Private equity salaries swell by 52 per cent to £152k as war for talent with banks intensifies October 11, 2021 Private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. In 2019, private equity professionals across Europe with only two years in the industry were paid, on average, just under £100,000 in [...]
‘FCA claimed a big scalp’: NatWest’s £320m money laundering fine sends message to the entire City October 8, 2021 NatWest is this morning staring at the prospect of a fine of up to £320m following the bank’s admission of guilt yesterday in relation to three charges of money laundering. The banking giant admitted it had failed to properly monitor £365m when it was deposited into a customer’s account. The case is widely seen as [...]
HSBC’s £36bn pension scheme pledges to be net zero by 2050 at the latest October 8, 2021 HSBC’s pension scheme, one of the largest corporate pension schemes in the UK, has pledged to achieve net zero carbon emissions by 2050 or sooner. In the run up to COP26, an increasing number of activists have zeroed in on fossil-fuel investing pension funds and wider financial institutions like HSBC and Lloyds for carbon-heavy investments. [...]
Home working prompts Brewin Dolphin to abandon HQ relocation plans October 8, 2021 Wealth manager Brewin Dolphin has scrapped plans to move its headquarters into the City after more staff adopt flexible working. The company first announced plans to move its head office in November 2019, according to a statement published yesterday. Brewin Dolphin said the original plan, formulated two years ago, was to move from Smithfield Market [...]
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 [...]