Finance firms cut crime prevention teams despite money laundering alerts swelling October 7, 2021 Instances of suspected money laundering in Britain’s financial services sector are growing rapidly. The number of alerts to law enforcement agencies of potential money laundering or terrorist financing climbed to over 1m last year, according to the City watchdog. More to follow.
Dirty money in the City: NatWest pleads guilty to money laundering charges as CEO apologises October 7, 2021 NatWest pleaded guilty this morning at Westminster Magistrates’ Court to three counts of failing to comply with anti-money laundering legislation. The bank admitted failing to comply with laws over “large cash deposits” into a sole customer’s accounts. The firm pleaded guilty at Westminster Magistrates’ Court on Thursday to three counts under regulation 45(1) of the [...]
London banks embark on record hiring spree as City tilts toward post-Brexit future October 7, 2021 City banks are embarking on a record hiring spree, indicating the sector is in rude health despite warnings Brexit would hit it hard. London banking jobs are on course to smash pre-pandemic levels by 30 per cent, highlighting the capital’s banking industry has effectively weathered the Covid-19 crisis and is tilting toward making its post-Brexit [...]
Half of all Brits would struggle to afford food if they lost £1,000 October 7, 2021 Around half of all Brits would struggle to pay for food if they lost less about £1,000, with one in three ending up in financial difficulty if this figure was £500, according to a new survey, shared with City A.M. this morning. Moreover, just over a quarter of people said their mental health would be [...]
NatWest snaps up children’s pocket money app RoosterMoney October 6, 2021 NatWest has acquired children’s pocket money app RoosterMoney. The bank plans to offer Rooster as part of its existing products and services in the coming months and said the acquisition is part of its strategy to help families and young people manage their cash more easily. The app currently has more than 130,000 UK users [...]
JP Morgan boss Jamie Dimon: To cut my $31.5m pay would ‘offend the board’ October 6, 2021 JP Morgan chief executive Jamie Dimon defended his $31.5m pay in a HBO interview, saying his board would take offence if he asked for a pay cut. Speaking to co-founder of Axios James VandeHei, Dimon said his pay was up to the board, who would be offended if he were to request a reduction. As [...]
Meet Londoner Simon Kenyon, Lloyds’ new ambassador for the capital October 4, 2021 Lloyds Banking Group has appointed Simon Kenyon as its new group ambassador for London, a role designed to help support businesses and communities across the capital, according to the bank. Kenyon, who has lived in London for 25 years, takes over from Ed Thurman as the city looks to emerge from the disruption caused by [...]
Virgin Money store closures latest in long line of banks and lenders shutting branches September 30, 2021 Virgin Money’s latest tranche of branch closures, announced this morning, comes after swathes have been shut across the banking sector in recent months. The move to axe nearly a fifth of Virgin Money’s branch network – 31 stores with 112 jobs at risk – comes as rival HSBC also calls time on the last of [...]
Lloyds Bank picks Wicks to fuel capital’s recovery September 30, 2021 | Sponsored Interview with Lloyds Bank’s new regional director for London SME and mid-corporate. As the capital starts to emerge from the disruption caused by Covid-19, what kind of financial shape are its businesses in? “We’ve seen countless examples of firms showing incredible resilience and innovating in order to survive,” says Becci Wicks, in conversation with City [...]
Bonus and pay cap drives Bank of Ireland executive to pastures new September 28, 2021 Restrictions on executives’ pay has driven a top dog at one of Europe’s largest retail banks to quit his job. Myles O’Grady has left his role as chief financial officer at the Bank of Ireland, citing limits on bankers’ pay and bonuses as the main reason for leaving. O’Grady quit to capitalise on a better-paid [...]