Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
D-Day in the City: Bank of England set to make history today by raising interest rates by record 50bps August 4, 2022 Today the Bank of England could make history by raising interest rates by 50bps for the first time since the Monetary Policy Committee was set up back in 1997. In June, the vote was a split decision, and it is quite likely that this one could be too. Then, three members of the MPC voted [...]
Vast majority of UK businesses struggle to get staff back into the office as workers demand flexibility August 4, 2022 Three in five UK business leaders are struggling to get employees back in the office, with younger workers in particular seeking flexibility and better workspaces. In fact, two-fifths seeking a new workspace to reflect their changing office needs, according to new research shared exclusively with City A.M. this morning. infinitSpace found that more than a third of [...]
Ping An proposal to break up HSBC gains momentum as small investors back plan August 3, 2022 HSBC investors are ramping up calls for the banking giant to break up as they side with Chinese insurance company Ping An. Pressure on the bank to shave off its Asian business into a separate company increased after a meeting with HSBC executives and Hong Kong investors yesterday, as small shareholders backed the proposal by [...]
Artorius lures three wealth managers away from troubled UBS in major City coup August 2, 2022 City A.M. understands that Square Mile firm Artorius Wealth has bolstered its client team with the appointment of three senior UBS wealth managers, James Goddard, Helena Pratt and Max Di Lieto. James Goddard spent nearly two decades in wealth management across Citi, Barclays and UBS, and focused the last five years on partnering with business owners [...]
UK’s FCA to create 100 jobs through launch of new Leeds offices August 2, 2022 The UK’s financial watchdog today set out plans to hire 100 new staff at its newly opening Leeds office as it looks to bolster its headcount this year and meet the demands of an expanding regulatory remit. The UK’s Financial Conduct Authority (FCA) announced it has signed a lease for premises on 6 Queen Street, [...]
Virgin Money reports jump in accounts as lender braces for cost of living crunch August 2, 2022 Virgin Money boss David Duffy said the lender was braced to support customers through a cost of living crunch today as the high street lender reported a jump in digital personal and business accounts in the third quarter of the year.
London markets lose early gains despite UK banks’ best efforts August 1, 2022 A bumper crop of results from Britain’s largest lender and Asia-focused HSBC initially boosted London markets today, before an afternoon collapse. The capital’s premier FTSE 100 index dropped 0.13 per cent to 7,413.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.22 per [...]
HSBC hits back at Ping An calls to carve out Asia business August 1, 2022 HSBC today hit back at intense pressure from its biggest shareholder to spin out its Asia business. The chief of Britain’s largest lender, Noel Quinn, said HSBC’s “strength as a well connected, global institution is the main reason our wholesale clients choose to bank with us”. “We are determined to capitalise on the advantages our [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]