Exclusive: Ukraine war puts major dent in derivative margin costs May 15, 2022 The war in Ukraine has caused huge increases in margin across derivatives markets, with firms having to find new sources of financing or reducing their positions in order to meet the collateral requirements from brokers, The margin rate for Brent Crude futures on Intercontinental Exchange (ICE) now stands at over $10,00 per lot. With the [...]
City boss pays staff in gold to beat inflation: ‘Makes no sense to pay them in pounds’ May 15, 2022 Staff at a financial services firm in the City of London have been offered the possibility to get paid in gold rather than pounds and pence — to help them keep ahead of inflation. TallyMoney CEO Cameron Parry is understood to be the first employer in the country to trial a gold payroll, though other [...]
Top Goldman brass entitled to unlimited holidays while juniors handed two more paid leave days May 15, 2022 Top brass at Goldman Sachs are entitled to as many holidays they want, while junior staff have been given just two additional annual leave days, an internal memo has revealed. Caps on the number of paid leave days partners and managing directors at the Wall Street titan were scrapped at the start of this month [...]
Germany brings in more emergency measures to control gas supplies amid supply shortage fears May 13, 2022 Germany has brought in new measures to control the country's energy supply amid continued volatility in global gas markets.
OakNorth boss Rishi Khosla is braced for the next economic crisis May 13, 2022 Rishi Khosla has become rather used to dealing with economic crises over the past seven years.
Lloyds chair says junior staff will be first in line when bank’s £399m bonus pot is handed out May 12, 2022 The chair of Lloyds Bank has said the company plans to prioritise its junior staff when reviewing pay packages as employees struggle with the rising cost of living. At the bank’s annual general meeting on Thursday, Robin Budenberg said: “Our colleagues, especially at a more junior level, are impacted by the rising cost of living [...]
Investment group backed by ex-Tesco boss probed over allegations of £2m Covid loan misuse May 11, 2022 We Are Nova, a start-up investment group with support from ex-Tesco chief Sir Terry Leahy, is being probed over claims it misused Covid loans. According to The Times newspaper, companies associated with We Are Nova netted almost £2m through the government’s bounce back loan scheme. However, the firms did not seem to be eligible for [...]
Unite lose bid to become recognised as official union at City watchdog the FCA May 10, 2022 An official arbitration committee has rejected Unite the Union’s bid to become recognised as the official trade union at the Financial Conduct Authority. Unite had applied to become recognised as the official union for the sake of collective bargaining, but this morning the Central Arbitration Committee (CAC) ruled the bid was not “admissible.” The decision [...]
UBS appoints two officials to shore up its ESG unit May 9, 2022 Swiss banking giant UBS has made two appointments to its ESG team as it looks to shore up its clean energy credentials. Josiane Fanguinovény and Viv Sedov will join the company’s Europe, Middle East and Africa division, according to the Financial News. The dealmakers will work on transactions related to environmental and social governance. FN reports many [...]
Barclays leverages Luxembourg deal to avoid nearly £2bn in tax May 9, 2022 British lender Barclays has avoided almost £2bn in tax by booking profits through tax haven Luxembourg for more than a decade, according to reports.