Articles by Andrew MacAskill, Sinead Cruise and Huw Jones

London Retains Status as Top Global Financial Services Center, Despite Brexit Chaos

From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old property developer …

Brexit to Cause Irreversible Damage to UK Financial Services, Say Industry Leaders

Life in London’s financial district will appear little changed when Britain leaves the European Union on March 29, defying predictions of an exodus of high-flyers to rival centers like Paris, Frankfurt and Dublin. But as chaos reigns in Westminster, the …

Update: UK Insurer Aviva to Replace CEO Wilson as Shareholders Seek Higher Returns

Aviva is replacing its chief executive Mark Wilson after his sweeping transformation of the British insurer did not deliver the returns shareholders were looking for. During his six years in charge, the high-profile 52-year-old New Zealander oversaw one of the …

UK Financial Services Sector to Remain Largely Unscathed from Brexit: Barclays’ Chief

Britain’s banking industry will emerge largely unscathed from Brexit and retain its position as one of the world’s top two financial centers for the foreseeable future, Barclays’ Chairman John McFarlane told Reuters. Home to the world’s highest number of banks …

RBS Settlement with U.S. Over 2008 Crisis Less Than Feared

Royal Bank of Scotland’s shares rose as much as 6 percent last Thursday after the bank reached a $4.9 billion settlement with U.S. authorities, opening the way for its privatization and return of cash to taxpayers who bailed it out …

Some European Insurers, Pension Funds Build Loan Books to Rival Banks

Australian Symon Drake-Brockman is on the front line of a revolution in European finance. The former head of global debt markets at Royal Bank of Scotland now runs Pemberton Asset Management in London’s genteel Belgravia, several miles from the “Square …

UK Insurer Aviva to Cut 2,000 Jobs Worldwide

British insurer Aviva Plc will cut as many as 2,000 jobs worldwide in the latest cost-cutting drive aimed at revitalizing its flagging fortunes, the company confirmed on Thursday. Chief Executive Mark Wilson told staff the cuts would equate to around …

Prospects Fade for Early Settlement by BP with U.S. Over Gulf Oil Disaster

Hopes BP can settle early out of court on liability for its 2010 U.S. Gulf oil spill looked forlorn on Wednesday after U.S. prosecutors laid out a legal case for gross negligence on which tens of billions of dollars hang. …

Investor Protest Votes on Executive Pay Here to Stay

Company directors will remain under pressure from shareholders over executive pay long after the market downturn ends and lawmakers stop the heckling that has helped prompt votes against remuneration policies at this year’s annual meetings. Investors and directors say the …