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London Leaves EU Cities in the Dust in Ranking of Global Investment Destinations

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London Leaves EU Cities in the Dust in Ranking of Global Investment Destinations BUSINESS WITH PERSONALITY REBEL YELP IF LOOKS COULD KILL GREEN ZEALOTS WHAT TO SEE THIS BANK NEED A REALITY HOLIDAY WEEKEND P24 CHECK P16 FRIDAY 3 MAY 2019 ISSUE 3,364 CITYAM.COM FREE Crossrail gets BARCLAYS SEES OFF slammed for cost failures ALEXANDRA ROGERS @city_amrogers CROSSRAIL bosses took BRAMSON CHALLENGE decisions that added “unnecessary cost” to the CALLUM KEOWN hasty exit scuppered hopes of a public the run-up to yesterday’s showdown as troubled £17.6bn railway showdown, but the fireworks were instead both sides battled for shareholder votes. project, a report by @CallumKeown1 provided by climate change protesters who Barclays warned Bramson’s presence on Whitehall’s spending ACTIVIST investor Ed Bramson suffered a interrupted Staley’s speech on the matter the board would be “destabilising” and watchdog has found. crushing defeat yesterday in his battle to before being escorted out by security. “destructive”. A catalogue of errors, win a seat on the Barclays board. After Staley was able to continue, he Outgoing chairman John McFarlane including a “failure to change The reclusive US-based fund manager, pushed back against criticism of Barclays’ also said Bramson’s interests were course” when it was clear the who has pushed for Barclays’ under-fire performance, pointing out that its “misaligned” with other shareholders project was derailing, as well investment bank to be scaled back, investment bank has gained market share as his holding was hedged by time- as flaws in its own conceded defeat before the bank’s annual from US rivals for the sixth consecutive limited derivatives, limiting its commercial strategy, led to general meeting got underway and made a quarter. exposure to a share price drop. cost increases and the current swift exit just minutes after it began. The vote brought an end to months of Hitting back after the bank uncertainty about when the Bramson’s bid gained just 12.8 per cent of public jibes between Barclays and announced a raft of leadership east-to-west railway will open, shareholder votes, as 87.2 per cent of those Bramson, who has repeatedly called for its changes at its investment bank, the National Audit Office who voted opposed his election to the board. investment banking division to be scaled Bramson said his “experience (NAO) said. Aside from his own 5.5 per cent stake, and back to boost returns. and temperament” In its report, released today, factoring in the turnout, Bramson could The bank did concede some ground to would be a “strongly the NAO said it was currently only persuade fewer than four per cent of Bramson, admitting its investment bank stabilising” unable to say whether the bank’s other shareholders to support was not performing “at the level at which it influence on Crossrail would offer his bid. should”, but robustly attempted to fend off the board. taxpayers value for money but Shareholders kicked up more of a fuss his boardroom advances. that it was now “past the over chief executive Jes Staley’s £3.4m pay Despite Bramson’s loss, disgruntled point of no return”, with packet – with 29.2 per cent voting shareholders vented their frustration at the £16bn already spent. against the bank’s remuneration board yesterday over the bank’s share Crossrail – also known as policy. Proxy adviser ISS had price, which has fallen 20 per cent in the the Elizabeth Line – was criticised the measures taken past year. originally scheduled to open by the bank following Regular attendee and Barclays last December, but has been Staley’s attempts to critic Michael Mason-Mahon said: “I beset by budget troubles and unmask a whistleblower in have to say it, and I don’t want to – setbacks. Last week, it was 2016. but I support Mr Bramson coming revealed the railway is now His £642,430 fine and onto this board, it might wake this likely to open between bonus reduction of board of directors up.” October 2020 and March 2021. £500,000 remained Another shareholder urged The NAO said Crossrail unchanged despite the New investors to vote against Bramson’s believed it had an “exceptional York Department of Financial election, but give the board a “kick up team” and “clung to the Services fining Barclays $15m the backside” in the process. unrealistic view” it could open (£11.5m) in December. A war of words erupted Barclays chief Jes the railway by December 2018. Bramson’s between the two in Staley (above) has seen off Bramson (left) £ CONTINUES ON P3 London leaves EU cities in the dust in ranking of global investment destinations JAMES BOOTH Its position has been boosted by European city in the top 30, attractions, from green spaces to a US cities had a strong showing in strong employment data which followed by Paris in 17th place and vibrant cultural and entertainment the rankings with Los Angeles @Jamesdbooth1 feeds into income growth, a key Munich in 28th. scene. retaining the top spot, New York in LONDON has overtaken Hong Kong component of the index. The index is compiled according “People want to live and work fourth and Boston in fifth. to take second place in a global Schroders said the ranking to factors such as the projected there and that means London can The performance of the US cities ranking of cities with the most “reinforces London’s position as a growth of the economy, the size of attract the world’s most skilled was supported by a fall in jobless investment potential. significant contributor to the UK the population and disposable employees. London, like a number claims as the US neared full London rose up in the index, economy and highlights the UK incomes over the next decade. of other true global cities, remains employment. compiled by asset manager capital’s attraction as a location for Hugo Machin of Schroders said: at the centre of the global economy The top ten was rounded out by Schroders, from third in 2017 and real asset investing”. “We remain upbeat about London’s despite challenges surrounding Chicago, Shanghai, Beijing, San eighth in 2016. London is the highest-positioned prospects. London has unmatched Brexit.” Francisco and Houston. FTSE 100 ▼ 7,351.31 -33.95 FTSE 250 ▼ 19,686.66 -127.08 DOW ▼ 26,307.79 -122.35 NASDAQ ▼ 8,036.77 -12.87 £/$ ▼ 1.303 -0.002 £/€ 1.166 unc. €/$ ▼ 1.117 -0.003 02 NEWS FRIDAY 3 MAY 2019 CITYAM.COM COUNCILLED OUT Tories expect losses amid low voter turnout THE CITY VIEW Tech will disrupt the City more than Brexit HE CITY’s roof gardens may be opening up for the summer but the fog of Brexit still hangs over the Square Mile. TBusinesses have been unequivocal about the consequences of uncertainty but the policy debate rages on, while political manoeuvring (or even the lack of it) tests the collective patience of the nation. You’d be forgiven, then, for thinking the UK’s future relationship with the EU is the only force set to shape the City’s future. While the outcome of this interminable debate is undeniably important, it is the startups of Silicon Roundabout and the Knowledge Quarter rather than the bust-ups of Westminster and Brussels that should hold your attention. Away from backstops, Barnier and rejected withdrawal agreements, the wave of industrial disruption unleashed by technology rumbles on. Accountancy giant PwC has a report out today claiming the “technological step- change” now underway, combined with macro-economic and THERESA May voted in her constituency of Maidenhead yesterday, with her Conservative party was set to be hurt by heavy behavioural changes, could herald more than £100bn in new losses in local elections. Voters described being worn down by the fatigue of current Westminster politics. Conversely, Labour business for the UK’s financial services sector – if harnessed and the Liberal Democrats were expecting gains in council and mayoral votes, with more than 8,000 seats on the ballot. correctly. The pot of potential revenue will be on offer to startups, tech giants and the slightly stale incumbents of each industry, if they get their acts together quickly. Ripe for disruptive innovation are the business models and products on offer from insurance, whose sometimes dated practices were best-symbolised this week by Lloyd’s of London, in 2019, deciding to shift away from paper and Carney holds steady as offer some contracts online. PwC thinks the UK insurance sector would benefit by £49.5bn if artificial intelligence, cloud and data- driven advances are exploited to their full potential, in the same way as we have seen fintech firms revolutionise how many of us now consumers boost growth bank. Small business lending could gain £4.1bn in new business if tech enhances user experience, and data analytics improves risk HARRY ROBERTSON right course. It said this was due to its Household spending, which has assessment when firms are trying to source funding for growth. The prediction that excess demand will been remarkably resilient during the @henrygrobertson disrupters are being aided in their battle against incumbents not pick up strongly in the economy. Brexit impasse, is expected to boost THE BANK of England once again Bank of England governor Mark the figures. The MPC said it will grow only by their technical nous but by factors such as regulation – voted to keep interest rates on hold Carney, whose term will end early 0.4 per cent in 2019’s first quarter. which makes switching providers easier, but can tie-up traditional yesterday, as it painted a picture of an next year, said he thought markets Carney said: “Real wage income is players in knots of licensing agreements.
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