Co-op could fail bank test December 1, 2014 THE Co-operative Bank yesterday admitted that it would come as “no surprise” if it failed a Bank of England stress test this month. Britain’s main lenders have been tested on their ability to withstand a 35 per cent crash in house prices and surging interest rates. “It will come as no surprise if the bank does [...]
Supergroup share price plummets after becoming the next retailer to issue warm weather profit warning October 31, 2014 Is a Halloween curse following Euan Sutherland around? Just days after the former Co-op boss, who famously quit the business after he dubbed it "ungovernable", was appointed chief executive of SuperGroup, the retailer has issued a profit warning. In a trading update issued this morning, the company behind the SuperDry brand said unseasonably warm weather [...]
Dennis Holt hired as Co-op Bank chairman October 27, 2014 THE CO-OP Bank yesterday promoted Dennis Holt to become chairman of its board, after eight months as a senior non-executive at the troubled finance firm. Holt’s appointment comes after a tumultuous 18 months in which the Co-op Bank dropped out of its bid to buy 632 Lloyds branches, discovered a major capital hole, brought in [...]
Co-op Bank appoints Dennis Holt as chairman October 27, 2014 The Co-operative Bank has confirmed Dennis Holt as chairman of the board, a month after he stepped in on an interim basis. Holt joined the troubled bank as a senior independent director in February of this year, and was promoted when Richard Pym stood down to join Allied Irish Banks at the start of [...]
MPs take aim at regulators on Co-op Bank October 22, 2014 EX-CITY regulator the Financial Services Authority (FSA) should be probed as part of the investigation into the near-collapse of the Co-op Bank and the failed attempt to sell it TSB, MPs said in a report today. The Treasury Select Committee also wants the whole process of auditing banks to be investigated by the Financial Reporting Council, which [...]
Euan Sutherland relaxes into SuperGroup’s clothing after taking on chief exec role October 22, 2014 Euan Sutherland looked relaxed and rested yesterday as he announced his new role as chief executive of high street fashion retailer SuperGroup. As if to prove his unswerving loyalty to the cult brand, the soft-spoken 6ft 6in Scotsman is dressed head-to-toe in Superdry clothing, including a navy blue pea coat, which he enthuses is “absolutely [...]
SuperGroup share price slides as former Co-op boss Euan Sutherland replaces Julian Dunkerton as chief executive October 22, 2014 The former boss of The Co-operative Group, who jumped ship from the troubled company he once called "ungovernable" in March after only 10 months in charge, has been named the new chief executive of Supergroup. Euan Sutherland will replace Julian Dunkerton, the man who founded the group’s fashion brand SuperDry, who becomes product and brand director. [...]
City Moves for 21 October 2014 | Who’s switching jobs October 20, 2014 Page Group Jonathan Wiles has been appointed managing director of Page Executive by the recruitment specialist. Wiles, who joined the firm in 1992, will be transferring from the role of managing director of Michael Page Human Resources. Cantor Fitzgerald Europe Jonathan Richards has been appointed equity research analyst in the financial services firm’s Financial Institutions [...]
Mortgage price war as interest rate hike prospects fade October 20, 2014 Banks slashed mortgage rates again this weekend as the prospect of monetary tightening from the Bank of England receded even further into 2015. Lenders had started increasing rates earlier this year as they believed the booming British economy would lead policymakers to raise interest rates. But the Bank’s monetary policy committee has resisted lifting rates [...]
Bestway pays Co-op £620m for pharmacies October 6, 2014 THE CO-OPERATIVE Group completed the sale of its pharmacy business to Bestway for £620m yesterday, with the funds going to pay down some of the mutually owned company’s debts. The completion follows the announcement this summer that Bestway had fought off competition from other suitors for the 774-store chain, including Lloyds Pharmacy, Carlyle Group and [...]