RBS to select Alison Rose to become first female chief executive August 10, 2019 The Royal Bank of Scotland (RBS) is set to pick Alison Rose to become its new chief executive. Rose will become the first woman to lead one of the UK’s biggest high street lenders and is likely to be named as Ross McEwan’s successor in the coming weeks, Sky News claim. Read more: Outgoing RBS [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
Lloyds invests in new digital banking platform November 7, 2018 Lloyds Banking Group said today it had invested in a fintech company whose tech it plans to roll out next year, in the bank’s latest bid to enhance its digital presence. Lloyds has invested £11m for a 10 per cent stake in Thought Machine, which is building a new cloud-based platform aimed at replacing current [...]
Why the Bank of England should keep interest rates on hold November 6, 2019 The Bank of England must leave interest rates on hold tomorrow and resist the urge to tinker until Britain’s economy is out of the General Election and Brexit fog, City A.M.’s panel of expert economists has said. Read more: Sajid Javid delays appointment of new Bank of England governor Much has changed in British politics [...]
Lloyds Bank profits jump despite increased PPI bill February 21, 2018 Lloyds Bank annual profits leapt by almost a quarter despite a jump in PPI payouts. The figures Net interest income rose eight per cent to £12.3bn while operating costs were one per cent higher at £8.2bn. Lloyds’ provision for PPI rose from £1bn to £1.7bn. Profit before tax was £5.3bn, up 24 per cent. Dividends [...]
Bank of England holds rates, and would need half a year for negative rates February 4, 2021 The Bank of England (BoE) has today left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn. The BoE’s Monetary Policy Committee (MPC) voted unanimously to keep rates at record-low levels. It also confirmed that it would take six months for banks to get ready for negative interest rates should [...]
UK construction activity suffers ‘devastating’ drop as Brexit kills demand October 2, 2019 UK construction activity fell at the second-fastest rate since the financial crisis in September, a closely-followed survey of the industry showed today. Read more: Job losses mount as Brexit fears hit UK manufacturing A historically steep drop in new orders led to firms trimming employment at their fastest pace since the end of 2010, according [...]
FTSE 100 and Wall Street push higher on economic recovery hopes March 9, 2021 Wall Street pushed higher and the FTSE 100 reversed early loses to post modest gains today as investors were buoyed by optimism about global economic recovery and more US stimulus. All three major US indices pushed higher, with the tech-heavy Nasdaq rebounding after a steep decline in yesterday’s trading. As the end of trading neared, [...]
Exclusive: Legal consultant model to become dominant among mid-market law firms February 25, 2021 The legal consultant business model will become the dominant model among high street and mid-market law firms, with around a third of UK lawyers predicted to be working under such a model in five years’ time. The Covid-19 pandemic has acted as a “catalyst” for industry disruption, exposing the “poor management and outdated operating models [...]
The UK has a vital role to play in leading the global fourth industrial revolution October 28, 2019 For nearly a year, my mayoral programme – Shaping Tomorrow’s City Today – has promoted UK innovation and technology, addressed social and digital exclusion, and championed digital skills. And during my recent business delegation visit to Kenya, I saw the great potential that technological innovation offers to individuals and communities seeking financial empowerment. Over the [...]