Former executive suing UK branch of Canadian bank for £800,000 over discrimination claims May 27, 2022 The UK branch of a major Canadian bank is facing an £800,000 discrimination lawsuit from a former executive accusing it of discrimination. Zhuofang Wei is suing Canadian Imperial Bank of Commerce (CIBC) over claims it operated a hostile and discriminatory environment for women. The bank, which strongly denies all claims, dismissed her in Match 2020. [...]
NatWest offers customers chance to win £1,000 this summer via ’round up’ feature May 27, 2022 People saving with NatWest could win £1,000 this summer if they turn on a “round ups” feature on their account. The bank said it will award 10 customers £1,000 each. The round ups feature rounds up the cost of a purchase to the nearest pound and the spare change is automatically paid into a chosen [...]
Exclusive: KPMG to hire 3,500 tech workers to staff newly launched digital products business May 27, 2022 KPMG today launched a new digital solutions business which is set to see the firm more than double the size of its 3,000 strong technology focused workforce by hiring 3,500 new data scientists and engineers. The UK arm of the Big Four firm said it plans to create 1,000 London tech jobs, in its efforts [...]
Klarna pulling back from growth to focus on profits, boss says May 26, 2022 Buy-now pay-later giant Klarna is shifting away from a high-growth strategy to focus on a fast-track route to profitability, boss Sebastian Siemiatkowski said today.
Cineworld, ASOS and Boohoo: The 10 most shorted LSE stocks and the City fund managers that go after them May 25, 2022 Cineworld Group, the world’s second-largest cinema chain, is currently the most shorted UK listed company, according to the most up-to-date London Stock Exchange data. Some 8.2 per cent of its stock was held short by five investment firms, with New Holland Capital LLC holding the largest short position with 2.4 per cent of the company’s [...]
The Bank’s climate warnings are too overblown to help May 25, 2022 What was it HSBC’s now-suspended banker Stuart Kirk said about alarmist climate warnings? “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS WRONG” was the title of the slide which has seen him taking some unexpected time in the garden, as he dared to offer the heretical view that reports of the world’s imminent demise may [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
JPMorgan braced for more than $1bn losses on digital retail bank Chase May 24, 2022 Wall Street giant JPMorgan said it is braced for more than $1bn losses as it grows its digital bank Chase over the next few years, with the retail lender passing the 500,000 customer mark in the UK today.
City banks and insurers will book £330bn climate change loss without action to control impact May 24, 2022 The City could lose as much as £330bn over the next three decades if the UK fails to tackle climate change, the Bank of England said today. Firms will struggle to pay back loans due to costs swelling as a result of higher carbon prices, according to conclusions drawn by the Bank from its first [...]
Crypto crash could threaten global financial stability, ECB warns May 24, 2022 A continued sell-off frenzy in crypto could threaten the stability of global financial markets, the European Central Bank has warned today.