Moody's has cut Greece's credit rating by three notches following the agreement of a new rescue package for the stricken country.

Aegon is set to sell its Guardian life insurance arm for £250m, according to the Sunday Times.

Managers have welcomed the €109bn bailout plan for Greece agreed by European leaders yesterday, saying although sovereign debt crisis is not over, the latest plans are a step towards a solution.

Newton income manager Iain Stewart has warned the problems in Greece are just the tip of the iceberg of a ‘monetary distortion' across the developed world and could trigger 'debt dominoes' throughout Europe.

European markets have surged on reports eurozone leaders will back a 'selective default' on Greek debt.

UK bank shares have risen after the Treasury Select Committee criticised the Vickers' report on the UK banking sector, arguing its proposed reforms are unclear.

William de Broë, the private client subsidiary of Evolution group, is looking to acquire part of the wealth management arm of BNP Paribas.

Henderson has managed to retain 91% of the assets it took on with the acquisition of Gartmore, reporting an outflow of £438m from Gartmore funds in the first half of the year.

Leading brokers have urged investors to buy BSkyB as shares in the broadcaster fell 18% and News Corporation withdrew its bid for the firm.

The European Banking Authority (EBA) will post the results of stress tests on 90 European banks today, amid criticism from analysts the tests will fail to detail banks' weaknesses.