City Moves for 14 December 2015 | Who’s switching jobs December 13, 2015 MARKETFORM Robert Brown has joined specialist underwriting firm Marketform as global practice leader of its M&A Insurance operations, heading up a team specialist underwriters and lawyers who are responsible underwriting complex transactions to provide bespoke warranty and indemnity and tax insurance products. Robert has more than 20 years’ worth of underwriting experience and has previously [...]
Fed revs up for historic lift in US interest rates – New York Report December 13, 2015 Stock market investors are ready for the first US Federal Reserve interest rate hike in nearly a decade this week, but they may not be fully prepared for all of the nuanced remarks likely to accompany that announcement. If the Fed lays out an aggressive schedule of future rate increases, stock markets could become very [...]
UK broadband battles: Ofcom consultation into BT pricing to close tomorrow December 13, 2015 Get ready for another round of the UK's broadband battles, as industry regulator Ofcom’s consultation into how much BT can charge its rivals for leasing its broadband lines closes tomorrow. After a month-long consultation, part of its Business Connectivity Market Review, Ofcom’s review into BT’s cost attribution methodologies closes tomorrow, leaving the watchdog with a [...]
Debenhams chief executive Michael Sharp could recieve £922,000 in deferred shares after performance targets were lowered December 13, 2015 Outgoing Debenhams chief executive Michael Sharp could earn up to £922,500 in deferred shares this year, and a further £307,500 next year after the company’s performance targets were lowered. Sharp, who will leave in 2016, is eligible for the award after the targets management need to meet under the Performance Share Plan (PSP) were reduced, [...]
US Federal Reserve to hike rates amid bond market jitters December 13, 2015 The US central bank is widely expected to lift interest rates from record lows this week, marking the Federal Reserve’s first move upward since rates were slashed in response to the 2008 financial crisis. Yet while the economy is strong overall, investors will be keeping a nervous eye on bond markets after junk bonds – [...]
RBS faces fresh FCA probe after it reveals IT glitch led to misinforming 4,500 customers about their inactive accounts December 13, 2015 Royal Bank of Scotland (RBS) is facing fresh controversy after it was revealed to have concealed inactive bank accounts from thousands of customers. RBS said over the weekend that it had errantly told 4,500 customers who had asked for their money in inactive accounts that their savings were not held at the bank. RBS said [...]
Magic circle law firm Slaughter and May announces Christmas bonus bonanza December 13, 2015 Bankers are not the only ones who can dream of a bumper bonus this year, as law firm Slaughter and May has boosted its bonus pay. The magic circle firm revealed on Friday that its bonus for associates this year would be between nine to 16 per cent for those achieving a good or exceptional [...]
Challenger bank bosses to meet with Treasury this week over proposed new capital requirements for buy-to-let mortgage lenders December 13, 2015 Bosses from Britain’s challenger banks are expected to meet with Treasury officials this week to make the case for lower capital requirements for smaller lenders. Ten bank bosses are set to meet Charles Roxburgh, the Treasury’s director of financial services, on Wednesday. One source told Morning Wire that while the banks will ask for a [...]
UK government officials scrutinise American activist investors buying up Rolls-Royce amid plummeting share price and repeated profit warnings December 13, 2015 Government officials are reportedly keeping a close eye on Rolls-Royce after American activist investors doubled their stake in the struggling aircraft engine maker. ValueAct, a California-based hedge fund, raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent last month, fuelling expectations that it would seek a seat on the firm’s board [...]
Towers Watson and Willis Group Holdings merger gets the green light from shareholders, with shares in both companies finishing on a high on Friday December 13, 2015 Shareholders gave the green light to the merger between Towers Watson and Willis Group Holdings on Friday. The merger between the professional services firm and the insurance broker, which was first approved by the companies’ boards of directors back in June, suffered a setback in November when key Towers Watson shareholders refused to back the deal, forcing [...]