End of an era: Prudential chief Mike Wells steps down with new boss and all top roles moving to Asia February 10, 2022 Insurance giant Prudential said this morning that its chief Mike Wells plans to retire at the end of March after seven years in the role, with his replacement set to be based in Asia. Chief finance officer and chief operating officer Mark FitzPatrick will replace Wells as chief executive on an interim basis, but has [...]
Wealth manager Blackrock to offer crypto trading, say reports February 10, 2022 The world’s biggest asset manager Blackrock is reportedly planning to offer crypto trading to its investor clients.
Scandal ridden Credit Suisse sees £1.6bn loss in latest quarter February 10, 2022 Credit Suisse's latest financial results were dragged by legal woes and a slowdown at the bank's investment and wealth management arms.
Bailey’s wage dilemma is real, but the Bank has dragged its feet on inflation February 10, 2022 It is often argued the signal central banks’ bond buying programmes send to markets is more effective at shaping financial conditions than the purchases themselves. It is all about influencing expectations by sending the message that monetary policy will stay loose. Governor of the Bank of England Andrew Bailey’s message to workers to temper pay [...]
The Monzo effect: Challenger banks make life increasingly difficult for traditional high street rivals February 9, 2022 Challenger banks are outperforming traditional and established financial institutions more and more, with a growing number of Brits taking up accounts with Starling, Monzo or Triodos. According to new data shared with City A.M. this morning, the digital-only banks beat traditional institutions when it comes to customer service and mobile apps. Consumer group Which! asked [...]
European Central Bank preps lenders for potential Russian cyberattack February 9, 2022 The European Central Bank is reportedly preparing lenders for a possible Russian cyberattack, as analysts warn the move could be used to de-stabilise Ukraine prior to invading. The Bank is on high alert amid rising tensions between Russia and Ukraine, Reuters first reported, having had its sights locked on the rise of scams in the [...]
Treasury’s £4.3bn fraud write-off likely to be eclipsed by £20bn Covid loan defaults as CBILs and BBLs are not repaid February 8, 2022 The £4.3bn of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans, an industry expert warns. £73.8bn has been loaned under the above schemes to around [...]
City access to the Chancellor: 80 per cent of Rishi Sunak’s meetings are with banks and financial services firms February 8, 2022 As the government is looking to ease rules and regulations for the City of London, it has been revealed that Chancellor Rishi Sunak met with dozens of financial firms, banks, consultancy firms, hedge funds and lobby groups in recent months. According to new analysis, published by the Independent, around 80 per cent of all businesses [...]
Credit Suisse accused of helping cocaine traffickers launder millions of euros February 7, 2022 Credit Suisse faced charges in a Swiss court today of allowing a Bulgarian cocaine trafficking gang to clean millions of euros of dirty money, adding to the long list of scandals that have ensnared the Swiss lender. Swiss prosecutors are seeking to secure 42.4m Swiss francs (£33.8m) in damages from Credit Suisse. Prosecutors have accused [...]
KKR turns music catalogues from the likes of Stevie Nicks and The Weeknd into bonds February 7, 2022 Investment firm KKR is set to turn a catalogue of 65,000 songs – including hits from The Weeknd, Stevie Nicks, and Childish Gambino – into bonds as it looks to sell more than $732m (£542m) of asset-backed securities supported by publishing and sound recording royalties. Late last year, KKR – via its new Chord Music [...]