Out in the City G3 Awards name some of our top diversity champs January 14, 2014 THE CITY hasn’t always been a place praised for its diversity but thanks to the Out in the City/G3 Readers Awards, it’s proven itself to be more inclusive than you might think. The shortlist for the awards – which recognise outstanding commitment to promoting equality and diversity in relation to the LGBT community – was announced [...]
Former HSBC exec named as BT Openreach’s next chief executive January 13, 2014 BT ANNOUNCED yesterday that Joe Garner will take up the role of chief executive of its infrastructure business Openreach in February, replacing Liv Garfield, who is leaving to become chief executive of Severn Trent. Garner previously worked at Procter & Gamble and as UK chief at HSBC, where he helped lead the bank through the [...]
The Japanese taste for British and US classics January 13, 2014 WE LOVE a bit of sushi in the City, sipping sake at the top of the Heron Tower or sampling the latest sashimi in Roka – but it looks like our friends in Japan have reciprocated and developed a taste for all things western, snapping up British and American brands faster than you can say “sayonara [...]
Golf Comment: Super Swede the man to beat as Euro stars begin Gulf Swing January 13, 2014 ALL eyes will be on 2013’s indisputable star Henrik Stenson this weekend as the European Tour begins its Gulf Swing with the Abu Dhabi HSBC Championship. The golf world will be fascinated to see whether the Swede can maintain the form that saw him win both the European and US tours last term in his [...]
Former HSBC UK chief Joe Garner joins BT as CEO of Openreach January 13, 2014 Joe Garner is the latest big name hire for telecoms company BT. He'll replace Liv Garfield as CEO of Openreach in mid-February, as Garfield leaves to become CEO of Severn Trent. Garner has worked most recently for HSBC as head of the UK bank, in which BT says that he drove "some of the highest [...]
Saudi British Bank fourth quarter net profit jumps by 20 per cent January 12, 2014 SAUDI British Bank, Saudi Arabia’s fourth-largest listed bank, said yesterday its fourth-quarter net profit rose 20 per cent over the same period of 2012, beating analyst expectations. The lender, an affiliate of HSBC Holdings, said it made 976m riyals (£157.8m) in the three months to 31 December, compared to 815m riyals in the corresponding period [...]
City Moves for 13 January 2014 | Who’s switching jobs January 12, 2014 Smith & Williamson The accountancy and wealth management group has announced the appointment of Tina Riches as national tax partner. She was most recently at the Chartered Institute of Taxation, where she was a technical director. Royal Bank of Canada The bank has recruited Tim Houghton as head of business development in its wealth management [...]
Banks pay further £77m to small businesses for swaps mis-selling January 10, 2014 According to the Financial Conduct Authority (FCA), the UK's four largest banks have upped the pace of payouts to small businesses mis-sold interest rate hedging products. 1,040 firms had been paid a total of £158.6m in compensation from Lloyds, RBS, Barclays and HSBC by the end of December. In November a total of £81.2m was [...]
The dovish consensus is wrong: It is time for interest rate hikes January 9, 2014 ECONOMISTS seem to lurch from one dangerous fad to another. In the late 1980s, most supported the European exchange rate mechanism, which blew up spectacularly; in the 1990s, many supported UK membership of the euro, which would have been a disaster; during the 2000s, few saw the bubble coming and most missed the credit and [...]
City Moves for 10 January 2014 | Who’s switching jobs January 9, 2014 Grant ThorntonThe business advisory firm has announced the appointment of Richard Milnes as a partner in its financial services tax team. He joins from EY, and has previously worked in international tax for Shell and as head of tax planning at Lloyds. CouttsThe bank has recruited Matthew Spencer as executive director and head of intermediaries [...]