Royal Bank of Scotland reveals plans for new structure to comply with UK ring-fencing requirements September 30, 2016 Royal Bank of Scotland Group (RBS) has set out its plans to restructure in order to comply with UK ring-fencing regulations. Legislation requiring the separation of essential banking services from investment banking services will take effect from 1 January 2019. RBS said today that in order to be compliant with its requirements, "we need to [...]
Carillion share price hits fresh lows: Banks were left on the sidelines while shares plummeted December 4, 2017 Carillion’s stock market valuation hit fresh lows last week, with the stricken contractor now worth little more than £70m. The firm’s travails have been well documented; massive contract write-downs and mind-boggling losses have been pounced upon by short sellers convinced the worst is yet to come. With Carillion’s shares starting the year at 236p each, [...]
Digital challenger Starling to hit profit in 2019 says founder Anne Boden as European expansion takes crucial step December 12, 2017 Digital-only challenger bank Starling will “definitely” be in profit by the end of 2019, its chief executive told City A.M., as it announced a major step in its plans for European expansion. Anne Boden, who started work on the bank in 2014, said Starling will be “breaking even in about two years’ time” as it [...]
Royal Bank of Scotland to ditch “RBS” in brand shake-up August 13, 2016 The Royal Bank of Scotland (RBS) will become a name of the past for the majority of people across the UK, its chief executive said yesterday. The bank is set to kill off the RBS retail brand for everywhere outside Scotland, using less-toxic local brand names instead. That will mean in England and Wales, all RBS [...]
Did RBS abuse its turnaround process? We deserve to know January 24, 2018 During my tenure as secretary of state for business, innovation and skills, one of my major preoccupations was the banks’ treatment of SME customers. I appointed Lawrence Tomlinson as one of the department’s two “entrepreneurs in residence”, based on his record as a successful, innovative businessman. He wrote a report on the activities of Royal [...]
In a cashless society, what will we do when our colleagues turn up rattling the collection tin? January 17, 2019 Periodically, a senior economist will suggest that as a society we could abolish cash. As an idea, it unites left and right in immediate dismay. On the one hand, it would strike a blow against individual liberty, giving retailers, banks, and possibly governments the potential to track your every transaction. On the other, it would [...]
CYBG’s £1.7bn takeover of Virgin Money approved by shareholders September 10, 2018 Shareholders have backed banking group CYBG's £1.7bn takeover of Virgin Money. CYBG, which owns Yorkshire Bank and Clydesdale Bank, and Virgin Money held general shareholder meetings this morning where three motions related to the deal were passed with an overwhelming majority. Read more: Virgin Media wins landmark legal case against council over land access All three resolutions were passed [...]
Direct Line share price wobbles after revealing technology revamp impairment November 7, 2017 Direct Line shares wobbled this morning after revealing a technology systems overhaul was not going to plan. The FTSE 100 insurer, which was spun-off from Royal Bank of Scotland in 2012, is spending up to £100m each year on revamping its legacy systems and developing new technology to improve the “customer journey”. But the value [...]
Brevan Howard US fixed income head jumps ship and heads to Barclays September 6, 2017 A top trader from Brevan Howard’s New York office has left the renowned hedge fund to head up Barclays' macro trading team. The exit comes after City A.M. revealed last week that Brevan Howard’s chief operating officer had resigned and the fund was considering headcount reductions in New York and Israel. Michael Lublinsky will start [...]
Former Shawbrook duo launch new investment firm for speciality finance businesses October 11, 2017 A duo from challenger bank Shawbrook have embarked on setting up a new investment firm, focused on companies in the speciality finance sector. Marc Sefton and Kieran McSweeney have founded Aquilam Capital, which will focus on investing and lending to businesses in the consumer and small to medium-sized enterprise (SME) finance niches and in the [...]