Dodd-Frank reform could force UK to loosen financial services regulations February 5, 2017 The UK and the rest of Europe could come under pressure to loosen financial services regulations, analysts have said, after the President of the United States last week set in motion his plans to scale back rules across the pond. Donald Trump signed an executive order for the 2010 Dodd-Frank financial regulations to be reviewed on [...]
Treasury to put former City banker in charge of selling off Lloyds Banking Group shares and Royal Bank of Scotland (RBS) shares February 24, 2016 Chancellor George Osborne is getting ready to put a former City banker in charge of selling off the government’s shares in Lloyds Banking Group and the Royal Bank of Scotland (RBS). City A.M. understands that Oliver Holbourn, head of capital markets at UK Financial Investments (UKFI) is in line to be named the new chief [...]
UK’s second listed law firm Gordon Dadds doubles profit in first results since IPO November 28, 2017 Gordon Dadds, which became the second law firm to list on London’s public markets in August, has more than doubled its profit in the last year as it revealed its first results since the stock market float. The Aim-listed firm saw its revenue increase by 14.5 per cent to £12.89m, as adjusted profit before tax [...]
Bank shares rally as Donald Trump’s top economic adviser Gary Cohn signals the death of Dodd Frank February 3, 2017 Bank shares have risen on news Donald Trump will today roll back Dodd-Frank banking regulation, according to a senior member of the US President’s administration. Gary Cohn, the director of the White House National Economic Council, said dismantling the regulation, which is aimed at avoiding another Lehman-style crisis, means US consumers will have "better choices". "Americans are [...]
RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push February 12, 2017 Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking. The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable [...]
Lloyds Banking Group is axing 1,755 more jobs and closing 29 branches of Lloyds, Bank of Scotland and Halifax February 3, 2016 More than a thousand jobs will go at Lloyds and 29 branches will close in its latest round of cuts designed to reduce its workforce by 10 per cent by 2017. The axe will fall on staff at Lloyds' retail businesses as well as commercial banking, consumer finance and legal departments. Around 1,000 jobs went at the end [...]
The number of female executives at BFGEI member firms increased by a quarter in one year January 23, 2017 The number of female executives increased by more than a quarter between fiscal year 2014 and 2015, according to figures released today by Bloomberg. The group's 2017 Financial Services Gender-Equality Index (BFGEI) found an average of 24.2 per cent female representation on the 52 boards it surveyed, which include Barclays, American Express and Royal Bank of Scotland. Read more: The [...]
This is how City analysts reacted to RBS’ results February 24, 2017 Royal Bank of Scotland reported its ninth consecutive annual loss this morning, pushing shares down two per cent. The lender's losses widened to £6.96bn in 2016, compared with £1.98bn the year before, largely due to litigation and conduct costs. This is how the analysts reacted: Groundhog Day RBS chief exec Ross McEwan "must feel that he is [...]
What you need to know about the Bank of England’s stress test on Wednesday November 27, 2016 Wednesday will be judgement day for lenders across the UK, as the Bank of England is due to release its most recent set of stress test results. The annual stress test is designed to measure the financial health of the UK's seven major lenders – Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, the Royal Bank of [...]
Firms are wising up on the need to reform executive pay February 16, 2017 To mere mortals, executive pay can sometimes seem out of this world. Gary Cohn, the former Goldman Sachs No2 who is now director of the National Economic Council in the US, was awarded $284m (£227m) by the Wall St bank upon departure. In the UK, the best paid chief executive is WPP’s Sir Martin Sorrell, whose [...]