Early Morning Call: All eyes on Fed; gold breaks support; and Adobe down December 15, 2021 | City Talk All eyes are on the US dollar with the Federal Reserve meeting ahead. EUR/USD fell yesterday as the European Central Bank expects 2023/24 inflation below the 2% target. We’re also watching GBP ahead of UK consumer price inflation data. Adobe (ADBE) plunged 7% following JPMorgan downgrade. And gold breaks support as USD strengthens ahead of [...]
Just 10 per cent of Europe’s top banks have female chief executives December 14, 2021 A new study has revealed that gender equality is lacking at Europe's top 50 banks with women paid less than men in 80 per cent of companies.
JPMorgan’s UK consumer bank on hiring spree to bolster expansion efforts December 14, 2021 JPMorgan’s British retail arm, Chase, has plans to take on hundreds of new recruits as it looks to expand the range of services offered to clients. Since launching in September Chase has hired over 200 staff bringing staff numbers to 800. The fledgling bank now wants to grow its team to more than 1,000 employees [...]
Red flags raised by a third of electronic money institutions says report December 14, 2021 Researchers have warned that one in three UK-registered electronic money institutions (EMIs) raise money laundering red flags.
UK banking system able to weather economy shrinking over a third, says BoE December 13, 2021 The UK banking system is able to weather a severe economic storm, according to the Bank of England’s latest examination of the health of Britain’s biggest lenders. The Bank said even in a scenario in which the British economy shrinks over a third and property prices plunge 33 per cent, the banking sector’s core capital [...]
Exclusive: HSBC and Wells Fargo use blockchain to settle FX trades December 13, 2021 Two of the world's largest financial institutions, HSBC and Wells Fargo, are using blockchain technology to settle foreign currency trades.
State-owned NatWest slapped with £265m money laundering fine December 13, 2021 State-owned bank NatWest has today been slapped with a £265m fine for failing to stop millions of pounds of dirty money flowing through its system. The judgement concludes the first money laundering case against a British lender. The verdict sparked speculation among City expects over whether it will prompt global regulators to pursue other financial [...]
UBS tax evasion penalty cut by French appeals court December 13, 2021 A fine on Swiss lender UBS for allegedly helping wealthy customers in France evade taxes was today slashed to £1.5bn. A Paris appeals court reduced the original penalty from over £3.8bn. However, the court upheld the original judgement that the Swiss lender was guilty of promoting illegal banking services and money laundering. UBS is intending [...]
Goldman Sachs under pressure for its handling of harassment cases December 13, 2021 Goldman Sachs is reportedly under pressure over its handling of employee harassment and discrimination cases. Private institution the Nathan Cummings Foundation has filed a shareholder proposal, asking the bank to make public the arbitration process used to settle harassment claims after employees said the process silenced victims, the Financial Times reported. Following a series of [...]
Credit Suisse shakes up board and appoints new wealth management head December 13, 2021 Credit Suisse has welcomed back Francesco De Ferrari and named him global head of the bank’s wealth management division, among a series of appointments to its executive board announced this morning. De Ferrari, who worked at Credit Suisse between 2002 and 2018, will return to the Swiss bank in the new year after a brief [...]