UBS chair Axel Weber: We’re eyeing the exit ahead of Brexit because we need a new EU base once the UK leaves March 15, 2017 The chairman of UBS hinted today the Swiss bank may not wait until the end of Brexit negotiations to move jobs out of London. Back in January, Axel Weber said about 1,000 of the bank's jobs in London were directly linked to passporting, the complex set of rights which UK financial firms currently use to do business [...]
Deutsche Bank’s head of financial crime quits after just six months in role January 4, 2017 Deutsche Bank's man in charge of fighting financial crime is leaving his role after just six months. Peter Hazlewood, a veteran of HSBC, JP Morgan and Standard Chartered, was appointed global head of anti-financial crime and group money-laundering reporting officer at the German banking giant last July. He was based in Frankfurt and reported to Sylvie Matherat, the [...]
HSBC AGM: Douglas Flint talks pay, Panama, Brexit and his exit own (Flexit?) as he confirms the hunt for his successor is on April 22, 2016 HSBC's chairman Douglas Flint has admitted he is "not content" with the 23 per cent drop in the bank's share price this year – but has passed the blame onto the wider market. The banking boss, who this morning confirmed the hunt for his successor is on but confirmed he would remain as long as necessary, claimed jitters [...]
The City of London’s policy chair is taking up the chairman role at the firm which runs the UK’s cash machine network February 16, 2017 The firm responsible for running the UK's 70,000-strong cash machine network has appointed the City of London's policy chair as its new chairman. Mark Boleat, who will chair the policy and resources committee at the City of London Corporation until May and is also deputy chairman of think tank TheCityUK, will join Link Scheme as chairman shortly. [...]
As the Co-Op Bank goes on sale, is now the time to buy UK banks? February 14, 2017 It wasn't hard to spot the irony when Paul Flowers, chairman of the avowedly ethical Co-Operative Bank and a methodist minister, was arrested for drug possession in 2013. In the same year, the mutual Co-operative Group ceded control of the ailing lender to its bondholders, after a massive £1.5bn hole was discovered in its balance [...]
These are the UK’s 17 fastest growing cities for tech jobs (spoiler – London’s missed the top spot) February 28, 2017 Looking for a job in tech? It might not be worth sticking around the capital – a new report has suggested the place to be could be Bournemouth. TheCityUK's Enabling Growth Across the UK report, which looks at how finance hubs outside London can flourish, shows London is no longer the UK's fastest-growing tech hub. In [...]
Rolls-Royce freezes the pay of 8,000 managers as it gears up for a challenging 2017 February 28, 2017 Rolls-Royce has frozen pay for around 8,000 managers, about 4,600 in the UK, as the company prepares for a challenging year ahead. Losses at the aeroplane engine maker were worse than expected last year as it racked up a £4.6bn loss before tax. Read more: Rolls-Royce made its largest ever loss last year City A.M. [...]
Saudi Aramco IPO: UK-based consultancy firm said to land role in mega-float January 26, 2017 A UK-based consultancy firm was reportedly hired for work on what is expected to be the world’s largest-ever initial public offering (IPO). Gaffney, Cline & Associates (GCA), which is headquartered in Alton, Hampshire, was selected to assess Saudi Aramco’s crude oil reserves, the Wall Street Journal first reported. The audit is said to have now completed, [...]
Deutsche Bank kicks off its €8bn rights issue on Tuesday as German lender attempts to bolster its capital March 19, 2017 Deutsche Bank announced today it is due to press go on its €8bn (£6.9bn) rights issue on Tuesday, as the German banking giant tries to shore up its capital. The Frankfurt-headquartered lender announced a slew of plans to improve its capital position earlier this month, including, in addition to the rights issue, holding onto its Postbank division, streamlining [...]
HSBC online and mobile banking services down: What to do if you’re a HSBC customer January 4, 2016 Update: HSBC's online services are down for a second day running It’s not a happy start to 2016 for HSBC customers, who’ve been unable to use their banking services all day. HSBC’s online and mobile banking services have been down today, leaving customers unable to make payments or check their balance online – and for [...]