BoE eyes a climate-conscious corporate bond purchase scheme May 21, 2021 The Bank of England (BoE) has tabled plans to make its £20bn of corporate bonds better aligned with government net zero targets today. Set to begin later this year, the bank will not immediately sell off bonds issued by businesses that have high carbon emissions, such as energy and oil firms. “Divestment is a powerful [...]
Nationwide customers saved a further £10.6bn over the pandemic May 21, 2021 Customer deposited increased by £10.6bn throughout the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’ in the year to 4 April. With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by double what they increased by in 2019, as customers stashed cash into [...]
Westminster must stop City of London ‘neglect’, says ex-Johnson adviser May 21, 2021 The government must stop its “policy of benign neglect” toward the City of London and urgently bring in financial services regulation reforms, according to Boris Johnson’s former economic adviser. In a report released by centre-right think tank Policy Exchange, Dr Gerard Lyons called for a strong stance on parting from the EU’s financial services regulations [...]
Has lockdown triggered a City brain-drain? May 20, 2021 The explosion in home-working due to lockdown is shifting the focus away from a London-centric view of careers, with regional firms benefiting from a growing desire to shun the commute. Lockdown is prompting a shift away from City jobs to opportunities at smaller, regional practices with talent-hungry boutique firms stretching to match Square Mile-level salary [...]
EU slaps £319m fine on UBS, Nomura and UniCredit for bond cartels May 20, 2021 European Union antitrust regulators charged UBS, UniCredit and Nomura with a fine of £319m for their connections with a European government bond trading cartel. The sizable fines are the most recent punishment of the financial industry for its alleged involvement in foreign exchange cartels, Euribor and Libor benchmark cartels, and bonds cartels. The European Commission [...]
Morgan Stanley shakes up leadership as race for CEO successor intensifies May 20, 2021 Morgan Stanley announced a number of leadership changes and set off a competition between potential successors to replace Chief Executive Officer James Gorman in the next few years. In a statement Gorman said the announcement “reflects the next generation of leadership at Morgan Stanley.” “I am highly confident one of them will be the CEO in [...]
FCA charges Ian Hudson with fraudulent trading and defrauding creditors May 20, 2021 City watchdog The Financial Conduct Authority (FCA) just announced it has launched criminal proceedings against Ian James Hudson, following an investigation. The FCA said that Hudson appeared at Westminster Magistrates’ Court in relation to three charges. This includes carrying on a business, namely Richmond Associates, with the intention to defraud creditors and carrying on regulated [...]
Exclusive: ‘When I started, diversity didn’t really exist’, says Bank of America’s international head of ESG May 19, 2021 In this series, City A.M. zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Andrea Sullivan, international head of ESG at Bank of America. An M&A [...]
Santander boss Ana Botin defends Andrea Orcel CEO offer as top bankers face off in court May 19, 2021 Santander boss Ana Botin defended the bank’s actions in a court hearing in Spain today over the withdrawal of an offer more than two years ago to make Italian banker Andrea Orcel its chief executive. The very public row, which has offered a rare glimpse into the inner workings of a top bank, ended up in [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]