George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
Standard Chartered chief executive Bill Winters is shifting power abroad June 25, 2015 Standard Chartered's new chief executive Bill Winters is planning a structural shake-up of the bank, which includes handing over power to the bank's regional zones. Read more: Standard Chartered share price rises following appointment of Bill Winters as chief executive The London-listed bank operates in over 70 countries, but has some key regional hubs, [...]
Britain’s world-leading financial services industry is more than just the City June 21, 2015 Financial services” does not equal “London”. This is my message overseas – but it is equally important to say it on these shores as well. Like all lord mayors, I speak to and for the whole of the UK’s financial and professional services community – of which London is only a part. Our work is [...]
Malmaison and Hotel Du Vin sold to Singaporeans June 17, 2015 Boutique hotel chains Hotel du Vin and Malmaison have been sold by their private equity owners to Singapore-based property group Frasers Hospitality for £363.4m. The hotel duo, which has 29 sites across the UK and is formally known as MHDV Holdings, has been sold by US group KSL Capital Partners, which bought the chain in [...]
StanChart hires Naguib Kheraj as its senior independent director June 17, 2015 STANDARD Chartered has appointed former Barclays finance director Naguib Kheraj as its senior independent director yesterday, with immediate effect. Kheraj has been a non-executive director at Standard Chartered since January 2014 and has been tipped as a possible future chairman of the bank. However sources say Kheraj will not put himself forward for the role. [...]
Failure to reach Greek debt deal pulls FTSE down – London Report June 15, 2015 GREECE’S latest failure to reach a deal with its creditors helped to push the FTSE 100 down yesterday, with the blue-chip index closing down 1.1 per cent at 6,710.52. The reduction extended the previous session’s losses of 0.9 per cent, but slightly outperformed major Eurozone indexes. Talks on ending a deadlock between Greece and its [...]
City Moves for 12 June 2015 | Who’s switching jobs June 11, 2015 Standard Chartered Anju Patwardhan has joined the bank in the newly-appointed role of chief innovation officer. Patwardhan will become a member of the Standard Chartered’s technology and operations management group, and will oversee SC Studios, the bank’s innovation outpost in San Francisco. The experienced banker brings more than two decades of international financial services experience. [...]
MPs line up to chair Parliament’s select committees: The races to watch June 11, 2015 Nominations for the chair of each of Parliament's select committees closed last night, with MPs lining up to take control of some of the most influential boards. A secret ballot, where each MP has one vote for each committee, will take place on 17 June, City A.M. has examined each of the declared candidates for six [...]
Winters pledges StanChart reform June 10, 2015 NEW chief executive Bill Winters wrote to staff at Standard Chartered yesterday saying they should brace themselves for “tough times ahead.” Winters was recruited to replace Peter Sands, after a series of poor financial results put pressure on the bank’s share price. Although he praised the institution as “fabulous,” Winters also said StanChart needs to [...]
Stan Chart and Sainsbury’s lead FTSE 100 risers – London Report June 10, 2015 BRITAIN’S main equity index rallied from three-month lows yesterday, led by advances in banking group Standard Chartered and supermarket chain Sainsbury. Standard Chartered rose 5.8 per cent, with traders citing the possibility that British finance minister George Osborne might announce changes in a tax on the British banking industry when he spoke last night. Any [...]