Scandal-stricken Credit Suisse poised for management shakeup April 24, 2022 Beleaguered bank Credit Suisse is lining up a management shakeup as new chairman Axel Lehmann looks to put the lender back on track following a string of scandals.
Britain’s biggest banks in higher interest rate profit boost as earnings season kicks off April 24, 2022 Profits at Britain’s biggest high street lenders have been boosted by the Bank of England hiking interest rates to tame historic high inflation. That’s according to top City analysts who are forecasting the UK’s largest banks to have reaped the rewards of being able to charge borrowers more for loans. A higher interest rate environment [...]
Asset manager Vontobel expresses shock at death of ‘highly respected’ young trader April 22, 2022 A young and “highly respected” trader at Swiss investment bank Vontobel has died at his desk, the asset manager has confirmed to City A.M. Vontobel said it had learnt with “great regret” that a young colleague died in its offices last week. The investment manager refused to comment on the cause of death and asked [...]
Top challenger banks exposed to cybercrime, warns city watchdog April 22, 2022 A group of the UK’s top challenger banks have left themselves vulnerable to terrorist financing, money laundering and fraud due to weak financial controls, the city watchdog warned today.
FCA orders challenger banks to stop cutting corners in combating money laundering April 22, 2022 One of the UK’s main regulators has warned challenger banks to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said that there cannot be a “trade-off” between getting customers to come into the fold and [...]
Treasury grants licence to pay contracts for Russia’s Gazprombank until May 31 April 22, 2022 The treasury has granted a licence to pay Russia’s Gazprombank and its subsidiaries until the end of next month. The decision was made to ensure gas supplies continue to flow to the European Union according to a document seen by Reuters. The license allows an individual or firm to continue paying any contracts that began [...]
UK regulators order JP Morgan to review risk management April 21, 2022 A UK regulator has instructed JP Morgan to review its approach to risk management amid a crackdown on reporting procedures of banks.
Former BNP Paribas banker denies terrorising colleagues during $4m employment tribunal April 21, 2022 A former BNP Paribas banker has denied terrorising his colleagues, after filing a $4m (£3m) lawsuit against the financial firm. Former BNP Paribas exec Omar Alami is seeking $4m in compensation for unfair dismissal, after he was fired for humiliating his co-workers in 2019. The ex-head of equity derivatives sales denied “insulting” his colleagues, [...]
Exclusive: Sun European’s managing director on private equity deal-making in the City post-pandemic April 21, 2022 Time for City A.M. to catch up with investment veteran and City insider Mark Corbidge, managing director and a member of Sun European’s Investment Committee.
Bank of America bets on Singapore as Hong Kong curbs lead to ‘brain drain’ April 21, 2022 Bank of America is reportedly shifting some of its dealmakers from Hong Kong to Singapore, as Beijing’s touch stance of Covid-19 muddies the water in the financial hub. Dominic Tan, co-head of Asia consumer and retail investment banking, and Anastasios Pefanis, who head’s the equity capital markets syndicate in the Chinese city, are among top [...]