JP Morgan boss Jamie Dimon: To cut my $31.5m pay would ‘offend the board’ October 6, 2021 JP Morgan chief executive Jamie Dimon defended his $31.5m pay in a HBO interview, saying his board would take offence if he asked for a pay cut. Speaking to co-founder of Axios James VandeHei, Dimon said his pay was up to the board, who would be offended if he were to request a reduction. As [...]
Meet Londoner Simon Kenyon, Lloyds’ new ambassador for the capital October 4, 2021 Lloyds Banking Group has appointed Simon Kenyon as its new group ambassador for London, a role designed to help support businesses and communities across the capital, according to the bank. Kenyon, who has lived in London for 25 years, takes over from Ed Thurman as the city looks to emerge from the disruption caused by [...]
Virgin Money store closures latest in long line of banks and lenders shutting branches September 30, 2021 Virgin Money’s latest tranche of branch closures, announced this morning, comes after swathes have been shut across the banking sector in recent months. The move to axe nearly a fifth of Virgin Money’s branch network – 31 stores with 112 jobs at risk – comes as rival HSBC also calls time on the last of [...]
Lloyds Bank picks Wicks to fuel capital’s recovery September 30, 2021 | Sponsored Interview with Lloyds Bank’s new regional director for London SME and mid-corporate. As the capital starts to emerge from the disruption caused by Covid-19, what kind of financial shape are its businesses in? “We’ve seen countless examples of firms showing incredible resilience and innovating in order to survive,” says Becci Wicks, in conversation with City [...]
Bonus and pay cap drives Bank of Ireland executive to pastures new September 28, 2021 Restrictions on executives’ pay has driven a top dog at one of Europe’s largest retail banks to quit his job. Myles O’Grady has left his role as chief financial officer at the Bank of Ireland, citing limits on bankers’ pay and bonuses as the main reason for leaving. O’Grady quit to capitalise on a better-paid [...]
Cop26 sponsor NatWest named and shamed for links to Arctic oil and gas drillers September 27, 2021 NatWest is under scrutiny from campaigners due to it financing fossil fuel developers while sponsoring the Cop26 climate summit NatWest is the banking sponsor of the Glasgow conference — where countries will pledge to reduce carbon emissions as part of a wideranging global effort — but was still providing underwriting and loans to energy companies [...]
Drill, baby, drill: Arctic set for £230bn oil and gas bonanza with JPMorgan, Barclays and Citi piling in September 23, 2021 Oil and gas companies are set to ramp up production in the Arctic by 20 per cent in the next five years, according to a new report shared with City PM this morning. The main Arctic expansionists – Gazprom, Total and ConocoPhillips – are backed by hundreds of billions of pounds from dozens of City [...]
FTSE 250 group Investec expects 125 per cent UK profit growth September 23, 2021 Wealth manager and banking group Investec has raised its earnings guidance following a rebound in revenue, with its UK wealth division growing 9 per cent to £45bn. The Group said its UK business’ adjusted operating profit are now expected to be at least 125 per cent higher than the first half of 2021. The Anglo-South [...]
Financial services were forgotten by Brexit and London deserves better September 21, 2021 I have always been optimistic about London’s ability to bounce back from the terrible economic impact of the coronavirus pandemic. The good news is my optimism was well founded – as we’re already seeing many positive signs. Our “Let’s Do London” campaign is working, enticing Londoners and visitors back to experience all that central London [...]
Post Office asks banks for extra £200m so customers can access cash September 20, 2021 The Post Office has asked banks for an additional £200m, as part of a new three-year deal, so customers can continue to access cash from Post Office counters, according to reports. The deal, set to begin in 2023, has seen the Post Office demand £800m from 30 high street banks to pay for the use [...]
