London slips behind New York as world’s financial capital, survey says May 28, 2019 London has fallen behind New York as the city that most represents the world's financial centre, according to a report released today. A survey of finance professionals by consultants Duff & Phelps found 52 per cent of respondents chose New York as the world's pre-eminent financial centre, up from 42 per cent a year previously, [...]
We must learn from past mistakes to mitigate the impact of the next financial crisis May 24, 2019 It’s sometimes hard to believe that the global financial crisis happened more than a decade ago, and that back in 2008 the world of banking and finance was headline news on a daily basis. Read more: Jury discharged in fraud trial of senior Barclays executives Political and technological developments have changed the world immeasurably since [...]
The next Northern Rock? Metro Bank has had a troubled week May 24, 2019 Could Metro Bank be the next Northern Rock? That’s not a question that any banker wants to hear, but in this case, some self-reflection seems necessary for the young bank. This last week has been nothing if not turbulent for Metro, the UK’s most shorted stock, with conspiracies circulating that it had fallen on hard [...]
The Mifid II reality has been the exact opposite of its noble aims May 24, 2019 The Markets in Financial Instruments Directive (Mifid) II, which brought in sweeping regulatory reform to financial markets in the EU, was intended to improve competition and transparency. More than a year on from its introduction, it has become clear that it has widely missed the mark. In the wake of the financial crash, improved regulation [...]
Metro Bank shares fall back as investors push for board changes after AGM revolt May 23, 2019 Metro Bank shares have fallen back sharply after two days of gains as investors continue to call for changes to the board following a major loans blunder. Shares had surged 10 per cent this morning as the bank’s stock continued to recover following its annual meeting earlier this week, before falling back sharply to trade [...]
Lloyds Bank boss summoned by MPs to explain pension pay perks despite easing shareholders’ concerns May 23, 2019 Lloyds Bank boss Antonio Horta-Osorio has been summoned by MPs to explain the pension contributions paid to the bank’s executives. The bank avoided a shareholder revolt over pension pay last week despite MPs accusing bosses of “boundless greed” on the eve of its annual meeting. Read more: Lloyds Bank avoids pension pay revolt but faces [...]
HM Treasury launches probe into FCA regulation of collapsed firm London Capital & Finance May 23, 2019 HM Treasury has launched an investigation into the collapse of investment firm London Capital & Finance, which will probe the actions of the Financial Conduct Authority. The independent review, which will be lead by Dame Elizabeth Gloster and is expected to take 12 months, will investigate the circumstances surrounding the failure of LCF, which went into [...]
Deutsche Bank prepared for ‘tough cutbacks’ to investment bank as shares reach fresh all-time lows May 23, 2019 Deutsche Bank chief executive Christian Sewing has told shareholders the German lender was prepared to make “tough cutbacks” at its investment banking division. The bank’s shares plunged to fresh all-time lows ahead of this morning’s annual meeting as shareholder discontent mounted following the collapse of merger talks with Commerzbank. Read more: Deutsche Bank slashes revenue [...]
These are the top 25 best-paying companies in the UK May 23, 2019 A report released today has revealed that the UK's 25 highest paying company's offer staff between £61,000 and £90,000 as a median compensation package. The list by job site Glassdoor is dominated by finance and tech firms, three of which have their headquarters in the UK. John Lamphiere, EMEA managing director at Glassdoor, said: “It [...]
Metro Bank shares rise for second day after board avoids shareholder rebellion May 23, 2019 Metro Bank shares continued to climb this morning two days after its board survived a shareholder protest at its annual general meeting. Read more: Metro Bank shares continue recovery after board avoids shake-up The challenger bank’s share price rose 7.4 per cent in early morning trading after a 15.2 per cent leap yesterday following the [...]