Bank of America beats forecasts with first quarter profits of $7.1bn April 18, 2022 The Bank of America has beat analyst expectations with first quarter revenue of $23.3bn amid strong loan book growth.
Talent wars: New City bankers rake in £63k before bonus April 17, 2022 Entry level banking analysts can now expect a base salary of £63,000 before bonus as the City continue to drive up pack packets for new joiners. According to a report from professional services recruiter Dartmouth and as reported by the Telegraph, this is a jump of more than a quarter on last year figures. Whilst [...]
Bank of England reveals it used to own hundreds of slaves April 16, 2022 Research by the Bank of England uncovered that the Threadneedle St institution owned 599 slaves in the late 18th century. A new exhibition – titled Slavery & the Bank – outlines how the names of slaves were found in an inventory from 1788. After a debtor defaulted in the 1770s, they handed over two plantations in [...]
Moody’s warns Russia is on verge of defaulting on debt obligations April 16, 2022 Russia is on the verge of defaulting on its debt obligations, a major credit agency has cautioned. The country broke the terms of two bond contracts with payments scheduled on 4 April by paying in rubles, instead of dollars. US financial services firm Moody’s has noted the use of rubles “represents a change in payment [...]
Eurozone inflation forecast to double this year as industry confidence plummets April 16, 2022 Inflation in the eurozone is anticipated to double to six per cent this year, piling more pressure on the European Central Bank to hike interest rates. Inflation expectations have shot up from an average of three per cent to six per cent in 2022, according to the ECB’s quarterly survey of economists. This is three [...]
Goldman Sachs profits plunge as dealmaking boom falters April 14, 2022 Wall Street giant Goldman Sachs reported a plunge in profits and slashed bankers paypackets in the first quarter of the year as the post pandemic dealmaking boom finally faltered.
ECB leaves interest rates unchanged as it commits to speed up stimulus exit April 14, 2022 The European Central Bank has announced it will leave interest rates unchanged at zero per cent today as it breaks rank with central banks that have hiked rates in recent weeks to tame rampant inflation.
Standard Chartered pulls back from Africa and Middle East in cost cutting push April 14, 2022 British lender Standard Chartered announced today it would slash its presence in Africa and the Middle East as it looks to cut costs and simplify its business.
Swiss banker who paid for strip clubs on expenses sentenced to almost four years for fraud April 14, 2022 A banker who has been jailed for fraud put strip club visits and holidays on expenses, a court was told. Former banker of the year in Switzerland, Pierin Vincenz, will spend almost four years in jail, after he was sentenced at the culmination of a high-profile case in the country. The ex chief executive of [...]
Exclusive: Unicorn Bank of London announces new deputy chief executive April 14, 2022 A new deputy chief executive has been appointed by the Bank of London, the second clearing bank to launch in the UK within the last 250 years. Tom Wood has joined the technology-based company which landed with a bang last year, being valued at £1.1bn. The first pre-revenue bank to reach unicorn status upon entering [...]