Analysts spread gloom ahead of Tesco numbers November 26, 2013 TESCO received an unwelcome early Christmas message from City analysts yesterday, as predictions of a further decline in third quarter like-for-like sales sent its shares down 2.5 per cent. Barclays predicted yesterday that the UK’s largest supermarket will report a 1.8 per cent fall in UK like-for-like sales next week compared with flat sales in [...]
City Moves for 27 November 2013 | Who’s switching jobs November 26, 2013 Aecom Patrick Flaherty has been appointed managing director for the UK and Ireland at the technical and management support services firm. He joins from Fluor, where he was managing director of its UK operations and led its infrastructure business. Axa Investment Managers The asset management division of Axa has announced the appointment of John Porter [...]
Barclays to pay monthly top up to account for EU’s bonus cap November 25, 2013 HUNDREDS of Barclays’ highest paid staff are in line for extra payments to top up their salaries and replace the income lost by the EU’s incoming bonus cap, the bank has told workers. The level of the monthly payment, known as Role Based Pay according to an email to staff seen by City A.M., will [...]
Premier Oil diversifies away from bank debt with new sterling bond November 25, 2013 FTSE 250-listed energy explorer Premier Oil yesterday launched a new bond, as it looks to diversify its debt away from banks. The new five per cent sterling-denominated notes mature in 2020 and are available to both wholesale and retail investors. The offer period is expected to close at noon on 6 December and the firm [...]
City Moves for 26 November 2013 | Who’s switching jobs November 25, 2013 FRP Advisory The specialist restructuring and recovery firm has appointed Michael Healy as a partner. He joins from Leonard Curtis, the rescue and recovery firm. Healy has 22 years’ experience in business advisory restructuring, and has held roles at Barclays, Levy Gee, and RSM Robson Rhodes. Capco The business and technology consultancy has appointed Jonathan [...]
London leads UK in setting up new businesses November 24, 2013 TENS of thousands more firms were created than closed in the first six months of 2013, with London leading Britain’s entrepreneurial drive, according to a Barclays report out today. The total number of active firms jumped by more than 90,000 from the end of 2012 to June 2013. That took the total up 3.4 per [...]
UBS does a deal with European antitrust probe over Libor case November 21, 2013 UBS has done a deal with European Union antitrust authorities to spare the Swiss bank from fines for the manipulation of benchmark interest rates, according to the Wall Street Journal. The bank will cooperate with investigators and turn over information on other banks as part of the arrangement. With Barclays having already reached a deal [...]
Lessons of the crisis loom large for challenger November 21, 2013 Metro Bank’s Craig Donaldson is determined not to make the same mistakes as the big banks METRO Bank has made a splash since it was granted a banking licence just over three years ago. When it launched in 2010 the new lender was the first to the high street in more than 100 years – [...]
City Moves for 22 November 2013 | Who’s switching jobs November 21, 2013 Triangle The investment, property and asset management group has announced the hire of Rick Denton as group chief executive. He was most recently at Barclays, where he was head of international wealth advisory. Prior to that, he was offshore commercial director at Fortis Intertrust. Allianz Global Corporate & Specialty The insurance business has appointed Danny Turner [...]
Former Barclays chairman Agius takes top job at PA Consulting November 20, 2013 BARCLAYS’ former chairman Marcus Agius is set to become non-executive chairman of PA consulting group in the new year, it was announced yesterday. Jon Moynihan, current executive chairman, is retiring at the end of the year, while Agius will begin in January 2014. It has been over a year since Agius left Barclays under the [...]