Barclays to install ex-boss of B&Q-owner Kingfisher Sir Ian Cheshire as chair of its UK operations February 26, 2017 Barclays is set to announce Sir Ian Cheshire as chair of its UK ringfenced operations tomorrow. Under the ringfencing rules, banks have until 2019 to split their retail units away from their investment divisions. Sky News, which first reported the news of Cheshire's impending appointment, revealed the Prudential Regulation Authority, the banking sector watchdog, has now [...]
Bonus pools across UK banks dry up, but Wall St lenders still shelling out for their junior staff February 24, 2017 City workers at US investment banks are enjoying rising bonuses despite a squeeze in payouts from UK and other European lenders. New figures reveal a widening transatlantic gap – bigger bonuses at US banks contrast with belt-tightening measures by their rivals headquartered on this side of the pond. Bonuses for relatively junior banking staff at the likes [...]
Government kicks off next stage of £12bn student loanbook sell-off February 6, 2017 The government formally kicked off the next stage of its bid to sell £12bn-worth of student loans today. City A.M. revealed bankers from Barclays had been appointed to advise on the deal last month. Read more: Bankers appointed by government for latest student loans sell-off push The sale, which is being structured as a securitisation, is being [...]
This Wall Street lawyer has become Donald Trump’s top pick for the SEC January 4, 2017 Wall Street lawyer Jay Clayton has emerged as the front-runner to become president-elect Donald Trump's pick to lead the U.S. Securities and Exchange Commission, reports say. Clayton, who is known for working on top IPOs such as the Alibaba Group's, met Trump on 22 December, according to Reuters. Read more: Four of Donald Trump's New [...]
The S&P 500 and Dow Jones indices have hit a new high for 2016 as investors pile into banking stocks: JP Morgan, Bank of America, Morgan Stanley, Citigroup all climb April 13, 2016 US stocks have risen to highs for the year in New York, pushed on by investors piling into banking shares. Both the S&P 500 and the the Dow Jones Industrial Average reached fresh highs for 2016. The S&P 500 was up 0.7 per cent in early morning trading at 2,075.21 in early trading, while the Dow Jones Industrial [...]
Barclays poaches new chief operating officer Paul Compton from JP Morgan Chase February 9, 2016 Barclays has poached Paul Compton from JP Morgan Chase to act as its new group chief operating officer. The banking giant said Compton, currently chief administrative officer at JP Morgan, will start the newly-configured role in May. In a statement today it added Compton will be responsible for operations and technology, structural reform, cost transformation, major [...]
Now Ford has spoken out against Donald Trump’s travel ban January 30, 2017 The two top executives at the US' largest carmaker have waded into the row over Donald Trump's decision to ban citizens of seven Middle Eastern and North African countries from travelling to the US, saying it "goes against our values as a company". Reuters reported Ford's executive chairman Bill Ford Jr and chief exec Mark [...]
London Stock Exchange poised to announce crucial sale of French clearing arm January 2, 2017 The London Stock Exchange Group is likely to announce the sale of its French clearing arm this week, City A.M. understands. The exchange entered exclusive talks with pan-European rival Euronext shortly before Christmas and the parties are understood to be nearing a deal worth around €500m (£425m). Read more: London Stock Exchange enters exclusive talks [...]
No fireworks: Bank of England and Federal Reserve set to hold interest rates next week January 27, 2017 With both the Bank of England and the Federal Reserve set to meet it’s a big week for monetary policy, but don’t expect fireworks, economists say. Since the collapse of Lehman Brothers sparked the financial crisis, the top 50 central banks have cut rates over 700 times, according to JP Morgan. While Brexit and the [...]
Steven Mnuchin confirmed as US treasury secretary February 14, 2017 Donald Trump’s pick for US treasury secretary has been approved by the Senate Finance Committee in a vote that divided strictly along party lines. Mnuchin’s nomination was beset by attacks from Democrats and centred on the foreclosure record of OneWest, a bank where Mnuchin acted as CEO. The Democratic senator, Elizabeth Warren, accused Mnuchin of [...]