Barclays picks Jonathan Moulds to ring fence the bank January 14, 2015 Barclays hired former Bank of America Merrill Lynch executive Jonathan Moulds yesterday to split the bank up to fit incoming ring fence law. Implementing the rules which split the investment banking arm from the retail banking and payments systems represents a major challenge for the new chief operating officer. Domestic rivals such as Lloyds [...]
City Moves for 15 January 2015 | Who’s switching jobs January 14, 2015 Lloyds Bank Lloyds Bank Commercial Banking has appointed Allen Appen as head of financial institutions capital and asset backed solutions. He joins from Barclays, where he was most recently head of financial institutions capital markets for Europe, the Middle East and Africa. Mole Valley Asset Management The investment management firm has appointed Andrew Holder as [...]
Qatar appoints Sheikh Abdullah bin Mohammed bin Saud Al-Thani as new chief for sovereign fund December 3, 2014 Qatar’s sovereign wealth fund yesterday appointed a member of the emirate’s royal family to replace its chief executive. The Qatar Investment Authority (QIA), which manages as much as $300bn (£191bn), including significant stakes in Barclays, Credit Suisse, Sainsbury’s and London department store Harrods, has named Sheikh Abdullah bin Mohammed bin Saud Al-Thani as CEO. He will [...]
A bad year for predictions: Number of UK company profit warnings reaches highest point since middle of financial crisis December 21, 2014 It has been a bad year for UK companies trying to accurately predict their profits. According to a report by financial services firm EY, the number of profit warnings issued by the UK's largest listed companies in 2014 was higher than in any year since the height of the financial crisis. During the [...]
City Moves for 11 November 2014 | Who’s switching jobs November 10, 2014 RSA Ian Hood has been promoted to the newly-created role of group chief digital officer at the insurer. He was most recently digital and multi-channel director at RSA, and has also held senior positions at MORE TH>N, Swiftcover, and Direct Line. Deutsche Bank JP Rangaswami has been appointed chief data officer at the bank. Based [...]
Where are the UK’s most powerful companies based? The FTSE 100 is more diverse than you think December 10, 2014 Conspiracy theorists may merrily refer to the "metropolitan elite", but it turns out that when it comes to the FTSE 100, the north-south divide is practically a myth: half of the companies on the index are based outside London, we've found, while others have made their homes all over the world Zoom out to see [...]
Forex market rigging probe: Global regulators close in on £1.5bn bank foreign exchange settlement November 10, 2014 A clutch of banks are this week prepared to settle claims their traders tried to fiddle foreign exchange benchmarks, but final disagreements between global regulators are set to push the case back a week. UK, US and Swiss authorities had aimed to bring out an agreement tomorrow. However bringing so many authorities and banks into [...]
Rolls-Royce share price falls as sales drop for the first time in a decade February 13, 2015 The figures Shares at troubled engineering giant Rolls-Royce opened 3.3 per cent lower this morning after it reported a sales drop of six per cent to £13.7bn in 2014, the company's first drop in sales in a decade. Revenues fell six per cent to £14.6bn, while underlying pre-tax profits dropped eight per cent to £1.6bn (dead on [...]
City Moves for 07 January 2015 | Who’s switching jobs January 6, 2015 Dexion Capital The alternatives investment bank has appointed Magnus Spence as head of asset management. He has over 20 years’ experience, and has held roles at Mercury Asset Management/Merrill Lynch Investment Managers. Spence co-founded Dalton Strategic Partnership in 2002. Falcon Group The specialist financier has appointed Nick Gowlland as chief financial officer. He has previously [...]
British government to issue first ever Chinese-currency bond as Treasury aims to raise 2bn renminbi October 9, 2014 George Osborne yesterday hired Standard Chartered, HSBC and the Bank of China to find investors for the British government’s first ever Chinese-currency bond. The exact sum has not been disclosed, but the Treasury is expected to try to raise 2bn renminbi (RMB) – £200m – in the issue, known as a dim sum bond. [...]