RSA chief Stephen Hester receives nearly £5m pay packet after strong 2017 for the insurer March 25, 2018 The chief executive of RSA Stephen Hester will take home nearly £5m after a strong 2017 for the insurer which saw it achieve a record underwriting profit of £394m. On top of his salary of £987,000, the former Royal Bank of Scotland (RBS) boss received a £1m bonus, £2.6m as part of a long-term incentive [...]
RSA chief executive Stephen Hester pockets nearly £5m after strong 2017 for the insurer March 25, 2018 The chief executive of RSA Stephen Hester will take home nearly £5m after a strong 2017 for the insurer which saw it achieve a record underwriting profit of £394m. On top of his salary of £987,000, the former Royal Bank of Scotland (RBS) boss received a £1m bonus, £2.6m as part of a long-term incentive [...]
Last week in the City March 23, 2018 This week, China warned the US that it is not afraid of engaging in a trade war, the Federal Reserve hiked interest rates again, and Facebook shares plummeted after allegations that millions of users' profile data had been harvested. The FTSE 100 was down 3.5% over the course of the week by mid-session on Friday. [...]
Shadow MPC: The Bank of England should hold interest rates amid hesitantly positive economic data March 22, 2018 Interest rates are widely expected to be kept at their current 0.5 per cent level today, as the Bank of England (BoE)’s monetary policy committee (MPC) meets to deliver its verdict. In the second MPC rate review of this year, due to be announced at midday, the BoE’s policy makers are likely to credit only [...]
Hiscox chiefs miss out on bonuses for 2017 after year of hurricanes and natural disasters March 18, 2018 Senior executives at insurer Hiscox have missed out on bonuses this year after a gruelling 2017 hurricane season. The insurers’ top executives will not receive a bonus for the 2017 financial year after return on equity fell to 1.5 per cent, below the required threshold for a bonus payment. Chief executive Bronek Masojada received £2.3m [...]
Munich Re eyes up the skyscraper plot by the City’s Leadenhall Market March 15, 2018 Munich Re, the largest reinsurer in the world, is in talks with Brookfield Property Partners about acquiring the One Leadenhall plot. The site on the corner of Gracechurch Street and Leadenhall Street sits adjacent to Lloyd’s of London. The plot has approval for a 36-storey tower. The skyscraper, which is designed by Foster and Partners, [...]
Will the number of listed law firms double over the next 12 months? March 15, 2018 When previously unfashionable Birmingham law firm Gateley listed on London’s AIM market on 8 June 2015, hundreds of years of legal tradition were undone, as members of the public were able to buy shares in a law firm for the first time. While this was undoubtedly a seminal moment for the English legal market, Gateley’s [...]
Goldman Sachs CEO succession looks clearer after senior executive retires March 12, 2018 The race to succeed Lloyd Blankfein as CEO of Goldman Sachs looks to have become a formality after one of the two frontrunners announced his impending retirement. The banking giant announced today that its co-president and co-chief operating officer Harvey Schwartz had decided to retire effective on 20 April. Read more: Goldman Sachs boss says [...]
Goldman Sachs warns London banking staff of impending move to Frankfurt March 7, 2018 Investment bank Goldman Sachs has warned more than a dozen City trading and sales staff that they should be prepared to move to Frankfurt within weeks. City Am understands that the staff set to move are in the bank’s debt capital markets and derivatives teams working on German accounts. They have been given notice that [...]
Access Denied: The fight against cyber criminals March 5, 2018 Cyber-attacks defy borders and jurisdictions and are recognised as a Tier One threat to national security by the UK government. As the world becomes more connected, the attacks are becoming stronger, more frequent and more sophisticated. Nearly half of UK businesses identified at least one cyber security attack in 2016, according to UK government data, [...]