Financial services

'Tin eared' bank boss

Bill Winters
StandardChartered

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.”

Minister warns on post-Brexit financial sector

London
Getty Images

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.

European Banking Authority leaves London for Paris

Staff of the EBA were packing boxes today and heading for the Eurostar.

The European Banking Authority is relocating to Paris due to Brexit.

View more on twitter

Read the background here, from 2017.

New York beats London as top financial centre

skyline
Reuters

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.”