Watchdog says ‘bad apples’ still able to find new jobs in financial services August 5, 2019 Financial services employees with poor conduct records are still able to move to new companies, despite efforts by the regulator to improve conduct in the sector. A review by the Financial Conduct Authority (FCA) found that “rolling bad apples” continued to be an issue in the sector, despite the introduction of new tougher regulations. The [...]
Goodbye, John Flint: Why has HSBC axed its CEO? August 5, 2019 HSBC’s results this morning were overshadowed by the bank’s decision to sack CEO John Flint after just 18 months at the helm. Just a few hours later, HSBC confirmed it is looking to cut 5,000 jobs at the bank as it chases savings. Read more: HSBC to cut nearly 5,000 in huge savings drive Flint [...]
HSBC axes nearly 5,000 jobs in bid to reduce salary costs after sacking CEO August 5, 2019 HSBC will make as many as 4,700 people redundant from its global workforce in a bid to cut long-term costs, it has announced this morning. The job cuts will involve as many as two per cent of its workers across the world, who number 237,685. Read more: Goodbye, John Flint: Why has HSBC axed its [...]
HSBC CEO John Flint steps down from bank after just 18 months August 5, 2019 HSBC boss John Flint has fallen victim to a top-level reshuffle at the bank despite racking up a 16 per cent rise in first half profits. The firm said this morning it needed a change at the helm to deal with a “challenging global environment”. Flint, who has been chief executive for around a year-and-a-half, [...]
Starling to break even as bank customers double August 4, 2019 Starling Bank is set to break even in the UK by the end of 2020, its founder and chief executive has said, after revealing that its user numbers have doubled in the last eight months. In her annual letter, Anne Boden said the fintech firm’s account total – spanning both business and retail users – [...]
Andrew Bailey warns government to keep hands off the Bank of England August 4, 2019 A frontrunner in the race to become the next governor of the Bank of England has warned politicians not to meddle with its independence. Financial Conduct Authority (FCA) chair Andrew Bailey said the Bank’s independence was a “core underpinning” of economic stability, the Sunday Times reported. Bailey is among the favourites to take over in [...]
Lloyds Banking Group chief executive Antonio Horta-Osorio sells £3.5m of shares in the bank August 2, 2019 The chief executive of Lloyds Banking Group Antonio Horta-Osorio today sold £3.5m of shares in the bank, according to stock market filings. Horta-Osorio sold 6.75m shares at an aggregate price of 52p, the filing shows. The value of the shares sold exceeded £3.5m. Lloyds’ share price fell 2.8 per cent today to 51.3p. Following the [...]
Europe votes on IMF candidate as Finland central bank governor withdraws from contest August 2, 2019 Finland’s central bank governor Olli Rehn has withdrawn himself from the race to become the IMF’s managing director. European finance ministers have been battling to take on the role, but unable to come to a unanimous decision, resulting in a vote. Read more: Mark Carney misses cut for IMF top job However, Rehn, joined another [...]
Why the RBS dividend joy is short-lived August 2, 2019 | City Talk While there’s much to like in the Royal Bank of Scotland interims, it’s still far from plain sailing. After years in the investment wilderness, RBS (LSE:RBS) is finally making its way back into the fold. A strong second quarter has helped to inflate the half-year numbers, with total income rising by 20 per cent and the earnings [...]
Royal Bank of Scotland ‘returns from the wilderness’ with £1.7bn dividend August 2, 2019 Royal Bank of Scotland scored a bumper £1.3bn profit for its second quarter, it revealed today, as well as offering a special 12p per share dividend to investors. But it warned that tough economic conditions would hit profitability into 2020, sending its share price down almost five per cent. Read more: Barclays boosts first half [...]