Sainsbury (J) (SBRY) has overhauled the management of its banking arm as it seeks to offload its mortgage business and improve returns. Jim Brown, appointed chief executive of Sainsbury’s Bank in June, has reshuffled senior staff and bid farewell to a string of executives. David Jones, chief customer officer, is leaving the business, as is Mark Hunter, chief transformation officer. Marcia Campbell, a non-executive director, left in September, according to Companies House filings. Graeme Forrester, chief risk officer, will no longer sit on the bank’s board, but is still with the business. Sainsbury’s Bank has been weighing on the supermarket chain’s profits and consuming cash for years.
Lenders to Premier Oil (PMO) are demanding a break-up of the FTSE 250 explorer as it hurtles towards a deadline to pay back more than £2bn of loans. A group of hedge funds has bought into its debt, appointing investment bank Lazard and lawyer Akin Gump to press it to hasten the sale of oil assets. Premier Oil, understood to be supported by law firm Slaughter & May and accountants EY, has $2.6bn (£1.9bn) of loans due for repayment in May 2021. Sources said the company hopes to refinance the debt before May 2020 to avoid causing complications in having its accounts signed off by auditors. The hedge funds own around 40pc of Premier Oil’s loans, giving them the power to block any debt restructuring.
