Bank of England launches climate stress test for banks and insurers June 8, 2021 The Bank of England has set out its first climate stress test for the UK’s top banks and insurers but have said the results will not currently be used to determine capital requirements. The test will scrutinise the resilience of Britain’s financial system to stresses from a shift to a net zero-carbon economy as well [...]
Amanda Staveley’s appeal refused in Barclays ‘lifeline loan’ case June 7, 2021 Businesswoman Amanda Staveley’s appeal to overturn a court’s verdict against her in her case against Barclays has been refused, a court filing seen by Reuters today showed. A London High Court judge in February found Barclays guilty of “serious deceit” over how the British bank negotiated a lifeline with Amanda Staveley during the 2008 financial [...]
Brexit: Forced relocation of derivatives clearing from City to Frankfurt would only hurt EU, LSE warns June 7, 2021 In case the European Union does press ahead with the forced relocation of Euro derivates clearing from London to European capitals, costs for customers will jump and would ultimately put EU firms at a competitive disadvantage compared to their international rivals, according to the London Stock Exchange. “Restricting access to the EU economy and the [...]
City bankers would rather quit than move to European capitals following Brexit June 6, 2021 Bankers in the City of London are prepared to quit their jobs rather than move to other European cities following Brexit. A banker at JP Morgan told the Daily Mail that people were not willing to relocate abroad. “There have been problems – people don’t, and won’t, go to Frankfurt or Paris,” they said. “It’s [...]
Former Barclays boss in line for £200m windfall as Blackrock takes 10x stake June 5, 2021 Former Barclays boss Antony Jenkins is said to be on the brink of a deal that will see his personal wealth surge by £200m as Blackrock funds close in on his new fintech venture. Jenkins, who was ousted as chief executive of Barclays in 2015, is close to selling a stake in 10x Future Technologies [...]
JP Morgan freezes donations to Republicans who contested election June 5, 2021 JP Morgan will resume making donations to US politicians but will snub Republicans who voted to overturn President Joe Biden’s election victory. The Wall Street giant was among a host of corporations that halted political donations following the deadly storming of the Capitol in January, which was spurred on by former president Donald Trump. Hours [...]
Metro Bank bolsters UK call centre operations with new Bristol branch June 4, 2021 Metro Bank has launched a new customer call centre above its Bristol store this week, another bank bolstering its call centre operations in the UK. Delayed slightly due to Covid-19, the opening of the new centre, called AMAZE Direct, has created over 100 jobs. The challenger bank’s shares lifted 2.2 per cent this morning, taking [...]
Chartered Accountants will bring about lasting change by embracing sustainability June 3, 2021 | City Talk Anne Adrain says now is the time for Chartered Accountants to spread their ESG skills throughout the business sector. Environmental, social and governance (ESG) concerns are mainstream and critical to business success. Yet, despite the speed with which customer and investor thinking has evolved, many firms haven’t adapted accordingly. That’s where Chartered Accountants (CAs) come [...]
Deutsche Bank ‘confirms move to adopt hybrid working’ as work-from-home era fades June 1, 2021 Deutsche Bank the latest to adopt hybrid working as work-from-home era fades
UK missed out on £110bn of services exports after Brexit referendum, say wonks June 1, 2021 The UK has lost out on more than £110bn of services exports as a result of the 2016 Brexit referendum, according to a new study from Birmingham’s Aston University. Academics said services exports were £113bn lower between 2016 and 2019 than they would have been if the UK had not voted to leave the EU. [...]