UK pay deals cool for first time in 2023, easing pressure on BoE August 23, 2023 Pay deals awarded by British employers cooled for the first time this year in the quarter to July, which may calm the worries of Bank of England officials who fear wage growth is feeding inflation, a survey showed on Wednesday. Median basic pay deals in the three months to the end of July fell to [...]
Morgan Stanley fined for traders’ WhatsApp messages in sign of things to come for banks August 23, 2023 The use of WhatsApp messages across the City has brought its first fine
Most challenger banks admit to only ‘occasional’ sanctions screening August 23, 2023 More than half of challenger banks have admitted to only performing occasional sanctions checks, according to a recent survey. Only a quarter of the challenger banks it surveyed said they always perform the appropriate screening processes. A total of 54 per cent of challenger banks admitted to performing checks regarding sanctions or politically exposed persons [...]
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 [...]