Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]
City Moves for 10 October 2016 | Who’s switching jobs October 10, 2016 Personal Group Personal Group has appointed George Farrow, the former Reward Gateway chief operating officer, to lead the client management teams and promote the uptake of Hapi, Personal Group's benefits platform, among new and existing clients. With a strong background in strategic growth and product development, George moved into the benefits market following 30 years [...]
City Moves for 6 October | Who’s switching jobs October 6, 2016 PayPal PayPal has named Mark Brant as managing director of PayPal UK. Mark has been promoted to this role following his tenure as general manager, merchant services UK. Mark joined PayPal UK in 2008 as director of large merchant sales before promotions to sales director and general manager of merchant services, UK in 2012. During his time leading [...]
Lloyd’s insurer swallowed up by Japanese giant in a multi-billion dollar deal October 5, 2016 Lloyd's insurer Endurance Specialty has been bought by Japan's third largest insurance company in a deal worth $6.3bn (£5.0bn). Sompo, which has a market capitalisation of £9.4bn, has agreed to buy Endurance Specialty shares for $93 each, a value that is around 40 per cent higher than the average trading price New York-listed company over the last few months. The [...]
Commuting for an hour could save you £450,000 on the cost of your house September 26, 2016 Spending an hour on a morning commute could save London workers £450,000 on the price of their home. According to research by Lloyds Bank, average house prices are 60 per cent lower in commuter towns than in central London, falling from an average of £741,919 in the capital to £294,903 outside it. Read more: House [...]
Funding Circle: Global expansion almost doubles losses at fintech unicorn and peer-to-peer lender Funding Circle September 25, 2016 Losses have almost doubled at fintech unicorn and lending platform Funding Circle, City A.M. understands. The peer-to-peer lending group is set to post a full-year loss of £36m when it publishes its accounts on Tuesday, after expanding into Europe and the US ate into profits. However, revenues at the firm, which was founded in 2010 [...]
City finance jobs tumble after Brexit vote September 23, 2016 Job openings in the City dried up over the summer as finance firms put hiring on hold while they assess the damage of the UK's vote to leave the EU, according to new research. The number of advertised vacancies in financial services dropped by 13.6 per cent in the capital in July and August, according [...]
All but five EU members have more jobs linked to UK trade than vice versa September 23, 2016 All but five EU countries have more jobs dependent on British trade than vice versa, according to new figures. An analysis into the jobs market of the Eurozone has found that 22 of the 27 have more individual jobs at stake than the UK ahead of the activation of Article 50. What's more, every single [...]
Theresa May has axed an advisory panel of some of Britain’s top bosses September 22, 2016 Theresa May has axed an advisory panel established by her predecessor to generate feedback from some of the UK's top bosses. May has scrapped the Business Advisory Group launched by David Cameron in July 2015. The news – first revealed by Sky News – comes just over a year after Cameron launched the group in the [...]
Lloyd’s of London could announce Brexit restructure plans before Christmas September 22, 2016 Specialist insurance market Lloyd's of London is close to announcing whether it is considering relocating part of its operations if the UK loses vital passporting rights as a result of the Brexit vote. Chairman John Nelson told City A.M. he was "hopeful" the UK could strike a deal with the rest of the EU to preserve the [...]