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...Northern Rock was one of a wave of building societies that demutualised in the 1990s as a result of legislative change and pressure from some members and dealmakers seeking a windfall....
...Attendees were given the chance to quiz Switzerland’s finance minister Karin Keller-Sutter and central bank governor Thomas Jordan, just over six months after the pair played key roles in the rescue of Credit...
...as of December 2023....
...The eurozone’s biggest bank on Thursday said it expected profits to rise this year, and forecast revenue growth of 2 per cent, even as central banks are expected to start cutting interest rates and some...
...The bank reported a return on tangible equity — a key measure of bank profitability — of 12.3 per cent, down from 15 per cent last year but ahead of its target of more than 10 per cent for 2024....
...Mochida failed to groom a cohort of potential successors, they said, while a number of senior figures left the bank after becoming frustrated with the lack of opportunity to progress....
...In December, Coventry Building Society entered talks to buy the Co-op bank....
...They need a plan B and a plan C,” said Patricia Lenkov, an expert on corporate governance and succession.No company wants to deal with the ramifications of disaster successions such as Microsoft’s in 2013...
...The bank found itself in the uncomfortable position of being one of the largest shareholders in many of the world’s biggest companies, including Apple, Microsoft and Facebook....
...mentioned as potential successors....
...That was uncharacteristic of the UK retail bank’s understated style. Her successor Paul Thwaite has resumed normal service....
...Former White House competition adviser Tim Wu, FTC chair Lina Khan and Department of Justice antitrust head Jonathan Kanter were of course there, as were a number of Europeans....
...And since 2008, mid-market corporates and mortgage borrowing have increasingly moved away from banks....
...And, as the report itself notes, the Bank of England’s forecasting errors are not out of line with those of other central banks and private sector economists. So does everyone need a Bernanke Report?...
...The Bank of England and Financial Conduct Authority are setting out proposals that will bring stablecoins — a type of digital token designed to track the price of hard currencies — into the real economy...
...It’s under review by officials at the US Treasury, and the European Central Bank has also mounted pressure for the bank to pull out of Russia. Raiffeisen itself seemed surprised by the findings....
...Poor data undermines trust and skews forecasting — as several central banks, including the Bank of England, discovered when it came to inflation....
...EMISSIONS OFFSETS Internal backlash shakes SBTi Since its foundation in 2015, the Science-Based Targets initiative has established itself as the key global standard-setting body for corporate climate targets...
...But in a surprise move on Monday, Citigroup announced Raghavan was joining it as the new head of banking, where he’ll oversee investment banking as well as Citi’s corporate and commercial banking operations...
...With the OECD, the Bank set up the Global Corporate Governance Forum to encourage governance reform in the developing world and promote the private sector as a socially responsible engine of growth....
...But Nationwide isn’t really stumping up much to become the UK’s number two retail bank in terms of mortgages and savings. The offer pegs the bank at a valuation of about 0.6 times tangible book value....
...The writer, an FT contributing editor, is chief executive of the Royal Society of Arts and former chief economist at the Bank of England In the early years of inflation targeting in the UK, the then head...
...The EU’s top court ruled in 2019 that goods from Jewish settlements in the West Bank must be labelled as produced in occupied territory and must not imply that they came from Israel itself....
...Drafting in a corporate figure does little, of itself, to address some of the barriers to the UK’s science superpower ambitions: the low pay and precarity associated with early careers; the high visa costs...
...Corporate tax rates have been slashed from 30 per cent to 22 per cent. The world’s most populous nation has in turn found itself in a global sweet-spot....
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