Aramco-backed halal fintech opens bank branch in London despite high street bank exodus January 24, 2023 Aramco is backing American fintech Wahed as it launches a physical bank in London. However, concerns of a high street bank exodus place question marks over the branch’s future success. Wahed’s first UK-based physical bank, which opens its doors today on Baker Street, has scored £61m ($75m) from the Saudi Arabian oil giant together with [...]
NYSE temporarily halts trading after glitch caused abnormal swings in share prices January 24, 2023 The New York Stock Exchange halted trading in dozens of stocks following market open this morning after an apparent glitch in its system. Morgan Stanley, AMC Entertainment, McDonalds and Unilever were among the major firms to have had their shares frozen by the exchange, according to its website. A number of other stocks were frozen [...]
Borrowers warned of rise in ‘advance fees’ scams with over £700 lost on average and Londoners more likely to fall victim – Lloyds Bank January 24, 2023 The rising cost of living has lead to 82 per cent increase in financial scams that target victims by charging fees for products and services that do not materialise, according to Lloyds bank. Victims lost £711 on average, and although the amount lost is lower than £1,194 recorded the previous year, the bank said fraudsters [...]
Goldman Sachs to slash underperforming £48bn investment book amid profit crunch January 23, 2023 Wall Street titan Goldman Sachs could shift billions of dollars worth of underperforming private equity and real estate investments that have dogged its finances, its top money manager hinted today. In an interview with Reuters, Julian Salisbury, chief investment office of asset and wealth management at the firm, said the bank will “see a meaningful [...]
With an average claim in excess of £50k, it really is time to see if you qualify for an R&D Tax rebate January 23, 2023 | Sponsored What are Research and development tax credits? Simply put R&D Tax Credits are a niche, but a lucrative part of the UK tax code that could bring your company significant tax relief. Most companies we speak to at SAS R&D don’t think that they will qualify for these payments with the common misconception amongst business [...]
Private finance firms have fewer women leaders than listed rivals, new research shows January 23, 2023 Financial services companies that are structured as privately-owned partnerships have significantly fewer women in leadership positions than their publicly-listed rivals, new research shows. Fewer than one-sixth (15.1 per cent) of partners in privately-owned finance firms are women, according to research from employment law firm Fox & Partners. By comparison, women account for 43 per [...]
Bankers switching firms trouser more than 20 per cent pay bump January 23, 2023 City bankers, brokers and insurers switching to a rival firm trousered a more than 20 per cent pay bump last year, new research out today shows. The Square Mile’s best and brightest are switching companies in a bid to capitalise on rapid wage inflation in the financial services sector. According to recruiter Morgan McKinley, the [...]
Banks called on to extend pandemic era support to vulnerable customers as cost of living pressures mount January 22, 2023 British banks are being called on to extend support offered to customers during the pandemic as the cost of living crisis increasingly affects vulnerable customers. A new report from Fair4All Finance – a government-backed financial inclusion body – found that “unprecedented” support from banks significantly helped customers during Covid-19 with “no detrimental impact on bottom [...]
UK’s Supreme Court to decide whether £1.6bn Tuna Bonds case should be heard in London’s courts January 22, 2023 Britain’s top court will this week hear a long-running dispute between Mozambique and a Lebanese shipmaker over whether a case relating to the ‘Tuna Bonds’ should be heard in London’s courts. The UK’s Supreme Court will decide whether the dispute between shipping company Privinvest and the Republic of Mozambique over the $2bn (£1.6bn) scandal should [...]
Activist shareholder Caius Capital takes five per cent stake in embattled Metro Bank January 22, 2023 London-based activist shareholder Caius Capital has taken an £11m stake in embattled challenger bank Metro Bank. The investment brings Caius Capital’s stake to five per cent, making it one of Metro Bank’s ten largest investors. The stake from Caius Capital, an alternative investment manager focused on “distressed and special situations”, comes a month after Metro [...]