014 The spectre of a renewed Eurozone crisis reared its head yesterday, hitting shares and bond markets, as fears deepened over the future of Portugal’s biggest listed bank, Espirito Santo. Investors have lost faith in the troubled lender, fearing its assets are overvalued, while its parent group has missed a debt repayment. Portugal is barely out [...]
Bank of England holds rates as pressure to hike in 2014 builds July 10, 2014 THE BANK of England’s policymaking committee announced another month of inaction yesterday, despite the suggestion that a rate hike would now come as soon as this year. The monetary policy committee (MPC) voted once again to hold the Bank’s benchmark interest rate at 0.5 per cent, but the minutes of the latest meeting will not reveal whether [...]
Bankers dash for the cash in Standard Chartered’s 5k race July 10, 2014 Some 6,500 City workers ran through the streets of the Square Mile last night, not to All Bar One for first dibs on Thursday drinks, but as part of Standard Chartered’s annual 5k Great City Race. The rain held off as teams from firms such as Investec, KMPG, Lloyd’s of London, PwC and [...]
London Report: FTSE spooked by euro market fears and LSE stake sale July 10, 2014 UK STOCKS yesterday retreated, with the FTSE 100 index posting its worst four-day slump since January, as London Stock Exchange (LSE) slid while banks extended losses. The FTSE 100 lost 45.67 points, or 0.7 per cent, to 6,672.37, extending its decline this week to 2.8 per cent. The broader FTSE All-Share Index also slid 0.7 per [...]
Bottom Line: Bank shares are still a white-knuckle ride July 9, 2014 THE ECONOMIC recovery is so firmly underway on both sides of the Atlantic that it almost feels like we are back in a boom. Stock markets in particular have roared back, fuelled by returning confidence and cheap money. But not every sector is feeling the love. Banks are still hideously unpredictable for shareholders. This is [...]
City Moves for 10 July 2014 | Who’s switching jobs July 9, 2014 Regis The global property investor has appointed Syd Taylor as its UK-based chief financial officer. Taylor’s 25 years of experience include director level roles with Rockmount Capital, ING Real Estate, Goldman Sachs and Great Portland Estates. Smith & Williamson Peter Mitchell has joined the accountancy and investment management group as head of banking. Mitchell joins [...]
Best of the Brokers for 10 July 2014 July 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BP Barclays has increased BP to “equal weight” from “under weight”, keeping the target price at 600p. The broker thinks management’s commitment to return divestment proceeds to shareholders and potential for solid efficiency savings outweigh any long term concerns. PROVIDENT FINANCIAL Berenberg has [...]
Barclays appoints Matthew Ponsonby as new European M&A boss July 8, 2014 Barclays has shuffled its top dealmaking staff, naming Matthew Ponsonby has the new head of European mergers and acquisitions following the departure of Mark Warham. Ponsonby held the role as co-head until 2013 when he became chief operating officer for banking. Gary Posternack will be global head of M&A.