Barclays faces court over £40m breast implant scandal November 9, 2022 Barclays today faced claims it helped a private healthcare company avoid paying compensation to women given faulty breast implants by a private healthcare firm. The bank is accused of working with Midlands law firm The Wilkes Partnership to restructure Hospital Medical Group (HMG), in order to help it avoid paying compensation to women given faulty [...]
Barclays told to pay £1m to more than 1,000 mortgage customers over PPI breaches November 9, 2022 The UK’s competitions watchdog has ordered Barclays to pay up to £1m in compensation to at least 1,000 of its mortgage customers, over its failure to comply with rules around Payment Protection Insurance (PPI) policies. The UK’s Competition and Markets Authority (CMA) said Barclays should pay compensation to as many 1,306 of its mortgage customers, [...]
Midweek markets: US dollar disappoints on the back of a slide in yields November 9, 2022 With most of the market attention on the US mid-terms action can only be characterised as bitty. There was no real catalyst for any of the moves we saw yesterday, with some of the moves technical in nature. It was another positive day for markets in Europe yesterday, with the DAX closing above its 200-day [...]
Citi bumps holiday days in grab for talent November 8, 2022 Citigroup is bumping its holiday days in an attempt to lure top talent to the Wall Street bank. According to an internal memo seen by City A.M. and first reported by Bloomberg, employees will get 27 days of holiday effective from January, increasing to 28 days after two years and 29 days after five years. The [...]
JP Morgan settles with trader fired over wrongful allegations of market spoofing November 8, 2022 JP Morgan has settled with a trader, who was wrongly fired from his job for market spoofing, after the bank failed to pay a £1.58m sum awarded to him by an employment tribunal in January. Ex-trader Bradley Jones was awarded £1.58m after an employment tribunal ruled he was wrongly fired from his £220,000 a year job [...]
Veteran financier Sir Evelyn de Rothschild dies aged 91 November 8, 2022 Veteran financier Sir Evelyn de Rothschild has died at the aged 91. The tycoon, born in 1931, passed away “peacefully at home” according to a family statement released this morning. He served as chair of NM Rothschild and Sons and of The Economist in a long career spanning 60 years. Sir Evelyn de Rothschild, who [...]
Lenders need to ‘step up’ to support customers, says FCA chief November 7, 2022 The City watchdog said that lenders need to “step up” to support their customers today as they are battered by soaring mortgage rates and rising prices this year.
Ping An chairman makes first public call for break up of HSBC November 5, 2022 The chairman of HSBC’s largest shareholder Ping An has said the Chinese insurer would support plans to spin off HSBC’s Asian business in warning the bank’s global business mode is “no long competitive”. Ping An Asset Management chairman Huang Yong warned HSBC is lagging behind its peers, as he called on the bank to “reallocate [...]
Exclusive: Brexit bites into London’s FX trading as Singapore and New York seize City’s derivatives share November 5, 2022 London’s status as the global hub for FX and derivatives trading is under threat for the first time since Brexit. According to new findings shared exclusively with City A.M. today, a study by the Bank of International Settlements (BIS) found that while the UK remains the leading hub for currencies and interest rate derivatives trading, [...]
Editorial: Andrew Bailey’s guidance is a sign of just how shaky the economy looks November 4, 2022 The latter is always second guessing where governor Andrew Bailey and the rest of the monetary policy committee will send interest rates. The former rarely provides any clues. Investors’ rate expectations are shaped by thousands of pieces of data, but they essentially boil down to a couple of key themes. Firstly, inflation. Markets make their [...]