Prince Andrew sets up company with disgraced financier accused of sexual harassment April 27, 2021 Prince Andrew has set up a company with a disgraced former Coutts banker who quit after being accused of sexual harassment. The Duke of York has gone into business with Harry Keogh, a former banker at Coutts who resigned in March 2018 following a slew of sexual harassment claims, including that he inappropriately touched young [...]
HSBC profits surge to $5.8bn on Covid-19 recovery hopes April 27, 2021 Banking giant HSBC this morning announced a surging pre-tax profit of $5.78bn (£4.16bn) for the first quarter, up from $3.21bn a year ago and well above an average analyst forecast of $3.35bn. Revenue, however, fell five per cent to $13bn in the three months to 30 March as low interest rates in its main markets [...]
France threatens to block City of London from EU if UK does not open up its fishing waters April 27, 2021 France has threatened to keep the City of London out of EU markets post-Brexit if the UK does not increase access to its waters for the country’s fishermen. France’s European affairs minister Clement Beaune today hit out at the UK’s post-Brexit fishing arrangements, saying there would be “retaliation measures” taken if the UK does not [...]
UBS takes unexpected $774m Archegos hit April 27, 2021 UBS reported a surprise $774m hit following the collapse of U.S. investment fund Archegos, taking the shine off a forecast-beating 14 per cent rise in quarterly net profit. The news comes as losses from Archegos are still rippling across the global banking industry, with Japan’s Nomura posting on Tuesday its biggest quarterly loss in over a [...]
Exclusive: Boris Johnson faces calls from business leaders to commit to net zero financial system April 27, 2021 A group of business leaders have written to Boris Johnson asking him to commit the UK to developing a net zero financial system ahead of this year’s COP26 climate summit. The letter, which has been seen by City A.M., said that such a move would allow the Britain to show off its global leadership before [...]
Review of banker bonus cap not top of the agenda, says BoE official April 26, 2021 A review of the cap on bankers bonuses is not top of the Bank of England’s priority list, according to an official. Now the UK is out of the EU it is free to set its own regulatory agenda on financial services. It has previously been reported the Treasury is considering scrapping the cap entirely [...]
NatWest refuses to jump on the crypto bandwagon amid money laundering charges April 26, 2021 NatWest’s reluctance to enter the crypto market should be seen as out of step with the wider financial services ecosystem, according to a leading London lawyer. Earlier this week, the bank said it has ‘no appetite’ to serve business customers which accept cryptocurrency, as the bank is taking a ‘cautious approach’ following recent money laundering [...]
The EU will sign a post-Brexit deal on financial services, PwC boss predicts, because it ‘needs London’ April 26, 2021 The EU will grant the City of London access to its capital markets and agree a post-Brexit deal on financial services because it “needs London”, PwC has predicted. The financial services sector was left out of the post-Brexit trade deal agreed between the two sides last year, but the Big Four firm is predicting the [...]
Bank earnings preview: What to expect in this week’s quarterly results April 26, 2021 While the banking sector has recovered somewhat in the past two months this week the issue of bad loans and customer defaults will be front of mind. The sector set aside billions in provisions for bad loans at the start of the pandemic, expecting a huge increase in defaults. However with thanks to government support [...]
New lender Blazehill Capital to target mid-sized businesses April 26, 2021 A new lender focused on providing funding for the UK’s mid-market businesses has today launched. Blazehill Capital, which offers firms secured lending ranging from £5m to £30m per transaction, is looking to build a £1bn lending book in the next five years. The lender is backed by a number of investors, including New York asset [...]