Nigel Farage calls for entire Natwest board to go after Rose resignation July 26, 2023 Nigel Farage has called on the entire Natwest board to go after chief executive Dame Alison Rose resigned overnight after an extraordinary late-night board meeting – just hours after the bank’s chairman issued a statement offering her their full confidence. Rose outed herself as the source of a BBC story into the finances of Nigel [...]
Lloyds profit remains flat on last year despite boost from rising rates but guidance lifted for the year July 26, 2023 Lloyds’ profit remained flat on last year despite the benefit of rising interest rates as the bank set aside more than anticipated to cope with bad loans. In the second quarter the high street bank recorded a pre-tax profit of £1.6bn, flat with last year but slightly lower than company compiled consensus. However, the profit [...]
Natwest should have stuck to its guns and kept politics out of the City July 26, 2023 Even the most trigger-happy of football chairmen usually leave a few days or weeks in between expressing full confidence in a manager and giving them the heave. Natwest board supremo Lord Howard Davies gave Alison Rose a matter of hours. What happened between the announcement just before 6pm that the Natwest CEO would be staying, [...]
Alison Rose: How the first woman to lead a major British bank ran Natwest July 26, 2023 Dame Alison – or just Ms Rose as she was at the time – made history in 2019 when she became the first woman to take the top job at one of the UK’s big four banks. She took over a bank from New Zealander Ross McEwan, which had stabilised after the financial crisis nearly [...]
Alison Rose resigns as Natwest chief over Farage leak after midnight board drama July 26, 2023 Dame Alison Rose, the Natwest chief executive at the centre of a leaking scandal, resigned overnight after an extraordinary late-night board meeting – just hours after the bank’s Chairman issued a statement offering her their full confidence. Rose outed herself as the source of a BBC story into the finances of Nigel Farage, who had [...]
Rose has made a stupid error, but Natwest’s decision is fine for now July 26, 2023 Polticians getting grouchy about anonymous leaks – you couldn’t make it up. What Alison Rose has confessed to doing, in the white heat of a media storm, was unwise. Her job at the top of an FCA-regulated entity requires her to be alive to risk, integrity and professionalism, and on that note she has failed. [...]
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
Nigel Farage receives apology from BBC over Coutts account closure reporting July 24, 2023 The BBC has apologised to Nigel Farage for suggesting he lacked the funds needed to hold an account at Coutts after the private bank cut ties with the former Ukip leader. The BBC’s business editor Simon Jack made the apology after a story published by the corporation suggested Mr Farage had his account shut for [...]
FTSE 100 close: Barclays, HSBC and Lloyds retrace losses as Ocado soars July 24, 2023 London’s FTSE 100 retraced early losses today to close in the black, driven higher by online supermarket Ocado surging after it settled a dispute over its warehouse technology. The capital’s premier index climbed 0.19 per cent to 7,678.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Federal Reserve and European Central Bank may back final rate rises this week, experts bet July 24, 2023 US Federal Reserve and European Central Bank officials could launch their final interest rate rises this week as inflation ebbs in their respective economic blocs, experts are betting. Members of the federal open market committee (FOMC) are on Wednesday tipped to raise borrowing costs 25 basis points to a range of 5.25 per cent and [...]