Goalkeeper quits top flight women's football at the age of 25 to start a new career in finance.Read more
Business reporter, BBC News
Deutsche Bank has published its second quarter results which show a loss of €3.15bn (£2.8bn).
Germany's largest bank had indicated it would make a loss after announcing a major restructuring involving 18,000 job cuts.
The Financial Times ran a piece on Tuesday in which Bill Winters, the chief executive of Standard Chartered, criticised shareholders after almost 40% of them voted against the bank's pay policy at its annual meeting in May.
The concern is about the pension contributions to Mr Winters.
“Picking on individual pension arrangements . . . and suggesting that there is some big issue there is immature and unhelpful,” Mr Winters told the Financial Times.
Now the FT is quoting shareholders hitting back.
Five top-20 shareholders in the bank told the Financial Times that they were unimpressed by Mr Winters’ decision to attack shareholders. One big asset manager described the chief executive as “tin eared”.
Another large shareholder said: “As an immature investor, I’m going to not make any rash comments, but look forward to the fallout coming.”
Britain’s government is committed to doing whatever it can to keep its financial sector globally competitive after Brexit, financial services minister John Glen said this morning.
He said there must be a “clear plan” to maintain the UK financial sector’s global success as it cannot be taken for granted.
“It would be a tragedy if we lost our competitive advantage by accident,” Glen told The City UK conference.
A survey of 180 financial executives by Duff & Phelps found that London is no longer regarded as the top financial centre.
Just over half of respondents said New York was the world’s top financial centre, up 10% from 2018, while 36% said London was the leader, down 17% from last year.
“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis,” Duff & Phelps said.
“Looking ahead, however, globalization’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial center five years from now.”