THE DAILY BRIEFING
BANK REASSURANCE The City watchdog, the Financial Conduct
Authority, has set out plans to minimise disruption if Britain leaves the eU without a deal, giving temporary permission to Continental banks so they can carry on operating in London for up to three years without any changes.
BANKRUPTCY THREAT The 125year-old US department store Sears could be pushed into bankruptcy within days after it hired advisers to work on a potential filing while it continues trying to find other options. It has 866 stores in the US, and has a £101m debt payment due to be paid on Monday.
SEX PROBE A second sexual assault probe has been opened by Swiss lender UBS as the bank investigates claims by a former employee. It is alleged that a senior staff member at the London office touched the woman inappropriately on a work night out. TRUST VOW Rebuilding trust in bailed-out Royal Bank of Scotland will take another decade, its chief executive Ross Mcewan has said, after its reputation was deeply tarnished by the financial crisis.
PROFITS UP A rebound in the UK’s white collar job market is set to boost overall profits at recruiter
Page Group by 19.7pc to £207.7m in the third quarter of 2018 compared to a year earlier.
ELECTRIC CASH A top Tesla shareholder, Baillie Gifford, has ploughed nearly £400m into a Chinese rival of the electric car maker, taking an 11.4pc stake in Shanghaibased Nio.
HE’S BACK Martin Gilbert, 63, has resumed his position as senior independent director of Glencore. he was given time off to deal with the takeover battle at Sky, where he was deputy chairman. FINANCE ROLE David Bauernfeind, 50, has been hired by Domino’s Pizza as finance boss. HEADING OUT Chief marketing officer Andrew Gray will be leaving British American Tobacco next year after more than 32 years at the company.
BUYOUT CASH German lender Deutsche Bank is backing a management buyout of rental flat company The Collective Old Oak. Deutsche and fellow investor Catalina Re are financing a £125m deal.