The Square Mile and Me: Aon’s Dominic Christian on the Lamb, the Broker and the City’s green ambitions February 23, 2023 Every week we ask the great and good of the Square Mile to share their memories of the City – and their favourite pubs and restaurants. This week it’s Dominic Christian, Chair of Aon’s Global Reinsurance Solutions business and a City councilman First memory of the Square Mile Scary, surreal, fascinating. Suits everywhere. Everyone seemed [...]
Prudential: New CEO gears up for first day at insurance giant February 23, 2023 Anil Wadhwani is to start his role as chief executive of Prudential on Saturday 25 February, the company has announced As previously announced in May 2022, Anil Wadhwani will join Prudential as chief executive. He will present 2022 Full Year Results on 15 March 2023 and will begin meeting with investors and stakeholders thereafter. Mark FitzPatrick, chief executive since 1 [...]
Labour ‘very supportive’ of post-Brexit overhaul of EU Solvency II rules February 21, 2023 Labour is “very supportive” of the government’s plans to overhaul EU rules that govern Britain’s insurance sector, shadow chancellor Rachel Reeves said. The government is eager to overhaul the EU-era Solvency II rules, which govern the sums of money insurers must hold on their balance sheets to protect themselves against bankruptcy, in a bid to [...]
Co-op front runner in race to buy Sainsbury’s Bank’s £650m loan book, according to reports February 21, 2023 The Co-operative Bank has tabled an offer for Sainsbury’s Bank’s £650m loan portfolio being, according to reports by Sky News. The Co-operative bank is among a number of parties understood to have tabled a bid for the supermarket bank’s loan book . An insider cited by Sky News said the Co-operative “appeared to be the [...]
Let the payouts commence: As HSBC profits top £4.3bn, banking giant looks likely to appease Asian shareholders February 21, 2023 HSBC promised large payouts in 2023 to appease activist shareholder Ping An after comfortably beating market expectations in the final quarter of 2022. HSBC’s pretax profit for the final quarter nearly doubled to $5.2bn (4.3bn), beating market expectations of $5bn. This brought the bank’s total profit for 2022 to $17.5bn, seven per cent lower than [...]
Analysis: Fintechs need to get back to basics and forget the flashy stuff February 20, 2023 Fintech firms in the UK have long driven new products trying to change the game in financial services, but as investment dries up in the face of a recession, they need to go back to basics, writes Lyle Wraxall.
Tesco ‘considering sale’ of Tesco Bank, according to reports February 20, 2023 Tesco is considering selling Tesco Bank, according to Sky News which has reported that the supermarket giant has started a review process for its banking arm. The review is at a very early stage, according to insiders, and may not lead to a formal sale process. A partial sale or joint venture may also be [...]
To stay out of a recession, we need to get on with hashing out a deal on Northern Ireland February 20, 2023 Since the UK voted for Brexit, Northern Ireland has been a headache for politicians and businesses alike. Time to finally end the madness, writes Chris Hayward.
Week ahead: UK January borrowing bill to hit £5bn to pay for cost of living support, experts predict February 19, 2023 Britain is expected to have borrowed around £5bn last month, largely to pay for household energy support, new figures out from the Office for National Statistics (ONS) this week are poised to show. The difference between what the government spends and takes in tax revenue – the deficit – is likely to have been kept [...]
Home REIT was warned of ‘slum conditions’ in October in row between tenants and property vendor February 17, 2023 Home REIT was warned of “slum conditions” in its property portfolio as early as October but failed to publicly acknowledge the scale of the issues until yesterday, City A.M. can reveal.