European Banking Authority cracks down on British banker’s bonus cap “allowance” loophole March 4, 2015 The European Union is ramping up pressure on the UK to comply with new laws on capping bonuses which could see London based banks reducing remuneration. Europe’s banking watchdog has issued long-awaited draft guidelines on remuneration which address a grey area allowing banks to circumvent the rules which cap bonuses at two times that of [...]
City Moves for 18 February 2015 | Who’s switching jobs February 17, 2015 Crowdcube Dean Mayer and Stuart Nicol have been appointed head of Debt and growth director respectively by the crowdfunding platform. Mayer is co-founder of Fidelitas, a mini-bond and debt advisory firm, and brings 22 years’ experience. He has worked at Belvall Capital, Dresdner Kleinwort Wasserstein, RBS and HSBC Private Equity. Nicol has worked at The [...]
Andrew Tyrie’s claim about banks’ back-door lobbying is holed December 4, 2014 There are few things bankers dread more than being summoned for hours of intellectual flagellation by Andrew Tyrie, the relentless chairman of the Treasury Select Committee. He has scored several notable victories, including a blueprint for regulators to hold reserve powers to break up major UK banks. On his latest target – [...]
Sainsbury’s braced for first loss in a decade as supermarkets move to downsize May 5, 2015 Battling with excess space and a revival at Tesco, Sainsbury’s is having to fight harder than ever. It is early on a weekday morning, and the first wave of customers are yet to arrive at Sainsbury’s revamped store in Wandsworth – its aisles stacked high with everything from garden furniture to Le Creuset-style saucepans [...]
Tesco set to report record loss. Is new boss Dave Lewis the man to lead a turnaround? April 20, 2015 Dave Lewis arrived at Tesco with the nickname “Drastic Dave” – earned after he streamlined Unilever UK in 2007, cutting 40 per cent of costs and 300 jobs. When he took up the role of Tesco chief executive in September he had every reason to live up to that moniker. Facing a £263m accounting error, [...]
Metro Bank trims losses as loans and deposits double over 2014 January 21, 2015 Challenger bank Metro cut its losses to £8.9m in the final quarter of 2014 as it edges towards profitability, its financial results showed yesterday. That compares with £9.4m in the previous three-month period. The bank hopes to break even later this year, and is looking to float on the stock market in 2016. Metro said [...]
Ka-Shing builds UK portfolio in Eversholt deal January 20, 2015 HONG Kong business magnate Li Ka-Shing has bought Eversholt Rail Group from 3i Infrastructure, Morgan Stanley Infrastructure Partners, and Star Capital Partners. In a deal with an enterprise value of £2.5bn, a joint venture led by Li’s company Cheung Kong Infrastructure (CKI) is to acquire the rail group, which owns 28 per cent of the [...]
Asia’s richest man Li Ka-shing buys Eversholt Rail for £2.5bn January 20, 2015 Eversholt Rail has been snapped up by Li Ka-shing who is Asia's richest man, meaning he now owns around a owns a third of the UK's trains. CK Investments, which is jointly owned by two of his companies, paid £2.5bn to acquire Eversholt Rail from former owners 3i Infrastructure, Morgan Stanley Infrastructure Partners, and [...]
Post Office to challenge major banks for top spot in financial services January 25, 2015 The Post Office is in for major changes this week as the aged company sets its sights on one of the top spots in Britain's financial services industry. According to Sky News, the Post Office is hoping to become one of the country's leading financial services providers and will announce on Monday its plan to [...]
City Moves for 13 February 2015 | Who’s switching jobs February 12, 2015 Institute of Directors Lady Barbara Judge CBE has been appointed as the new chair of the IoD. A trained commercial lawyer, she is currently chair of the Pension Protect Fund and the Energy Institute of UCL, as well as non-executive director of Portmeirion Group. Lloyds Bank Commercial Banking Lucy Barton has been appointed as a [...]