Carney “absolutely” best man for the job says Downing St October 31, 2016 Theresa May has publicly backed the governor of the Bank of England, Mark Carney, saying he is "absolutely" the best man for the job. The prime minister's spokesperson told reporters today that May was "clear in her support" for Carney, and supported him staying in his post. "The PM would certainly be supportive [for him [...]
Challenger banks: Moody’s says smaller lenders are poised to compete with Britain’s big banks for a share of the UK mortgage market February 25, 2016 British challenger banks are poised to compete with larger lenders for a share of the mortgage market, Moody’s Investors Service has said. In a new report out today, Moody’s said challengers are likely to use securitisation to compete for a bigger share of the UK mortgage market. “Increasing competition in the mortgage market driven by [...]
City Moves for 15 January 2016 | Who’s switching jobs January 15, 2016 LendInvest Online lender for short-term property finance LendInvest has appointed Ruth Pearson as its first in-house legal counsel. Ruth joins LendInvest from Simmons & Simmons where she was a managing associate in the banking team. She joined Simmons & Simmons as a trainee in 2007 and qualified in 2009. During her eight years in private [...]
Royal Bank of Scotland suspends two staff in forex scandal probe February 25, 2015 Shares in Royal Bank of Scotland (RBS) edged one per cent lower today after it emerged it has suspended a further two employees amid an investigation into the rigging of foreign exchange markets. The bank, which is 81 per cent owned by the taxpayer, said: “We can confirm that two members of staff have been [...]
Consumer goods groups challenge financials to become biggest sector in FTSE 100 as Barclays, HSBC, RBS and Standard Chartered share prices plummet year-to-date March 3, 2016 Consumer goods groups are challenging the dominance of financial firms in the FTSE 100 for the first time in a decade. The two sectors are neck-and-neck, with consumer goods actually overtaking financials briefly during February, rising to account for 20.85 per cent of the FTSE 100, compared with 20.61 per cent, before slipping back down again. [...]
European bank share prices bounce – but report warns negative rates could make the sector’s woes even worse February 15, 2016 European banks looked more positive today, as markets continued Friday's rally. In the UK, HSBC was up 0.76 per cent to 443.75p, while Barclays was up 2.5 per cent to 161p. Lloyds was up 1.5 per cent to 59.39p, while Royal Bank of Scotland group rose 1.7 per cent to 244.3p. That came after HSBC confirmed [...]
RBS share price rises after it sells off portfolio of Irish real estate loans December 7, 2015 The Royal Bank of Scotland's (RBS) Ulster Bank today has sold off a portfolio of Irish real estate loans for £360m, as part of a drive to decrease its capital needs. The assets were bought by a subsidiary of Cairn Homes and an affiliate of Lone Star Funds, and the sale is expected to complete by the end of this [...]
The City is a national asset with massive potential to address regional inequality December 12, 2016 One of the hardest parts of the lord mayor’s job is getting people to think of the financial City as more than just London. Our capital is certainly a vital part of the UK’s offer, but so are the many smaller towns and cities that lie beyond the M25 that, together, provide two thirds of the UK’s [...]
At the close: FTSE 100 index closes down on commodities and banks December 30, 2015 The FTSE 100 index closed down today over renewed fears of weakness in commodity markets and concerns over bank stocks after reports the Chinese central bank suspended a number of foreign banks from conducting some foreign exchange business. The UK's top blue-chip index shut 0.64 per cent down at 6,274 points, led lower by Glencore, [...]
London airport expansion: Former Bank of England deputy governor Rachel Lomax says ministers risk squandering infrastructure investment March 3, 2016 A former deputy governor of the Bank of England will today urge the government to "grasp the nettle" on airport expansion or risk undermining investor confidence in the new National Infrastructure Commission (NIC). In a speech at the British Chambers of Commerce (BCC) annual conference today, Rachel Lomax, who is a non-executive director at Heathrow [...]