Tuesday newspaper round-up: Dogger Bank, Metro Bank, Figma

The first turbine to be completed in a project to build the world’s largest offshore windfarm, in the North Sea, has begun powering British homes and businesses. Developers confirmed on Monday that Dogger Bank, which sits 70 nautical miles off the coast of Yorkshire, started producing power over the weekend as the first of 277 turbines was connected to the electricity grid. – Guardian

The wealth management arm of Crispin Odey’s investment group will be wound down months after the hedge fund tycoon was accused of sexual misconduct by junior female members of staff. The City regulator, the Financial Conduct Authority (FCA), said it was working closely with the firm, as it prepares to shut its operations in the UK and Guernsey. It is expected to return any remaining money to investors. – Guardian

The chief executive of Metro Bank has vowed to protect the lender’s branches as it launched a multi-million pound cost cutting drive. Dan Frumkin, the bank’s chief executive, also told analysts on Monday that the lender will stick to its branch-based approach despite pressure on costs. The London-listed challenger bank said it will slash around £30m of costs a year from 2025 as part of its restructuring, which will hand control of Metro to Colombian billionaire Jaime Gilinski Bacal. – Telegraph

Dylan Field has become the latest Silicon Valley boss to voice frustration with the competition watchdog, as it investigates Adobe’s proposed $20 billion takeover of Figma, his app design company. Field, 31, the founder and chief executive of Figma, attacked the Competition and Markets Authority, saying it had misjudged the size of the market that it was trying to assess. His comments come after Microsoft’s criticism of the regulator’s decision to block its $69 billion takeover of Activision Blizzard. – The Times

HSBC has agreed to buy Citigroup’s consumer wealth business in China as it pushes ahead with its focus on Asian markets. Citi has offloaded the unit for an undisclosed sum as part of a wider retreat from consumer banking in a number of jurisdictions. HSBC will take on total deposits and investment assets under management of about $3.6 billion, including credit cards, mortgages and other loans. – The Times