European dealmakers top global M&A rankings for second consecutive year December 17, 2019 Europe was the only region to enjoy a positive M&A performance in 2019 amid a global downturn that will continue into 2020, according to new analysis. European dealmakers marginally outperformed their regional index by 0.6 percentage points over the last year despite a poor performance from UK buyers, according to research by insurer Willis Towers [...]
Bank of England governor vacancy gets 650 applications on Linkedin December 17, 2019 The role of the governor of the Bank of England has piqued the interest of Linkedin users as one of the most viewed jobs in 2019. Current incumbent Mark Carney is leaving the role on 31 January, with big names like Financial Conduct Authority boss Andrew Bailey and City grandee Helena Morrissey in the running [...]
No-deal Brexit fears trigger sell-off of Barclays, Lloyds and RBS shares December 17, 2019 Shares in Barclays, Lloyds and Royal Bank of Scotland (RBS) all slumped in early trading after Boris Johnson brought back the spectre of a no-deal Brexit today. The trio failed to impress in yesterday’s Bank of England stress tests, where analysts warned that a strategy to double a 100-basis point capital buffer designed to protect [...]
Metro Bank launches cash delivery service to woo smaller firms December 16, 2019 Struggling high-street lender Metro Bank has launched a new on-demand cash collection and delivery service in a bid to attract the UK’s small and medium-sized businesses. The challenger bank has today started accepting registrations for the service, called MCash, that it said could help the 4.2m smaller UK firms that rely on physical money. Read [...]
Virgin Money share price falls after Barclays downgrade December 16, 2019 Shares in Virgin Money are down by more than five per cent today after Barclays downgraded its rating. Barclays analysts shifted Virgin Money’s stock from equal weight to underweight, signifying a pessimistic outlook, today. Read more: Virgin Money cancels dividend after £385m PPI hit The downgrade was made due to weak earnings, high growth in [...]
Canada grandees celebrate Conservative majority December 15, 2019 City heavyweights have lined up to express bullish excitement about the Square Mile’s prospects after the Conservatives’ landslide election win. Boris Johnson’s self-proclaimed “stonking” majority means the UKwill leave the EU by 31 January, which pundits say will provide desperately needed clarity for the financial sector. Read more: UK stocks surge after Conservative win ends [...]
Banking on the future: The boss of the Association of Foreign Banks speaks to CityA.M. December 12, 2019 Among the many services that the Association of Foreign Banks (AFB) provides to its global members is a guide on how to handle allegations of workplace harassment. Overseas banks with an office in the UK can pay their trade body a small fee for a 26-page report that highlights case studies of misconduct. It even [...]
Traders ready themselves for election all-nighter December 12, 2019 Armed with energy drinks, cigarettes (or vapes) and coffee, London’s financial traders are gearing up for a general election all-nighter. City workers will be glued to their terminals for the next 24 hours, preparing themselves for any swings in global financial markets as Britain’s voters head to the polling booths. Read more: Moody’s downgrades outlook [...]
Second law firm files multi-million foreign exchange class action against raft of banks December 11, 2019 A second law firm today launched a multi-million pound class action claim against a raft of banks which admitted rigging the foreign exchange markets. US litigation firm Hausfeld filed the claim in the Competition Appeal Tribunal (CAT) today against Barclays, Citibank, the Royal Bank of Scotland, JP Morgan, UBS and MUFG Bank over their participation [...]
Credit Suisse cuts profit targets and pivots away from coal December 11, 2019 Credit Suisse faces missed targets and losses next year, after the bank cut its profitability target for 2020. The Swiss bank expects return on tangible equity – a profitability metric – to be over eight per cent, a drop from previous expectations of 10-11 per cent. Read more: Credit Suisse profit doubles amid rise in [...]
