Lloyd’s of London ramps up modernisation drive as it hits electronic trading target August 12, 2019 It is one of the oldest institutions in the City, but there are signs of modernisation at Lloyd’s of London. The historic specialist insurance market has hit a milestone after completing over 50 per cent of its under-writing deals electronically, meeting a target it set itself for the second quarter of this year. For more [...]
Royal London sales hit by DB transfer drop despite rise in profits August 12, 2019 Royal London, the UK’s largest mutual life insurer, has reported a drop in new business sales during the first half of the year. The pensions provider blamed an industry-wide reduction in defined benefit (DB) transfers today for a four per cent year-on-year fall in new business sales to £5.8bn for the first six months of [...]
City Moves for 12 August – Who’s switching jobs at Autologyx, Diffblue and Troy Asset Management? August 12, 2019 Today’s City Moves includes Autologyx, Diffblue and Troy Asset Management. Autologyx Digital operations platform Autologyx has appointed Sandeep Ram as chief commercial officer to accelerate its expansion. The company has recently secured an additional £1m in funding from its existing investor base. However, with ambitious targets for the next 18 months, Autologyx felt now was [...]
Deloitte sued for £20m over collapse of storage firm August 11, 2019 A Yorkshire-based businessman is suing big four accountant Deloitte and international law firm Clyde & Co over allegations that Barclays bank exerted “informal control” over the financial giants during the winding down of his firm. Jason Schofield, a businessman who ran Leeds’ based storage firm Rhino Enterprises, is suing two joint administrators at Deloitte and [...]
Recruiters warn City job hunters over old social media posts August 11, 2019 That embarrassing tweet you did and forgot all about five years ago could cost you a top job in the City, recruiters are now warning. Old social media posts could come back to haunt those that made them, with many financial employers starting to scrutinise Twitter and Facebook accounts as part of their jobs-vetting process. [...]
Boris Johnson accepts Irish invitation to break Brexit deadlock August 11, 2019 Boris Johnson has reportedly accepted an invitation to meet his Irish counterpart, Leo Varadkar, to break the Brexit deadlock over the Irish backstop. Sterling will begin this week trading at near-decade lows against the euro and US dollar as investors and traders increasingly see a no-deal Brexit as more than likely. Johnson has insisted that [...]
Family ‘incredibly proud’ of police officer’s bravery in Leyton machete attack August 9, 2019 The family of a police officer injured in a horrifying machete attack in Leyton earlier this week have said they are “incredibly proud” of his bravery. PC Stuart Outten is in a stable condition in hospital recovering from his injuries after Tasering his attacker, who stabbed him in the head and body. Read more: Enough [...]
London will retain financial firepower even in ‘worst possible’ Brexit, says Central Bank of Ireland August 8, 2019 London is likely to remain a leading global financial centre even in the most adverse Brexit scenarios, the Central Bank of Ireland has concluded in a new report. The EU-based Central Bank has said that even in the worst possible outcome of Britain’s departure from the EU, the impact on the capital’s financial and related professional [...]
Insurer Zurich expects to beat targets as profits jump August 8, 2019 Zurich Insurance Group hailed its best performance in a decade this morning after reporting a double-digit rise in profits and predicting that it would beat previous financial goals it had set. Read more: Aviva confirms strategic review of Asia Europe’s fifth largest insurer reported business operating profits of $2.8bn (£2.3bn) in the first six months [...]
AA share price climbs as earnings accelerate at motor breakdown insurer August 8, 2019 Breakdown insurance firm AA saw its share price rise almost five per cent this morning as it told investors that half-year earnings are set to outpace last year’s growth. Read more: Hasting insurance struggles as rate change sinks profits Earnings before interest, tax, depreciation and amortisation (Ebitda) for the six months to July will beat [...]