TSB results: Chief executive Paul Pester says the big banks have it far too easy as his challenger bank reports 22 per cent increase in customer lending for 2015 January 28, 2016 TSB Bank chief executive Paul Pester told City A.M. that the challenger bank "definitely went from strength to strength" in 2015, as the lender announced its full-year results this morning. The retail and commercial bank, which was carved out of Lloyds Banking Group in 2014, reported profits were ahead of expectations, with management profit before tax of £105.7m, while [...]
Megacity London: Our next mayor needs the ambition to match the scale of the challenge January 28, 2016 The next mayor of London will have some difficult decisions to make. Forecast to reach 9m residents by 2020 and 10m by 2030, the capital’s soon-to-be status as a “megacity” will bring with it both significant challenges and opportunities. This evening, the main candidates standing to be the next mayor will be setting out their [...]
National Australia Bank shareholders approve plans to demerge Clydesdale and Yorkshire Bank in IPO next month January 27, 2016 Shareholders in National Australia Bank (NAB), which owns Clydesdale and Yorkshire Bank, last night voted overwhelmingly in favour of plans to spin off Clydesdale and float it on the London and Australian stock-markets next month. Clydesdale Group, which includes Yorkshire Bank and is often referred to as CYBG, is valued at an estimated £2bn. It is one of the largest of [...]
City Moves for 27 January 2016 | Who’s switching jobs January 27, 2016 Indigo Planning Indigo Planning has appointed of Julie White as associate. Julie joins the consultancy firm with more than 15 years’ national and regional industry experience. Much of Julie’s work has focused on delivering residential and mixed-use proposals for private developers, as well as major retail projects for a national supermarket operator. She also has experience [...]
Great Western Developments will invest £47m of its own funds into the tube developments at Paddington station January 26, 2016 Great Western Developments, the developer working on the revamp of Paddington station and the so-called Shard of west London, has told City A.M. it will be providing the £47m investment needed to upgrade the tube station. Great Western Developments (GWD), a subsidiary of Singapore’s Hotel Properties, is working with the team behind the Shard and the London Bridge redevelopment, Sellar Property [...]
Luxury homes are filling in the gaps on a WWII bomb site in Fitzrovia January 25, 2016 Tucked away on a corner off of Tottenham Court Road, sits a jumble of mismatched buildings. One of them is the epitome of modern urban living – all dark brick boxes and sharp angles – while its neighbours sport austere Georgian facades and regal ribbons of Portland stone. Originally, these were six individual plots, including [...]
Plans for five-storey office block above Farringdon Crossrail station win approval January 25, 2016 Plans to build a major new office building above Farringdon Crossrail station have been given the go-ahead by City planners today, with construction expected to start next year. Designed by PLP Architecture – the architects behind Lipton Rogers and Axa Real Estate's 22 Bishopsgate skyscraper – the five-storey building will sit above the station's eastern ticket hall on [...]
Westfield Stratford evacuated as fire breaks out January 25, 2016 Hundreds of shoppers and retail staff have been evacuated from east London shopping centre Westfield Stratford after a fire broke out this afternoon. A spokesman for the London Fire Brigade told City A.M. the emergency service had been called to scene at around 12:45pm. The fire – which was "very small" – was not actually in Westfield itself, [...]
Bitcoin: Banks are worryingly complacent about the coming digital currency storm January 25, 2016 The financial services industry is dangerously complacent in its approach to digital money. Some of the major banks almost look like they fear technological change that promises greater transparency, efficiency and security at a lower cost. Too many industry players and regulators have spent more time shutting down innovations than driving them. Barclays, Chase, Westpac [...]
M Restaurant’s Martin Williams on Wagyu, division bells and building a brand January 25, 2016 There is something of the Midas touch about Martin Williams. Forty minutes into an interview about his restaurants, M Threadneedle Street and M Victoria Street – currently two of the capital’s trendiest hangouts – he mentions his previous life as an actor. Despite being successful on stage and TV in his early twenties, the on-off [...]