Starter for three: Cambridge & Counties Bank announces record growth in deposits, lending and customer acquisition March 5, 2017 Cambridge & Counties Bank today revealed it had boosted its deposits, lending and customer acquisition by record levels in 2016. The figures The challenger bank, which launched in 2012 and is jointly owned by University of Cambridge college Trinity Hall and the Cambridgeshire Local Government Pension Fund, revealed profits before tax had leapt to £18.1m for the year ending [...]
BAE says executive pay plans “in line with best practice” as it faces shareholder revolt March 5, 2017 BAE Systems has defended its executive pay proposals as "in line with best practice" as it faces off against less-than-impressed investors. Under the firm's suggested pay plans, Charles Woodburn, who is due to take over at the helm of the defence company from Ian King in July, could pocket multiples of his salary in bonuses and share [...]
Fresh batch of bankers to be brought within landmark accountability scheme on Tuesday March 5, 2017 Even more bankers are to be brought within the remit of the Senior Managers' and Certification Regime on Tuesday, one year after the first tranche of rules came into force. Under the Certification Regime, which is designed to increase levels of personal accountability in the financial sector, banks are required to identify any workers who could [...]
Buyers could be put off snapping up Co-op Bank by multi-million pound pension bill headache March 5, 2017 Potential buyers for the Co-op Bank might be put off by the sizeable bill they will face for its pension scheme. The bank, which is currently 20 per cent owned by the wider Co-operative Group, announced last month that it was putting itself up for sale. Prior to this, the challenger had been embarking on an [...]
Deutsche Bank to raise €8bn through rights issue, as it announces a slew of restructuring plans March 5, 2017 Deutsche Bank revealed today it plans to bolster its capital by around €8bn (£6.9bn) through an issue of new shares. The German lender also revealed a slew of restructuring plans, including keeping its Postbank division, streamlining its business model to focus on three key units of private and commercial banking, asset management and corporate and investment banking, and listing [...]
Judge mulling whether RBS Global Restructuring Group case should get the go ahead March 2, 2017 A judge is now considering whether a closely-watched case focusing on the Royal Bank of Scotland's Global Restructuring Group (GRG) should go ahead, after a hearing debating its merits drew to a close. Neil Mitchell is seeking legal action against the bank, as well as KPMG and Cerberus, over the way Torex Retail, the software company he [...]
TfL tells court: Our English tests for Uber drivers might be excessive, but it’s the best we have March 2, 2017 Lawyers for Transport for London (TfL) today told a court it is aware the testing it is proposing for private hire drivers, like Uber drivers, might be considered excessive, but it doesn't have a suitable alternative. Uber is challenging the legal basis for rules proposed by TfL which would require private hire drivers to take a [...]
Real estate firm takes crucial step in bringing appeal against RBS for mis-selling March 1, 2017 A real estate company has taken a key step in appealing its case against Royal Bank of Scotland, claiming the bank caused it losses through interest rates swaps mis-selling and Libor manipulation. Property Alliance Group (PAG) has filed for permission for leave to appeal to the Court of Appeal, CityAM understands. The Manchester-based firm lost its [...]
Ex-Lloyds Libor traders hauled in by fraud squad as part of its ongoing probe into manipulation of the benchmark rate March 1, 2017 A number of former Lloyds Banking Group traders have been quizzed by the fraud squad as part of its ongoing investigation into Libor manipulation. The Serious Fraud Office (SFO) has been probing the rigging of the benchmark rate since 2012. Now, Bloomberg has reported the prosecutor has called in a number of ex-Lloyds traders in [...]
Jean-Claude Juncker unveils five options for EU after divorce from UK, including suggesting the bloc might scale back to just the Single Market March 1, 2017 Jean-Claude Juncker has today suggested the EU might have scale back until it is essentially just the Single Market by 2025, as member states increasingly fail to find common ground on important policy issues. The suggestion was one of five possible scenarios put forward by the European Commission president for the future of the EU, published as [...]
