City Moves for 22 May 2014 | Who’s switching jobs May 21, 2014 Marsh The insurance company has appointed David Bramall as head of placement in its national corporate practice. He joined in 2008 as a casualty broker from Willis, where he was also a casualty broker. Lloyds Bank The bank has announced the appointment of Nigel Brady as a director for sterling financials trading in its commercial [...]
Lloyds caps mortgages May 20, 2014 LLOYDS Bank yesterday announced a shock clampdown on home lending designed to tackle the London housing boom, saying applications for mortgages worth over £500,000 would now be subject to a new income test. Borrowers will now only be able to get their hands on over half a million pounds from the UK’s biggest mortgage lender [...]
Now that banks are rationing loans, time to scrap Help to Buy May 20, 2014 SO the great crackdown on mortgages has started. With the Bank of England’s monetary policy committee uninterested in hiking interest rates, the only solution to contain house prices, sadly, is to ration credit. In theory, that is the job of the financial policy committee and its new-fangled macroprudential tools; but it has yet to act. [...]
Kentz shareholders latest to slam pay plans May 16, 2014 Shareholder spring has sprung bolder than ever for engineering firm Kentz. A huge 58 per cent of shareholders casting votes at the annual general meeting opposed its pay policy, or chose to abstain from voting. Moreover, 45 per cent also opposed its remuneration report. While the pay policy covers plans for paying staff over the [...]
OneSavings Bank hires ex-Lloyds and Close Brothers execs to board May 14, 2014 Onesavings Bank, which plans to float on the London Stock Exchange next month, has beefed up its board by hiring two more industry veterans, the lender announced yesterday. Ex-Lloyds executive Graham Allatt and former Close Brothers director Mary McNamara have both joined the bank’s board. McNamara was formerly the group’s commercial division, and previously worked [...]
Are you insured for that? Lloyd’s of London staff go over the edge May 14, 2014 ANYONE strolling past the Lloyd’s of London building yesterday would have been intrigued by more than Richard Rogers’ striking architecture. Scores of the insurance hub’s staff were pouring over the edge of the building. Not like lemmings, happily; they were abseiling down. The stunt, all in aid of RedR, a disaster relief charity, saw 120 [...]
Growth in EU gives Catlin a boost May 14, 2014 Lloyd’s of London-based insurer Catlin has announced it wrote nine per cent more premiums in the first three months of the year, rising to $2.01bn (£1.2bn) from $1.84bn a year earlier. The growth, the company said, was largely driven by demand for reinsurance sold by Catlin Re in Switzerland. The group recorded no catastrophic losses [...]
Video: Watch Lloyd’s of London’s finest insurance talent tackle the building May 14, 2014 Anyone strolling past the famous Lloyd’s of London building today will have another reason to stop and stare other than Richard Rogers' shiny, inside-outy architecture. There are people coming down the side of the building. Lots of them. Why? Well it’s all in aid of RedR UK, a charity which provides training for disaster [...]
Hawks circle as economy booms May 11, 2014 THE BANK of England is facing growing pressure to reconsider its cheap money policies after another set of business surveys will today point to strong growth across the economy. The Confederation of British Industry (CBI) said this morning it now sees the economy growing by three per cent this year, up from its forecast of [...]
Kent Reliance is back in £600m OneSavings IPO May 7, 2014 ONESAVINGS Bank is floating on the main London market, the private equity-backed lender said yesterday, with an expected value of £500m to £600m. Investor JC Flowers took a major stake in the Kent Reliance Building Society in a recapitalisation deal in 2010, restructuring and renaming the firm. It hopes OneSavings’ range of specialist lending brands, [...]