Wealthy City bankers ‘ditched the UK for the EU ahead of Brexit,’ survey finds August 18, 2021 Almost a hundred highly paid bankers left the UK ahead of its formal exit from the EU, the bloc’s banking watchdog said today, in a sign of how Brexit has impacted the Square Mile. The European Banking Authority (EBA) said in its annual survey of bankers earning more than €1m (£850,000) that the UK’s total [...]
FCA warns equity crowdfunding CEOs of consumers making ‘high-risk’ investments August 18, 2021 The Financial Conduct Authority (FCA) has written to the CEOs of equity crowdfunding platforms, to warn them that consumers are still making “inappropriate high-risk” investments despite the current marketing restrictions, as first reported in P2P Finance News. The FCA said crowdfunding firms should “promote investment opportunities appropriately so that consumers can understand the risks these [...]
Citi re-hires Obama aide Nathan Sheets as global chief economist August 18, 2021 Citi has re-hired Nathan Sheets as global chief economist, seven years after his departure from the bank to work under former President Obama. Sheets will return to Citi to oversee the global economics team in New York and lead research across all areas of economics. He is set to replace Catherine Mann, who left in [...]
Digital banks pull ahead of high street rivals in battle for consumers’ wallets August 17, 2021 Digital banks are pulling ahead of their traditional high street rivals in the battle to deliver strong customer services, according to findings from the competition watchdog. The Competition and Markets Authority found that Monzo, Starling Bank and First Direct are the top banks for customer service in Britain. The CMA conducted a survey of 1,000 [...]
Charlie Nunn starts as Lloyds Bank chief executive August 16, 2021 Former HSBC banker Charlie Nunn takes on the role of chief executive of Lloyds Bank today, one of the UK’s biggest finance jobs. Nunn’s appointment was announced in November and his starting date was revealed in February. He replaces Antonio Horta-Osorio, who held the position for a decade and announced he would step down once [...]
Judge rules Credit Suisse banker was unfairly sacked over rogue trade August 16, 2021 An employment tribunal has found that banker Ellina Volkova, who carried out a rogue trade on behalf of a Russian client that cost the bank £20,000, was unfairly dismissed by Credit Suisse as the bank’s investigation into her behaviour was “unjustifiably delayed.” As part of his judgement, Judge David Massarella found against Volkova’s claim that [...]
Credit Suisse bolsters risk oversight to prevent future Greensill scandals August 13, 2021 Credit Suisse is bolstering its internal controls to prevent future scandals in a bid to repair the damage inflicted on its reputation by the Greensill and Archegos affairs. Switzerland’s second largest bank is adding two new risk experts to its non-executive board. New chairman Antonio Horta-Osorio has made strengthening risk oversight his main priority after [...]
Goldman Sachs hires former MI6 chief as paid adviser August 11, 2021 Goldman Sachs has reportedly hired the former head of MI6 Sir Alex Younger as a paid adviser. Younger has been hired to provide expert advice on geopolitics, international risk and cyber. He headed the UK Secret Intelligence Service between 2014 and 2020, making him the longest serving chief of MI6 in half a decade. Younger [...]
Citigroup to require vaccines for return to US offices August 10, 2021 Citigroup will require US employees returning to the office to be vaccinated against Covid-19, the bank’s head of human resources said today. The bank expects these employees to start returning to the office for at least two days a week from 13 September, Sara Wechter said in a Linkedin post. The policy will apply to [...]
M&G investment shares slip after reporting loss August 10, 2021 Investment manager M&G saw shares fall after today reporting a loss after tax of £248m for the first half of the year. Before tax the company saw a six per cent improvement in its profits for the half-year, at £327m, but the FTSE 100 company swung to a loss after tax of £248m for the six [...]