Exclusive: The challenges and hurdles City finance chiefs will face in 2023 January 4, 2022 Firms across practically every industry in the UK are facing a bleak economic winter ahead, but where is that playing out and what hurdles do the incoming storm clouds bring in 2023? City firms will be turning to one senior figure to understand these issue and look to keep the ship afloat – the Chief [...]
Banker bots: Amid increasing competition for top talent, banks could turn to AI January 4, 2022 Banks could begin to turn to artificial intelligence (AI), after the competition for top talent has prompted a battle of who can name the highest salary figure for newcomers. JPMorgan and Goldman Sachs have already dedicated teams to modernising their M&A advisory and capital markets businesses. And with pay for junior analysts at rival Morgan [...]
Biggest shake-up of national security in two decades a fact as new rules aimed at making foreign takeovers harder come into force January 4, 2022 Potential foreign buyers face a new regulatory regime as new rules that will make it harder for foreign firms to buy British businesses considered key to national security have come into force. The National Security and Investment Act is said to be the biggest shake-up of the UK’s national security regime for 20 years and [...]
Inflation could push past seven per cent in 2022, economists caution January 4, 2022 Inflation could push past the seven per cent mark this year, economists have cautioned, as living costs swell. The new year could bring the highest levels of inflation since the 1990s, economists told The Times, after prices rose by 5.1 per cent in the year to November. More than a third of economists forecast inflation [...]
New year, new record: S&P 500 hitting new high on first day of 2022 is sign investors remain bullish about stocks January 4, 2022 The new year start off with a bang for global markets as Wall Street recorded record highs for the S&P 500 and the Dow Jones Industrial Average. The S&P 500 rose 0.6% and the Dow finished 0.7% higher. Both indexes eclipsed the record highs they set last Wednesday. The Nasdaq composite rose 1.2%. Technology stocks [...]
Santander mistakenly sends Christmas bonus to thousands of Brits leaving lender £130m out of pocket January 2, 2022 High street lender Santander has handed out an unexpected Christmas bonus to thousands of Brits. The Spanish bank mistakenly sent out £130m to around 75,000 business and people on Christmas day. The news was first reported by The Times. Businesses and people who receive one-off recurring payments from 2,000 companies with Santander accounts were accidentally [...]
Brexit passporting: Little appetite among EU finance firms to stay in London as FCA applications disappoint January 1, 2022 It appears that many European financial services firms are not interested in continuing to be authorised in the City, as only half of EU firms that were given a temporary license to operate in the UK – immediately after Brexit – have applied for full authorisation, a Freedom of Information request has revealed. The City [...]
Credit Suisse investigation reveals chairman broke Covid rules twice December 31, 2021 António Horta-Osório is under investigation by Credit Suisse after reportedly breaking Covid quarantine rules for the second time, in order to watch a Wimbledon tennis match in the summer. Horta-Osorio, who joined Credit Suisse from Lloyds in April, has previously called the scandals faced by Credit Suisse, including the $5.4bn loss from the collapse of [...]
BREAKING: Nationwide app down, thousands of Brits unable to make payments on New Year’s Eve December 31, 2021 Nationwide’s mobile banking app has just gone down, with thousands of Brits unable to make any payments or access their funds. Thousands of frustrated customers have taken to social media. Nationwide is responding to customers, saying it does not know yet when the problems may be solved. According to the website Downdetector, problems started late [...]
Deutsche Bank slapped with £7m fine over weak rate-rigging controls December 29, 2021 German investment banking giant Deutsche Bank has been slapped with a £7.3m fine by Berlin’s finance regulator for failing to strengthen internal controls to prevent rate-rigging. BaFin said Deutsche Bank did not have “effective preventive systems, controls and policies” to maintain the “integrity and reliability” of data relating to Euribor, the rate-setting system used to [...]