Barclays hires JPMorgan veteran Peter Ward to head global e-trading team July 13, 2021 Peter Ward, a JPMorgan veteran, has been hired by Barclays to become head of digital strategy and global electronic trading from September. He will be based in New York City. Ward will report directly to the bank’s co-president, C.S. Venkatakrishnan, who led the global markets business after a major reshuffle at the top, according to [...]
Bursting the bubble: Do widespread narratives about speculative bubbles stand up to the evidence? July 13, 2021 | City Talk According to popular narratives, episodes of market bubbles are replete throughout financial history. Some commentators argue that current valuation levels may reflect the emergence of bubble-like conditions. But what exactly is a bubble, and what does the evidence say? A new book published by the CFA Institute Research Foundation argues that more critical analysis is [...]
EU securities watchdog slaps DTCC’s derivatives unit in the City with £350k fine for ‘negligence’ July 12, 2021 The European Union’s securities watchdog said today it has issued the UK-based trade repository arm of U.S. clearing house DTCC a fine of nearly £350,000 for “negligence” over a four-year period. Trade repositories were set up in the aftermath of the global financial crisis to improve transparency in markets by keeping a record of derivatives [...]
Sterling nudges lower as Boris moves to confirm 19 July unlocking July 12, 2021 Sterling nudged lower on Monday as the Prime Minister Boris Johnson moved to confirm plans to remove nearly all remaining COVID-19 restrictions in England from 19 July, despite cases currently at their highest since the end of January. Sterling fell 0.4 per cent to $1.385 against the dollar this morning, after jumping to above $1.39 [...]
Credit Suisse chief compliance officer resigns as shake up continues in the aftermath of Greensill July 12, 2021 Credit Suisse’s chief compliance officer will depart the bank as it continues a shake up by its new chairman in the wake of a series of costly scandals. The banking giant announced that its Swiss chief compliance, Floriana Scarlato, would leave with immediate effect to explore opportunities elsewhere. Recently appointed chairman Antonio Horta-Osorio has vowed to [...]
Charles Stanley revenues on the rise at £46m July 12, 2021 Investment management firm Charles Stanley (CAY) saw revenue, total funds under management and administration grow in the first quarter. The wealth-management services group said total funds under management and administration increased by almost 6 per cent to £27bn as of June 30, from £25.6bn at March 31. Total revenue for the quarter was up by 8 [...]
Tide banking valued at $650m, after securing $100m in funding July 12, 2021 Tide Banking, the UK fintech startup, has raised over $100m in Series C funding, bringing its valuation to over $650m (£468m), the company announced today. The four-year-old startup has raised a total of $200m to date including the latest funding. The injection of cash will allow the company to grow its market share, and expand [...]
Credit Suisse takes measures to reduce counterparty risk following Greensill Archegos scandals July 9, 2021 Credit Suisse has created a new role to manage risk from lending to counterparties sensitive to market moves, such as investment banking clients. The bank appointed Amélie Perrier to the newly created role of Head of Counterparty Market Risk, according to a Reuters report. Memo In an internal memo released today, the bank said: “In [...]
FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Danske Bank lifts net profit guidance to $1.9bn after ‘faster than anticipated macroeconomic recovery’ July 8, 2021 Danske Bank has today lifted its net profit guidance for this year to 12bn Danish crowns ($1.9bn), after ‘faster than anticipated macroeconomic recovery’ rallied confidence. The bank, which is Denmark’s largest lender, raised the guidance to 12bn crowns from around nine to 11bn crowns. “We adjust our net profit guidance for the year based on [...]