City bosses more Santa than Scrooge this Christmas as it rains parties, presents and bonuses in London November 30, 2022 Despite economic difficulties, London bosses are still planning to give their staff Christmas parties, presents, or bonuses. London employers appear to be going bigger on bonuses, with 56 per cent of London staff expecting a Christmas bonus, compared with just 23 per cent of those in both the South East and South West, and only [...]
Klarna targets 2023 profits despite swelling losses November 30, 2022 Buy-now pay-later giant Klarna said it was targeting profitability in the second half of 2023 despite losses nearly doubling in the third quarter of the year. In its third quarter results today, the Swedish-headquartered fintech firm said losses had swelled to SEK 2.13bn (£170m) in the three months to the end of September, up from SEK [...]
Credit Suisse shares tumble to record lows as sell-off continues November 29, 2022 Shares in Credit Suisse tumbled to record lows today as investors continued to shun the firm after warnings of a $1.5bn loss last week.
HSBC shares top FTSE 100 after it offloads Canada business to RBC for £8.4bn November 29, 2022 BRITAIN’S biggest bank HSBC has sold its Canadian business to Royal Bank of Canada (RBC) for $10.1bn (£8.4bn) in a move that may save some face with disgruntled Asian investors demanding the firm be broken up. The Canary Wharf headquartered lender said today it plans to redistribute a chunk of the $5.7bn (£4.7bn) profit it [...]
Exclusive: The billions of dirty money in the City despite FCA scandals that rocked HSBC and NatWest November 29, 2022 Going back more than a decade, in the summer of 2012, HSBC was fined $1.9bn for inadequate compliance and anti-money laundering control processes. The banking giant was found guilty of providing money laundering services to drug cartels as well as terrorist groups in the Middle East. Ten years on, money laundering is still a serious problem. Less [...]
Revenue jumps for Wise thanks to customer flurry November 29, 2022 Wise said revenue climbed in the half year as the customer base balloons for the London-based fintech company. The money transferring service moved over £51bn for customers globally in the first half of the year, 49 per cent more than the previous year. As such, Wise said revenue also climbed 55 per cent from 2021 [...]
City workers are ignoring ‘ego driven’ calls to return to offices November 29, 2022 City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report. Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the [...]
Barclays chief ‘Venkat’ to undergo cancer treatment in New York November 28, 2022 The head of Barclays has been diagnosed with Non-Hodgkin Lymphoma, but doctors have said his “condition is curable,” he announced today. In a statement just after the market open yesterday, C.S. Venkatakrishnan, known as “Venkat” said the illness “has been detected early” and that his “prognosis is excellent”. He will continue to run the bank. [...]
Credit Suisse shares dive as stability concerns spread November 28, 2022 Shares in embattled Swiss lender Credit Suisse plunged beyond eight per cent today as fears over the banks' stability spread in the wake of a profit warning last week.
Saturday Sitdown: ‘Private equity keep everything simple’, says City M&A chief November 26, 2022 It’s no surprise that economic turmoil often drives consolidation. Companies may be struggling to survive and looking to M&A as a way to drive value. Not to mention the current weak pound that makes UK-based businesses, especially those with a global footprint, more attractive to overseas buyers. According to recent ONS data, Q2 this year saw [...]