City editor of Sky News, City AM columnist and Charlton Athletic fan. London Press Club Business Journalist of the Year 2011.

BBA: New Oversight Will Hurt Smaller Banks

news.sky.com — Smaller lenders would be hit by new rules heralding the world's toughest oversight regime for senior bankers, according to the industry's main City-based lobbying groups. The warning is contained in a confidential paper submitted on Friday to UK watchdogs ahead of sweeping reforms that will include the threat of seven-year prison terms for directors of failed banks.

StanChart Board In Singapore For Crunch Talks

news.sky.com — Directors of Standard Chartered will meet in Singapore next week amid growing investor pressure for the underperforming bank's chairman and chief executive to step down. Sky News understands that the emerging markets lender will hold a board meeting next Tuesday, which will be followed by discussions with leading shareholders in Hong Kong later in November.

RBS Leans Towards Naming EY As New Auditor

news.sky.com — Royal Bank of Scotland (RBS) is leaning towards appointing the smallest of the big four accountancy firms as its new auditor, a move that would spell the end of its relationship with Fred Goodwin's erstwhile employer.

Ex-Tesco Boss Leahy Eyes MetaPack Share Sale

news.sky.com — A logistics firm which counts the former Tesco boss Sir Terry Leahy among its directors is drawing up plans for a share sale that would crystallise multimiillion pound fortunes for its investors. Sky News understands that MetaPack, which provides internet delivery services to leading retailers such as Marks & Spencer, has appointed GP Bullhound, a technology-focused investment bank, to work on the fundraising.

Former BBC Chief To Join State Assets Body

news.sky.com — A former BBC executive will on Thursday be appointed to the board of the body which oversees state-owned assets weeks before the completion of an inquiry into how such businesses are sold. Sky News has learned that Caroline Thomson, who stepped down as the BBC's chief operating officer in 2012, will become a non-executive director of the Shareholder Executive (ShEx).

UK Banks To Take £1bn Hit As Forex Deal Looms

news.sky.com — Three of the UK's biggest banks are poised to set aside roughly £1bn for settlements with regulators during the next week following a probe into the abuse of critical foreign exchange benchmarks. Sky News understands that Barclays, HSBC and Royal Bank of Scotland (RBS) plan to make the aggregate provision as part of their third-quarter results during the next week.

Tesco Faces Criminal Probe Over Profits Crisis

news.sky.com — The Serious Fraud Office (SFO) is poised to launch a formal criminal probe into the accounting crisis at Tesco that led the UK's biggest retailer to overstate profits by £263m. Sky News has learnt that the agency could confirm as soon as this week that it is opening an inquiry, adding to separate investigations by the City regulator and the accounting watchdog.

Investors Pump In £20m To Split Atom Shares

news.sky.com — The UK's first digital-only bank is raising £20m from prominent backers to fund its launch, Sky News learns.

Major Banks To Top Up PPI Bill To Over £22bn

news.sky.com — Britain's five biggest banks are poised to take their aggregate bill for mis-selling payment protection insurance (PPI) past £22bn, underlining its status as the most costly scandal in the industry's history. Sky News has learnt that Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland (RBS) will all use their quarterly results statements during the next week to top up PPI compensation provisions .

Lloyds Bank: More Than 200 Branches To Close

news.sky.com — Britain's biggest retail bank will set out plans next week to close more than 200 branches under a blueprint that will also see 9000 jobs disappear. Sky News understands that Lloyds Banking Group will say that a significant minority of its 2250 branches across the UK will be shut by the end of 2017, ending a three-year moratorium on such closures.
More Articles →
Oct 31, 2014

Exclusive: Banking lobby groups warn new oversight regime will hit challenger banks, according to paper I've seen. bit.ly/1udGKRD

Oct 31, 2014

Exclusive: Standard Chartered board to meet in Singapore next week amid mounting pressure on chairman and chief exec. bit.ly/1xHZc1L

Oct 30, 2014

Exclusive: A tale of two former Tesco CEOs as firm backed by Sir Terry Leahy prepares multimillion pound share sale. bit.ly/1sJUNXP

Oct 29, 2014

Exclusive: Ex-BBC exec joins board of Government's state assets body weeks before privatisations probe is completed. bit.ly/1wGKnOL

Oct 29, 2014

Exclusive: Three UK banks to set aside about £1bn in total in coming days to settle foreign exchange investigations. bit.ly/1FW9y42

Oct 28, 2014

Lloyds Banking Group confirms plan to cut 9000 jobs and close 200 branches over the next three years. Bank will also open 50 branches.

Oct 27, 2014

Exclusive: UK's five biggest banks to take combined PPI mis-selling bill past £22bn in next few days. bit.ly/1rMhxXP

Oct 24, 2014

Exclusive: Key #Tesco investor David Herro ditches remaining stake in blow to company's effort to rebuild confidence. bit.ly/1tjUQzI

Oct 23, 2014

More Tesco news: Richard Cousins, who has been linked to chairmanship after joining the board this month, is not interested in the post.

Oct 23, 2014

Lewis: As we sit here today we are not currently working on a rights issue - but never say never. What to make of that as an investor?

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