XTX Markets billionaire founder almost doubles his wealth in a year August 22, 2023 Alex Gerko, founder of XTX Markets, has nearly doubled his net worth in just one year, according to the latest Bloomberg Billionaires Index. The 43-year-old, who launched the London-based proprietary trading and market-making business in 2015, is now worth £8.5bn following a bumper year for the business. In June, it was reported that revenue from [...]
S&P downgrades multiple US banks citing ‘tough’ operating conditions August 22, 2023 S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody’s, warning that funding risks and weaker profitability will likely test the sector’s credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It [...]
Arbuthnot appoints ex-Treasury minister Angela Knight as non-exec in boardroom shuffle August 22, 2023 Angela Knight, former chief executive of the British Bankers’ Association and an ex-Treasury Minister, has been appointed to the board of Arbuthnot Banking Group. Knight will join as a non-executive director from the beginning of September. She was a Conservative member of parliament between from 1992 to 1997, serving as economic secretary to the Treasury [...]
Former Bank governor Carney called in to head Bloomberg board August 22, 2023 Bloomberg has called in former Bank of England governor Mark Carney to chair a new board of directors in a slew of senior promotions.
‘Clouds are lifting’: UBS looks back to the stock market as recession risks recede August 21, 2023 The “clouds have started to lift” on the global economy and investors are beginning to warm to the idea of backing stocks again, according to a UBS executive.
Goldman Sachs weighs investment adviser sale as it doubles down on ultra-rich clients August 21, 2023 Goldman Sachs is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The Wall Street bank is evaluating alternatives for its registered investment adviser unit, called Personal Financial Management (PFM), which manages about $29bn (£22.8bn), [...]
Challenger Cynergy Bank secures £20m funding boost August 21, 2023 Challenger bank Cynergy Bank has secured a £20m Tier 2 investment from British Business Investments in a boost for its expansion plans. The funding will go towards supporting Cynergy Bank’s growth plans, which include delivering over £250m of new lending across the SME and property sectors. The challenger bank was formerly a part of the [...]
London’s finance industry a ‘jewel in Britain’s crown’ despite concerns over City’s future, Griffith says August 21, 2023 City minister Andrew Griffith said the financial services industry was still a “jewel in Britain’s crown that even the doomsters cannot deny” after jobs in the finance sector hit a record high. Figures out last week showed that the number of jobs in financial services climbed to a record high of 1.2m in the first [...]
Citi eyes shake up to give Brit-born boss more influence August 21, 2023 Citigroup boss Jane Fraser is reportedly contemplating a major corporate shake up, potentially dissolving the bank’s largest division, the Institutional Clients Group (ICG). Under this plan, according to the Financial Times, the ICG would be divided into its core segments: investment and corporate banking, global markets, and transaction services. In what would mark the most [...]
British firms face ‘debanking’ for trading with Ukraine, business leaders warn August 16, 2023 UK businesses reportedly face being ‘debanked’ over trading relationships with Ukraine, business leaders have warned. Firms are increasingly “afraid to trade with Ukraine from the UK” due to the risk of having their accounts forcibly closed by overly risk-averse financial institutions, it has been claimed. According to Politico, both the British-Ukrainian Business Council (BUBC) and [...]