Bank of England says it never wanted bankers’ bonus cap as Kwarteng looks to scrap payout limit September 15, 2022 The Bank of England has said it never supported the bankers’ bonus cap amid speculation that Kwasi Kwarteng wants to scrap the policy post-Brexit. A spokesperson for the Bank told Reuters today that there were better ways to ensure banks account for risks than the EU-enforced restriction, which critics have said hurts the City’s global [...]
Bankers’ bonus cap could be scrapped by Kwasi Kwarteng September 14, 2022 The bankers’ bonus cap, which limits the pay of top City and Canary Wharf executives, could be scrapped by new Chancellor Kwasi Kwarteng. The cap, which was brought in as part of EU-wide efforts after the financial crisis, has long been criticised as an anti-competitive stranglehold on the capital’s competitiveness. Kwarteng wants to scrap the [...]
Citigroup hires veteran JP Morgan dealmaker to bolster London team September 14, 2022 Citigroup has hired JP Morgan veteran Barry Weir as the new managing director of its London investment banking team. The veteran dealmaker, known for his expertise in natural resources, will join Citigroup’s London office in September, acco. rding to Bloomberg. Citibank’s poaching efforts come as the New York bank is seeking to bolster its UK [...]
Citigroup opens Malaga hub to offer junior bankers better work-life balance September 14, 2022 Citigroup has opened a new hub for junior investment bankers in the Spanish seaside city of Málaga on the Costa del Sol. The US bank selected 27 of more than 3,000 applicants to work at its new Spanish hub, as part of a two-year programme promising work-free weekends and eight hours days. In locating its [...]
Abrdn given a sell rating by Deutche Bank after falling off FTSE 100 September 14, 2022 Deutsche Bank has downgraded abrdn to a to-sell stock, after the British asset manager’s revealed dampened earnings last month. The bank is taking on a “more cautious stance on several fronts”, it said in a note today. Abrdn, which has around £508bn under management, lost its hold rating just days after dropping out of the [...]
JP Morgan’s investment banking fees could drop 50 per cent, executive says September 13, 2022 JP Morgan Chase’s investment banking revenues could drop by as much as 50 per cent in the third quarter of 2022, one the Wall Street bank’s most senior executives has warned. The bank’s president and chief operating officer Daniel Pinto said he expects JP Morgan’s investment banking fees to be 45-50 per cent lower than [...]
Greenwashing a ‘systemic problem’ at UK banks September 13, 2022 Greenwashing is a ‘systemic problem’ at UK banks despite all of them claiming sustainability is at the heart of their business, a survey released today reveals. Only 59 per cent of lenders are measuring their carbon footprint, according to a survey of 150 UK banking executives by technology firm Mobiquity. The survey also found all [...]
Ministers meddling in regulation is ‘recipe for disaster’, says former FCA official September 12, 2022 Government plans to exert greater control over financial rule-making are a “recipe for disaster”, a former senior regulatory official warned today, as the government looks to grant itself powers to overturn decisions made by independent City watchdogs.
Bank scandal victims must be informed of compensation deadline, campaigners say September 11, 2022 The banks at the centre of a multi-billion-pound mis-selling scandal should be forced to inform their victims of an approaching deadline to receive compensation, the Transparency Task Force (TTF) has told MPs. Victims of the interest rate hedging product (IRHP) scandal should be informed they must file any complaints to the UK’s Financial Conduct Authority [...]
National Crime Agency files claim to recover £54m from two Barclays bank accounts September 11, 2022 The UK’s National Crime Agency (NCA) is seeking to recover almost £54m from two Barclays accounts over concerns the money was acquired through fraud and money laundering. The NCA has filed a High Court claim seeking a Recovery Order to obtain £53,984,882 from two unnamed bank accounts, following internal investigations by the bank, a claim form seen [...]