Bailey warns against ripping up City rulebook in Edinburgh reforms December 13, 2022 BANK OF ENGLAND Governor Andrew Bailey poured cold water on ambitious Government plans to rewrite the financial services rulebook today, warning that the regulatory issues which led in part to the global financial crisis have not gone away. The government is set to tweak some 30 pieces of regulation which it believes will free the [...]
Why banks must get better at managing the risky business of cloud computing December 13, 2022 Cloud computing represents the future of financial sector IT. Its services helped many organisations through the pandemic, supporting mass working and empowering them to reach locked-down customers digitally. But migrating data and systems to third-party datacentres also increases risk, as the Bank of England noted last year. The challenge for IT bosses in the sector [...]
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 [...]