Bank of England steps up to push along Co-op Bank rescue plans, amid worries buyers might be shying away from the struggling lender March 19, 2017 The Bank of England's regulatory team has begun making plans of its own for Co-op Bank, as they become increasingly impatient with the troubled lender's sale. The Co-op Bank, which is currently 20 per cent owned by the wider Co-operative Group, revealed last month it was looking for a buyer for the whole of the business. [...]
Deutsche Bank kicks off its €8bn rights issue on Tuesday as German lender attempts to bolster its capital March 19, 2017 Deutsche Bank announced today it is due to press go on its €8bn (£6.9bn) rights issue on Tuesday, as the German banking giant tries to shore up its capital. The Frankfurt-headquartered lender announced a slew of plans to improve its capital position earlier this month, including, in addition to the rights issue, holding onto its Postbank division, streamlining [...]
Goldman Sachs chief executive Lloyd Blankfein’s pay fell to $22m in 2016 March 17, 2017 Lloyd Blankfein's pay was cut by $1m (£808,000) last year, leaving the Goldman Sachs chief executive with a still sizeable $22m salary. The $22m total includes $2m in cash, a $4m cash bonus and $16m in performance-related stock units. Goldman said its compensation committee had decided to reduce pay for its named executive officers by four to six [...]
Moving clearing from London to Europe is no piece of cake March 17, 2017 "Britain cannot have its cake and eat it over Brexit negotiations.” Comments such as this from the Prime Minister of Luxembourg at the height of political tensions following the EU referendum have, perhaps unsurprisingly, become synonymous with the Brexit debate since 23 June. But with the triggering of Article 50 just around the corner, it [...]
HSBC’s chief exec Stuart Gulliver fails to close probe into his taxes, as taxman requests a string of information March 16, 2017 The boss of HSBC may have hand to over more information to the taxman, after a bid by the businessman to close a probe into his affairs failed. HM Revenue & Customs (HMRC) opened an investigation into Stuart Gulliver's personal tax return for 2013-14 in December 2015. The tribunal decision notice stressed the enquiry was limited to factual [...]
Former Barclays boss Bob Diamond is readying a return to the City as part of a Qatar-backed takeover bid for Square Mile stockbroker Panmure Gordon March 16, 2017 Bob Diamond, the former chief executive of Barclays, is reportedly set to launch a takeover bid for Panmure Gordon, one of Britain's oldest stockbrokers. Diamond's private equity firm, Atlas Merchant Capital (AMC), and QInvest, a Qatari investment bank that currently owns 43 per cent of Panmure, will create a bid vehicle to make an offer, according [...]
Senior Barclays’ banker believes the bank’s rules on Libor had flaws, court told in trial against two former traders March 16, 2017 A senior Barclays' banker today in court conceded the rules the bank asked staff to follow on Libor had some flaws, as a trial against two of the bank's former traders rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate [...]
OneSavings Bank reckons the Co-op Bank sale may fail and is ready to restart talks if it does March 16, 2017 Challenger OneSavings Bank will reignite its interest in buying part of Co-op Bank because it expects the beleaguered lender’s sale of itself to fall through. Co-op Bank previously opened its books to OneSavings, which today reported better than expected annual results. Negotiations were put on ice when Co-op Bank put itself up for sale, after its US hedge fund backers [...]
OneSavings Bank share price falls despite revealing double-digit loan book growth March 16, 2017 Shares in OneSavings Bank fell over 1.5 per cent today despite beating expectations and posting strong growth in its annual figures. The figures Underlying profit before tax rose by 29 per cent to £137m with the number of loans issued swelling by 16 per cent to £5.9bn. Net interest margin increased to 3.14 per cent [...]
Digital challenger Starling Bank is launching in beta March 16, 2017 A digital challenger bank founded by a former banker is a step closer to launch today. Starling bank's current account will now be available for anyone who wants to sign up to its beta testing programme. “Our vision at Starling is to give everyone in the world the opportunity to enjoy a healthy financial life. [...]