![]() It’s just what the City and Wall Street has been able to demand from compliant clients. How on earth, then, do Nex and CME, which itself clocked up £21.9m on financial advice (principally from Barclays and JP Morgan), justify the sums? There is no explanation, of course. Indeed, the way Terry Duffy, the boss at CME tells the tale, the tricky part of the negotiation was conducted one-on-one with Spencer before the talks became public. Nex is doing a smaller friendly deal that involved no extended scrapping in public. The UK engineering firm was fighting a hostile bid over a 60-day timetable. Yes, Nex’s bill is slightly less than half GKN’s, but consider the differences. Formal documentation shows the lion’s share of £37.9m is ear-marked for “financial and corporate broking advice” – meaning the services of investment bankers at Citigroup, Evercore and Goldman Sachs. Nex Group, Michael Spencer’s financial technology outfit, has somehow found itself on the hook for £45.4m as it is bought by Chicago-based CME Group for £3.9bn. There has rightly been outrage over the advisory fees racked up by GKN as it tried, unsuccessfully, to defend itself against Melrose’s hostile bid – a cool £107m, including a ridiculous £27m dispatched to advisers acting for Dana, the US firm that wanted to buy GKN’s automotive division.īut here’s a deal where the bankers’ bonanza looks even more extreme. Banking advisers get another payday in Nex takeover The head of an overseas subsidiary usually makes a suitable fall guy. He should have made the gesture, but he may be wondering if the internal blame game will end with his exit and the usual contractual wrangles. In the circumstances, you can understand why Pester dodged questions about whether he’d accept a bonus this year. IBM’s emergency crew won’t come cheap either, and there’s a likely financial whack from UK regulators to come. Pester’s giveaways – no overdraft fees for a month and a better interest rate on the main current account – will cost another £20m-plus. ![]() Over in Spain, Sabadell unveiled an additional €77m (£67m) charge related to its TSB project, which may indicate the IT challenge has been steeper than anybody has previously cared to admit. ![]() Nor will tensions ease, one suspects, as the bills rise. HMRC Tax Notification e.g.The mood probably won’t improve as overworked TSB staff see pictures of Sabadell contractors drinking sparkling wine on Monday to celebrate the “success” of the data transfer.Benefits or state pensions notification letter confirming the right to benefit (only if not used as proof of identity) - issued within the last 12 months.A full and current 'old style' UK paper driving licence (issued before 1998 when photocard was introduced and only if not used as proof of identity).Full and current UK photocard driving licence (only if not used as proof of identity).Council tax bill for current Council Tax billing year and dated in the last 12 months. ![]() ![]() Utility bill/utility statement (except water bill or mobile phone bill) dated within the last 3 months.Bank, Building Society or Credit Union statement (Except TSB bank statement, showing a minimum of 2 transactions within the last 3 months).UK Birth certificate or Full adoption certificate.Full and current passport with valid UK Visa or a valid UK Biometric Residence Permit.If you're a national from any other country outside the UK, EU, EEA or Switzerland please bring: notice of coding, relating to the current tax year and less than 12 months old (P45 and P60 certificates are not acceptable) Benefits/state pension notification letter - issued in last 12 months and confirming rights to benefits.Current EU/EEA National identity photo card – not including Romanian ID cards.A full and current 'old style' UK paper driving licence (issued before 2000 when photocard was introduced).Full and current photocard driving licence (exluding provisional driving licence).If you're a UK, EU, EEA or Swiss National please bring: ![]()
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