Crypto has ‘serious deficiencies in governance’, warns Bank of England official October 19, 2022 A Bank of England official warned there are “serious deficiencies in governance” in the crypto ecosystem today as she laid out a vision for the industry to win back trust from investors.
Government puts bank windfall tax on table to help plug fiscal hole October 19, 2022 The government has put a windfall tax on the UK’s largest banks on the table, sending their shares plummeting today. London-listed Lloyds Bank, which is Britain’s biggest mortgage lender, plunged to the bottom of the FTSE 100 index today, shedding 4.11 per cent. Previously state-owned NatWest trailed closely behind on the biggest losers’ table, dropping [...]
Regulatory ‘call-in’ powers must not be politicised, City chiefs warn October 19, 2022 Powers allowing ministers to intervene in regulatory matters must not be “politicised” and should only be used “in extremis”, City chiefs have warned today.
The Bank of England: From whatever it takes to whatever it breaks October 18, 2022 Markets have responded positively to the effective cancellation of Kwasi Kwartang’s ‘mini-budget’ from 23 September that new Chancellor Jeremy Hunt announced yesterday. However, it remains clear that the Bank of England is more focussed on the longer-term implications of inflation. The Old Lady confirmed it is no longer willing to offer unending support to markets. [...]
Goldman Sachs profits trimmed by sluggish deal making October 18, 2022 A sharp slowdown in deal making activity caused by the weakening global economic environment has squeezed investment banking giant Goldman Sachs’s profits, the firm announced today. Net earning applicable to common shareholders at Goldman over the three months to September fell to $2.96bn (£2.62bn). That is nearly half the $5.28bn (£4.67bn) notched by the Wall [...]
In the money: Moneysupermarket.com revenue swells amid travel return October 18, 2022 Price comparison platform Moneysupermarket.com has continued to see buoyant revenue after the return of summer holidays and business travel. In quarterly results on Tuesday, Moneysupermarket said recent performance had exceeded expectations and its full-year EBITDA would sit “towards the upper end of market expectations”. The London-listed company celebrated revenue of £101.9m, up one third, for [...]
Uncertainty over timing of UK announcement of Big Bang 2.0 financial services reforms October 17, 2022 There is now uncertainty over when the UK will unveil its post-Brexit changes to EU financial services regulations amid the current government turmoil. The Treasury said last month that former chancellor Kwasi Kwarteng would announce the long-awaited reforms, which will include changing the EU’s Solvency II directive on insurance firms, in October. This target may [...]
JP Morgan tops quarter estimates whilst Morgan Stanley misses the mark October 14, 2022 JP Morgan reported a less-than-feared 17 per cent fall in third-quarter profit this afternoon, while Morgan Stanley posts a revenue plunge. JP Morgan’s adjusted profit was $3.36 per share, above analysts’ average estimate of $2.88, according to Refinitiv data. JP Morgan chief Jamie Dimon said that consumers in the US were continuing to spend despite [...]
City bonuses rise at more than twice the rate of wages since 2008, study says October 14, 2022 The City has proved its resilience to challenging economic headwinds, with bonuses increasing at more than twice the speed of wages since the financial crash. The rapid growth in bonuses reflects the continued activity in the Square Mile and the lack of real-terms growth in people’s salaries. While most workers’ salaries had effectively plateaued, TUC [...]
Kids’ finance app GoHenry bags £50m cash injection October 13, 2022 Kids’ finance app GoHenry revealed it had bagged $55m in fresh funding today as it looks to fuel its expansion across Europe.