New challenger bank OakNorth set to open its doors in summer 2015 February 19, 2015 Challenger bank OakNorth expects to secure a license shortly, meaning it could open as soon as this summer, with a strategy that aims to attract fast growth small businesses by mixing digital services with traditional lending. The new bank would be joining other challenger banks such as Aldermore, Virgin Money and Metro Bank, as they battle [...]
Why HSBC’s feeling excited about UK house building March 26, 2014 HSBC has issued a bullish note today on housebuilders explaining why – despite the sector having already trebled in value since 2011 and despite fears overs the impact of future interest rate hikes and the 2015 general election – it still remains upbeat on the sector. The bank has an overweight rating on eight of [...]
The Liberal Democrats want to go after companies who help with tax evasion February 22, 2015 The Liberal Democrats are pledging to get tough on tax evasion. Danny Alexander, the chief secretary to the Treasury, said that under new proposals organisation and people who enable or aid tax evasion would face harsh financial penalties. The proposals include the creation of a new offence; corporate failure to avoid preventing an economic crime, [...]
Banks need to stop shunning Bitcoin – CNBC Comment December 22, 2014 The UK government, led by chancellor George Osborne, wants London to become the world’s Bitcoin hub. Meanwhile, the Bank of England has released a study detailing the digital currency’s virtues. So why, under the surface, is there a “chilling effect”, threatening to derail a sector that could bring millions of pounds to the UK economy? [...]
City Moves for 20 January 2015 | Who’s switching jobs January 19, 2015 HSBC David Phythian has been appointed head of corporate real estate for the bank in the UK. He joined HSBC in 2006 and was head of its London corporate real estate office. Phythian has also held roles at UCB Bank, the United Bank of Kuwait, and a number of private property companies. Square Mile Investment [...]
HSBC’s profits plunge despite tough cost cuts May 7, 2014 DIVING investment bank profits dragged down HSBC’s performance in the first quarter, the bank’s financial results showed yesterday. The UK-based lender’s profits came in at $6.79bn (£4bn), down 20 per cent on the same period of 2013 despite tough cost-cutting measures. Revenues fell 8.3 per cent to $15.88bn, outstripping the 5.3 per cent fall in [...]
HSBC rows back over chairman’s bonus to appease shareholders May 14, 2014 HSBC has rowed back on plans to award chairman Douglas Flint a £2.25m bonus share package, amid rising anger from its shareholders. Instead, the bank said it would pay Flint a one-off £1.06m sum to reflect his increased workload, largely on regulatory issues. The bonus amounted to 44 per cent of Flint’s pay package, which [...]
FTSE boosted by miners on good Chinese figures – London Report March 16, 2015 BRITAIN’S top share index rebounded yesterday after its biggest weekly drop of 2015, with mining stocks boosting the market on expectations of steady economic growth in China, the world’s biggest metals consumer. The FTSE 100 closed 0.9 per cent higher at 6,804.08 points after dropping 2.5 per cent last week in what was its biggest [...]
Being made redundant? This 12-point plan can help you make your next move June 9, 2015 This week has already seen two huge British businesses confirmed widespread redundancies. Yesterday Boots revealed it was cutting up to 700 head office jobs, while today HSBC said as many as 25,000 jobs would be going at the bank, of which 8,000 will be from the UK. For many people nowadays, redundancy is a fact [...]
John Laing due to float for the second time January 18, 2015 INFRASTRUCTURE investment group John Laing was silent yesterday on reports that it is to float on the London Stock Exchange again, seven years after it went private. The company, which has been owned by asset management group Henderson since 2006, is expected to raise tens of millions of pounds if it successfully completes its listing, [...]