Missed financial targets at RSA wipe a third off of Stephen Hester’s bonus March 23, 2015 RSA chief executive Stephen Hester has been granted 68 per cent of his potential bonus, with missed financial targets mostly responsible for the loss of nearly one third. Hester’s £939,000 bonus took his total remuneration for 2014 to £2.12m, according to the company’s annual report released yesterday. Hester became embroiled in several pay scandals as [...]
Eurozone to see lending pick-up after long slump March 23, 2015 MORTGAGE lending is predicted to hit an all-time high in the Eurozone this year, while business lending will grow for the first time in four years, according to forecasts from EY. The accountancy firm says the bloc’s recovery, combined with lower energy prices, will mean this year is a turning point after a decade-long lending [...]
Ex-Moore Europe Capital employee Julian Rifat sentenced to 19 months for insider trading March 19, 2015 Former Moore Europe Capital employee Julian Rifat was sentenced to 19 months imprisonment at Southwark Crown Court yesterday for insider trading. Rifat has also been fined £100,000 for the same offences and ordered to pay costs of £159,402. He was the third individual to be sentenced for insider dealing offences since the launch of Operation [...]
Is the ECB speaking too soon in saying that QE is already helping the Eurozone economy? March 19, 2015 Danae Kyriakopoulou, an economist at the Centre for Economics and Business Research, says Yes Central bankers in Frankfurt have been patting each other on the back as the euro has continued to slide. At first glance, why shouldn’t they? Their QE has sent the euro tumbling, making Eurozone exports more competitive and raising prospects for [...]
Budget 2015: Here are George Osborne’s best quotes plus his Budget speech in full March 18, 2015 George Osborne's final Budget during this parliament had few surprises but plenty of great quips, including – to the dismay of bookies everywhere – a quip about Ed Miliband's now-infamous second kitchen. Here's a selection of our favourites from today's big speech. (Source: Getty/City A.M.) (Source: Getty/City A.M) (Source: Getty/City A.M.) [...]
From BHS and John Lewis to TSB and the Apple Watch: What got us talking this week? March 13, 2015 Jeremy Clarkson punched a man over a steak. Blurred Lines went from being the song with questionable gender politics to being a Marvin Gaye rip-off. And somewhere above our heads, a pilot got bored and drew rude pictures using GPS flight data. Here is what got us talking at City A.M. 1. After 15 [...]
Tidjane Thiam quits Prudential for Credit Suisse: The exit of a chief exec who defied the odds March 10, 2015 Back in 2010, you would never have expected Tidjane Thiam to receive this reaction on his departure from Prudential. An ill-fated acquisition bid left shareholders fuming – the attempt to buy AIA for £21bn saw the insurer lose £373m and Thiam took the blame. On top of that, the Financial Services Authority (FSA) censured him, fining [...]
Credit Suisse faces shake up under new boss Tidjane Thiam March 10, 2015 Credit Suisse is braced for major changes to its investment banking units, as shareholders welcomed the appointment of Prudential boss Tidjane Thiam as chief executive. The incoming boss gave few clues as to his plans at a press conference yesterday, but is expected to cut back investment banking and focus on the traditional core of [...]
FTSE 100 index in biggest drop of the year – London Report March 10, 2015 Britain’s top share index yesterday suffered its biggest decline so far this year, hit by drops in insurer Prudential and energy stocks such as BG. Prudential fell 3.1 per cent as the loss of its chief executive, Tidjane Thiam, to Credit Suisse took the shine off a 14 per cent rise in 2014 operating profits. [...]
Prudential share price slides despite profit rise as Tidjane Thiam prepares move to Credit Suisse March 10, 2015 The numbers Prudential has reported a profit before tax of £2.6bn for 2014 – 60 per cent up from the previous year. Operating profit rose 14 per cent to £3.1bn. The company's full year dividend climbed by 10 per cent to 36p per share. The Pru's capital surplus is estimated to stand at £4.7bn. Why it's [...]