Carphone Warehouse completes £650m refinancing with lenders August 26, 2013 MOBILE phone retailer Carphone Warehouse announced today it has signed a huge refinancing deal with its banks, helping to fund the recent £470m buy out of its joint venture partner Best Buy in Europe. The London-listed group has sealed two loans worth £650m from its syndicate of lenders, in one of the largest underwritten deals [...]
City Moves for 27 August 2013 | Who’s switching jobs August 26, 2013 Lloyds Bank The bank’s commercial banking arm has announced the appointment of Jacqueline Keogh as director of global trade. Keogh has over 25 years’ experience in the banking industry. She was most recently at Standard Chartered, where she was managing director, and regional head of banks for Europe in its transaction banking division. B Capital [...]
Barclays champ Scott hails Woods’ former caddie August 26, 2013 GOLF: New world No2 Adam Scott thanked caddie Steve Williams for helping him win The Barclays at the weekend. “He’s the guy who can influence me out there, really,” said Scott. Williams, previously caddie to Tiger Woods, infamously fell out with the world No1 and was accused of making racist comments towards him.
Card firms on hook for £1.3bn mis-selling bill August 22, 2013 THIRTEEN of Britain’s biggest lenders yesterday unveiled plans to repay consumers £1.3bn for mis-selling credit card protection products. Seven million customers bought the products which came from CCP and were sold through high street lenders and retailers. They either provided loss protection already covered by the bank, or were misleadingly advertised. If customers bought card [...]
Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
First July deficit since 2010 as spending creeps higher August 21, 2013 THE UK posted an unexpected deficit in July, the first for the month since 2010, highlighting the sluggish progress in reductions to spending. Records of the country’s recent public finances, released yesterday, show a relatively small deficit of £62m for last month. In the same month in 2012, the treasury ran a budget surplus of [...]
Bottom Line: Privatise this bank and let it flourish August 21, 2013 LLOYDS suddenly looks like Britain’s least-troubled bank, with soaring shares, a return to profit and almost all of its business focused on core UK markets. Its position is in stark contrast to much of the rest of the sector. RBS is getting a new boss to push the government’s favoured strategy of cutting back investment [...]
Lean back and read the latest City tome on women at the top August 21, 2013 HOT ON the heels of Facebook chief operating officer Sheryl Sandberg’s highly publicised book Lean In, a London businesswoman is about to publish her own autobiographical and instructional tome – Heels of Steel. Founder of networking site We Are The City, Vanessa Vallely – a former employee of Barclays, Merrill Lynch and Royal Bank of [...]
City Moves for 22 August 2013 | Who’s switching jobs August 21, 2013 Squire Sanders The law firm has announced the appointment of Mark Thomas as a partner in its financial services practice group. Thomas specialises in structured finance and capital markets. He was most recently at Addleshaw Goddard, where he was head of structured finance. PwC The professional services firm has hired Charlie McMurdie as senior crime [...]
UK banks face another mis-selling scandal August 21, 2013 The Financial Conduct Authority is preparing to set out a compensation scheme for consumers who bought identity theft and credit card protection from York-based life assistance company CPP, Sky News was first to report. British banks will again be hit by a mis-selling scandal, which could see them lose up to £1.5bn. Around a dozen [...]