Dame Alison Rose: Ex NatWest boss handed £2.4m pay package August 23, 2023 Former NatWest boss Dame Alison Rose’s pay package – reportedly £2.4m – has been branded a “sick joke” by Nigel Farage. Dame Alison quit her high-profile role as boss of NatWest, which also owns private bank Coutts over her handling of Farage’s account closure – which sparked a ‘debanking’ scandal. NatWest Group issued an RNS [...]
Citi eyes shake up to give Brit-born boss more influence August 21, 2023 Citigroup boss Jane Fraser is reportedly contemplating a major corporate shake up, potentially dissolving the bank’s largest division, the Institutional Clients Group (ICG). Under this plan, according to the Financial Times, the ICG would be divided into its core segments: investment and corporate banking, global markets, and transaction services. In what would mark the most [...]
British firms face ‘debanking’ for trading with Ukraine, business leaders warn August 16, 2023 UK businesses reportedly face being ‘debanked’ over trading relationships with Ukraine, business leaders have warned. Firms are increasingly “afraid to trade with Ukraine from the UK” due to the risk of having their accounts forcibly closed by overly risk-averse financial institutions, it has been claimed. According to Politico, both the British-Ukrainian Business Council (BUBC) and [...]
Citi bank partners with Ryder Cup ahead of Rome showdown August 8, 2023 Investment bank Citi will become a leading partner of the Ryder Cup for the next two editions of the intercontinental golfing tournament. The New York headquartered firm will become a worldwide partner and official financial services partner to the biennial tournament, which this year takes place in Rome before heading to Bethpage Black, NY, in [...]
London expansion picks up pace for Spanish bank Alantra as series of hires give boost to the City July 31, 2023 Spanish investment bank Alantra has made a series of new hires in the year so far as its push into the London market picks up the pace. So far this year it has brought in Graham Nicoll from Barclays to lead its Midlands team while Sulaiman Bosha has joined from Crito Capital as a managing [...]
Coutts treatment of Farage ‘ought to jeopardise’ Natwest’s bank licence, senior Tory says July 19, 2023 Top Tory MPs have piled pressure on Coutts and its owner Natwest after the private bank reportedly closed Nigel Farage’s account because his views do “not align with our values”. Former Brexit secretary David Davis said the decision amounted to “thinly veiled political discrimination” and called it a “vindictive, irresponsible and undemocratic action”. Speaking during [...]
Peel Hunt records £1.5m loss as revenue down almost £50m amid ‘extraordinary’ market turmoil June 16, 2023 Investment banking firm Peel Hunt recorded a loss of £1.5m after warnings the UK is experiencing “extraordinary” market turmoil. The company reported revenue of £82.3m, down £48.7m on last year’s £131m, it made a loss before tax of £1.5m – a drop from the previous 12 months’ pre tax profits of £41.2m. CEO Steven Fine [...]
The Notebook: Symphony CEO Brad Levy on getting clear on Whatsapp, Revolut’s regulatory woes and using AI May 22, 2023 The Notebook is a daily column where interesting people say interesting things. Today, CEO of Symphony Brad Levy writes ahead of Symphony Innovate conference on 23 May. Message received: Time for UK banks to get clear on Whatsapp In the last year, multiple banks in the US have paid a high price for staff use [...]
Disney woes and health of banks edged Wall Street lower May 12, 2023 Wall Street edged lower on Thursday, weighed down by a sharp drop for the Walt Disney Company and flaring fears about the health of some US banks. The S&P 500 lost 7.02 points, or 0.2 per cent, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average [...]
Sorry about the takeover, but welcome to the board: Suisse boss to join UBS top team May 9, 2023 Credit Suisse’s boss will join the board of UBS after it closes its rescue takeover of the Swiss banking rival. It is part of a major leadership reshuffle two months after the Government-led rescue takeover of Credit Suisse in a 3.25 billion US dollar (£2.64 billion) deal by UBS. Ulrich Korner, who joined Credit Suisse [...]