Crack out the Jack Daniel’s: Sterling bond issuance lives after Brexit vote June 30, 2016 Two sterling-denominated debt deals launched today, a week after the UK voted to leave the European Union. British American Tobacco (BAT) is reportedly selling a five-year benchmark bond totalling £500m. And US drinks company Brown-Forman, which makes Jack Daniel’s and Finlandia vodka, is in the market with a £300m, 12-year deal. It also announced a €300m [...]
Four things you need to know about today’s CMA retail banking report August 9, 2016 The Competition and Markets Authority (CMA) has published its long-awaited final recommendations for the UK's banking sector. Since the probe first launched in July 2014, the competition watchdog has faced intense scrutiny from all sides, with smaller institutions hoping the CMA will break up the “Big Five” banks – RBS, Lloyds, HSBC, Santander and Barclays [...]
EU referendum: Banking stocks rule the roost as Brexit camp slips back June 23, 2016 Banking stocks have stormed up the FTSE 100 today, as markets react as if we've already had the result of the EU referendum. The bluechip index charged higher in morning trading as a number of opinion polls released late last night and today showed the swing back towards Remain was holding right up until polling day. [...]
European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
Banking bleakness: This is how people reacted to 3,000 further job losses at Lloyds Banking Group July 28, 2016 In its half-year results this morning, Lloyds Banking Group revealed it would be shedding a further 3,000 jobs by 2017. Persistently low interest rates are proving a problem for the banking sector, and the situation could be about to get even worse: many are predicting the Bank of England will choose to cut rates further [...]
City Moves for 18 July 2016 | Who’s switching jobs July 18, 2016 Ogilvy & Mather London Ogilvy & Mather (O&M) London has promoted Sam Cartmell to the position of deputy executive creative director. In this newly created role, Sam will report to O&M London’s new chief creative officer Mick Mahoney. He will support Mick in the day-to-day running of O&M London’s creative department. Sam will also join [...]
HSBC’s job cuts and Asian pivot could have “negative” impact on credit rating, Fitch warns June 11, 2015 Ratings agency Fitch has warned that HSBC risks having its credit downgraded over its new strategy revealed this week. HSBC is looking to cut $5bn (£3.25bn) through a number of initiatives, including cutting around 25,000 jobs. It is also exiting Turkey and reducing its operations in Brazil, and planning to focus more energy and [...]
Unions to meet HSBC UK chiefs June 10, 2015 UNION leaders representing staff at HSBC will meet the bank’s UK boss Antonio Simoes on Monday, officials said yesterday, to discuss the planned 8,000 job cuts. Unite the Union’s Dominic Hook said he wants to minimise compulsory redundancies. “HSBC does not have a voluntary redundancy policy, so that is near the top of our list [...]
Editor’s 2016 review: It’s been a year of momentous political change, but there’s every reason to look to the future December 22, 2016 Attempting to reflect such an extraordinary year with just a handful of our own front pages was always going to be difficult, but I thought we’d give it a go. The front page of City A.M. is (to borrow a phrase from our marketing department) the front door of our brand. The choice of splash, [...]
A rate cut could wipe £1.4bn off operating profits at the UK’s top banks August 4, 2016 Profits will be decimated at the UK’s top banks if, as widely expected, the Bank of England cuts interest rates to a historic low of 0.25 per cent today. New analysis by the banking practice of consultants Simon-Kucher and Partners predicts that lower rates would wipe £1.4bn off the operating profits at the UK’s top [...]