Over-confidence and under-investment: why banks are on the back foot against ransomware December 13, 2022 For unlucky financial institutions, a ransomware attack can seem like a high stakes game of poker. They’re faced with an opponent who claims a winning hand – having potentially encrypted and stolen large volumes of data. But how strong is their hand really? Are they bluffing? Did the IT team manage to pull the plug [...]
City darling Hg Capital pockets £1.6bn as LSE-listed fund sells cloud business to German rival December 13, 2022 City investor Hg confirmed to City A.M. this morning the sale of Transporeon, a cloud-based transportation management software platform, to rival Trimble in a transaction valuing the business at around €1.88bn, or £1.62bn. Transporeon provides cloud-based logistics and transport management platform, enabling automation, real-time insights and collaboration on €48bn of annual freight. The sale marks the [...]
Bank of England ramps up CBDC ambitions after offering £200,000 wallet contract to bidders December 12, 2022 The Bank of England has underlined its desire to pursue a CBDC by putting a contract for a sample wallet out to tender.
Credit Suisse took suspicious invoices as backing for £114m Greensill loan December 12, 2022 Credit Suisse accepted suspicious invoices from Sanjeev Gupta’s metals empire as collateral for a $140m (£114m) loan to Greensill Capital, just months before it collapsed in October 2020, according to reports. The Swiss bank accepted invoices, issued by Gupta’s Liberty Commodities and sold to Greensill, as collateral on the loan, even though several of the [...]
Former Wirecard boss files motion to suspend trial December 12, 2022 Lawyers have called for the criminal trial of the former Wirecard boss Markus Braun to be suspended after prosecutors were accused of ignoring evidence. Braun’s lead lawyer Alfred Dierlamm dismissed allegations of wrongdoing, deeming claims against his client as “absurd,” calling for prosecutors to re-examine key parts of the case. Braun and two other Wirecard managers [...]
HRH The Princess Royal, opens Opportunity Bank in Uganda December 12, 2022 | Sponsored City A.M. has been a long standing partner of Opportunity International – a brilliant charity that helps people all over the world to build and sustain independent, prosperous lives by providing them with access to financial services and training. In October this year, Opportunity International UK’s Patron, HRH The Princess Royal, visited one of their [...]
Metro Bank fined £10m by FCA for publishing incorrect information December 12, 2022 Metro Bank has been slapped with a £10m fine for publishing incorrect information to investors, while two of its former executives have received a warning. The lender was told to pay up by the Financial Conduct Authority for breaching rules, while its ex chief executive and chief financial officer were given fines also. The original [...]
City minister says ‘world’s moved on’ from post-2008 financial services reforms December 11, 2022 City minister Andrew Griffith has said “the world’s moved on” since the 2008 global financial crisis in an attempt to calm concerns about the easing of the UK’s bank ring-fencing regime. Griffith told City A.M. that the regulation, which will be relaxed as a part of newly announced post-Brexit reforms, was acting as “an impediment” on some [...]
Big Bang 2.0: Financial institutions welcome Jeremy Hunt’s Edinburgh reforms December 10, 2022 Leading financial institutions have welcomed Chancellor Jeremy Hunt’s Edinburgh reforms, which set out to “turbocharge” the UK’s growth. Announced yesterday, the plans aim to “seize the benefits of Brexit” by delivering the biggest shake-up in the financial sector for 30 years. According to UK Finance’s chief executive David Postings, the package is “a major step [...]
Post-Brexit reforms: Hunt aims to ‘turbocharge’ economy with biggest banking shake-up in 30 years December 9, 2022 Chancellor Jeremy Hunt has unveiled plans to “turbocharge growth” with the biggest shake-up in banking reforms for three decades. His so-called Edinburgh reforms announced this morning seek to “seize the benefits of Brexit” by cutting EU red tape for the financial sector. The new measures build on the government’s Mansion House 2021 package, with a [...]