Trading platform IG’s first female chief executive poised to take over group October 30, 2018 Trading and investment company IG Group has appointed its first female chief executive in the firm’s 44-year history. June Felix, a veteran of Verifone, Citibank and IBM, joins IG's executive team after a little over three years on its board. The group has been looking for a new chief executive since September when long-time boss [...]
UK government to sell remaining shares in RBS by 2024 October 29, 2018 The UK Government has revealed plans to sell its remaining stake in RBS by 2024 following its bailout of the bank a decade ago. The Government, which rescued Britain's fourth biggest bank with a £45.5bn bailout in 2008, expects to raise £20.6bn from the sale, the Office for Budget Responsibility (OBR) said. The OBR said [...]
HSBC profits soar as bank keeps a ‘strong grip’ on costs and flourishes in Asia October 29, 2018 HSBC reported a 28 per cent profit rise as strong revenue in Asia and efforts to keep costs down paid off. The bank reported a pre-tax profit rise of 28 per cent to $5.9bn (£4.6bn) in the third quarter of the year – with $4.6bn of that generated in Asia. For the first nine of [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Serious Fraud Office chief steps back from Barclays case over conflicts October 28, 2018 The new director of the Serious Fraud Office (SFO) Lisa Osofsky has recused herself from the prosecution of four former Barclays bankers over potential conflicts of interest. The fraud office said she had delegated responsibility for the case to the SFO’s general counsel Alun Milford to “avoid any potential conflict” thrown up by previous private [...]
Lloyds Banking Group could face £150m pensions hit after court ruling October 26, 2018 Lloyds Banking Group could have to pay out up to £150m after the High Court ruled today that it should equalise payments for male and female members of its pension scheme. Three female members of the pension scheme had complained they were being discriminated against as their pensions increased at a lower rate than that [...]
SFO loses bid to reinstate charges against Barclays over 2008 Qatar deal October 26, 2018 The Serious Fraud Office (SFO) lost its bid today to reinstate charges against Barclays over a Qatar loan it made at the height of the financial crisis. The High Court today ruled against the SFO's appeal of an earlier court ruling in favour of the bank. Barclays will now face no regulatory sanctions over the 2008 [...]
CEO quits Allied Irish Bank as concerns are raised about Ireland’s banker salary cap October 26, 2018 The chief executive of Irish state-owned bank Allied Irish Bank (AIB), Bernard Byrne, will step down as chief executive in 2019 amid industry concerns about a salary cap on bankers. News of Byrne's departure comes only weeks after chief financial officer Mark Bourke said that he would be leaving the company early next year. It is [...]
RBS share price drops as it disappoints investors on key profitability metric October 26, 2018 Profits are up 10 per cent year-on-year at Royal Bank of Scotland (RBS), it said in its third quarter results today, though shares dipped as it missed a key target and set money aside to handle PPI claims. The figures The bank reported pre-tax profits of £961m for the quarter, up 10 per cent from [...]
Standard Chartered opposes animal testing as it tightens environmental policies October 25, 2018 Standard Chartered will no longer finance clients who test cosmetic products on animals, it said today as it announced a raft of tightened environmental and social policies. The emerging markets-focused bank will also avoid financing plantation or livestock ranches that degrade High Carbon Stock forests, peatlands or legally protected areas, or operations that grow, process [...]