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  • Reuters3 years ago

    UK watchdog says Co-op Bank chair appointment "not a mistake"

    Britain's financial watchdog said it had no regrets about approving the appointment of Paul Flowers as chairman of the Co-operative Bank in 2010. Its problems were exacerbated when former chairman Paul Flowers was arrested last year as part of an investigation into the supply of illegal drugs. "I don't think it was a mistake in terms of the decision I made at the time," Clive Adamson, director of supervision at the Financial Conduct Authority, said on Tuesday.

  • Reuters3 years ago

    PRESS DIGEST- British Business - Jan 7

    The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Telegraph JPMORGAN SET TO BE FINED $2 BLN ...

  • Reuters3 years ago

    Lawmaker Tyrie critical of JP Morgan fees on Co-op deal

    British lawmaker Andrew Tyrie called for a review of fees paid to advisers on M&A deals after it emerged JP Morgan (JPM) had a financial incentive for the Co-operative Bank's (CPBB.L) ill-fated 2009 takeover of Britannia to proceed. JP Morgan executives on Tuesday told Britain's Treasury Select Committee, which Tyrie chairs, that the U.S. bank was paid 7 million pounds ($11.5 million) for advising Co-op on the deal, 5 million of which was contingent on the transaction being completed. Tim Wise, a managing director at JP Morgan's UK investment bank, said the payment reflected the way the industry worked. Tyrie had earlier suggested to JP Morgan executives they had a considerable financial interest in seeing this deal through to completion.