City of London Group CEO stands down

Investment firm City of London Group revealed on Tuesday that chief executive Michael Goldstein had stepped down from the role, with immediate effect.

City of London said Goldstein, who has been the company's CEO since 2017, was central to the implementation of a new strategy for the group, including the development of its Recognise Bank unit from a fledgling idea through to a fully authorised bank serving small and medium enterprises.

The AIM-listed firm chose not to provide any details on the state of its search for a successor.

Chairman Philip Jenks said: "On behalf of the Board and everyone at the group, I would like to thank Michael for his leadership and passion over the last few years, navigating the challenges that every start-up bank faces, to the point that Recognise Bank is now one of only a handful of banks to become fully-authorised since the start of the Covid pandemic."

As of 1115 GMT, City of London shares were up 4.09% at 59.85p.