Credit rating giant S&P says UK banks are now better placed to deal with Brexit November 15, 2017 The outlook for British banks has brightened according to a leading credit rating agency, with lenders now in a better position to cope with the run-up to Brexit. Standard and Poor’s said last night it has revised the negative outlook on several large UK banks “mostly to stable, and in some specific cases to positive,” [...]
ICG shares rocket as it announces a 2017 record private debt fundraise of €5.2bn November 14, 2017 Specialist asset manager Intermediate Capital Group (ICG) saw its shares rocket today as it revealed it has raised €5.2bn (£4.7bn) for its latest private debt fund, the largest of its kind in 2017. The fundraising, which gathered €4.2bn of new commitments for the London-listed firm, took place over just five months. It means that ICG [...]
Lloyd’s of London firm Beazley ups catastrophe profit hit to $175m November 9, 2017 Lloyd’s of London insurer Beazley today took a fresh $25m (£19m) catastrophe hit after upping its losses to $175m following a freak year of natural disasters. The insurer said it needed to increase provisions for additional claims following the recent California wildfires. Insured losses would be between $200-300m, net of reinsurance, from natural catastrophes in [...]
Former Lloyds head was aware HBOS could be nationalised but denies government pressured for a takeover November 6, 2017 Lloyds TSB’s former chief executive Eric Daniels took to the witness stand to deny that the bank had been pressured to take over HBOS at the height of the financial crisis. Daniels is the most senior executive to take to the witness stand, in an ongoing £550m trial which has seen around 6,000 shareholders attempt [...]
Most affordable London commuter towns: How a one hour commute can save buyers £500,000 on London house prices October 30, 2017 Living an hour outside London could slash half a million pounds off house prices compared with buying a home in zones one and two of the capital, according to new research. Commuter towns such as Crawley, Windsor, Rochester and Peterborough have an average house prices of £316,000, a survey by Lloyds Bank has found. That [...]
Goldman Sachs’ Lloyd Blankfein says filling London office is “outside our control” because of Brexit October 30, 2017 Goldman Sachs remains committed to its new European headquarters in London but filling it up remains “outside our control” because of Brexit, its chief executive Lloyd Blankfein tweeted today. In his second tweet in the last fortnight on Brexit, Blankfein said: “In London. GS still investing in our big new Euro headquarters here. Expecting/hoping to [...]
Luxembourg finance minister warns EU against strict Brexit approach letting the City of London ‘drift away’ October 23, 2017 Luxembourg’s finance minister has warned EU leaders that taking a hard line approach towards a Brexit deal risks letting the City “drift away into the Atlantic”. Pierre Gramegna urged leaders to strike a collaborative accord allowing the “number one financial centre in the world” to stay well connected to Europe. “I think that it is [...]
Goldman Sachs boss Lloyd Blankfein gets in a dig against the City with Frankfurt tweet October 19, 2017 Lloyd Blankfein made a cheeky dig at the UK on social media today. The Goldman Sachs chief executive was tweeting about a visit to Frankfurt, in which he said: “Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there.” He followed this up with #Brexit. Just left Frankfurt. [...]
Three charts that suggest banks are stronger now than before Northern Rock October 10, 2017 September marked the 10th anniversary of the moment most people had their first inkling all was not completely well with the global financial system. On 13 September 2007, word began to spread that Northern Rock had asked for emergency funding from the Bank of England in its capacity as "lender of last resort", thus prompting [...]
Lloyd’s of London insurer Beazley hit by $275m bill for Harvey, Irma, Maria and earthquakes September 29, 2017 One of Lloyd’s of London’s best-known insurers today revealed a series of natural catastrophes are to cost the firm up to $275m (£206m). London-listed Beazley estimated the fall-out of hurricanes Harvey, Irma and Maria alongside earthquakes in Mexico would reduce bottom line earnings by $150m. However, it added: “Currently there is significant uncertainty surrounding the [...]