Sunday Sitdown: ‘Skittish’ banks need to up their game, says CEO of Ezbob April 25, 2021 Following a nightmare year that was hugely disrupted by the pandemic and three subsequent lockdowns, the City is slowly switching into recovery mode as the economy starts to re-open and many sectors are coming back to life. To discuss the way back up, City A.M. sits down with Tomer Guriel, chief executive of Marble Arch-based [...]
Boost for first-time buyers as more ultra-low deposit mortgages hit the market April 24, 2021 In a further boost to first-time buyers, more lenders are bringing 5 per cent deposit mortgages onto the market. New deals announced by Metro Bank and Cambridge Building Society are not part of a new government-backed mortgage guarantee scheme which was launched this week to increase the availability of 5 per cent deposit loans. Major [...]
JP Morgan apologises for funding European Super League April 23, 2021 JP Morgan has vowed to “learn from” its experience with the failed European Super League, after committing £2.8bn to the controversial project. In a statement, the investment bank said: “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. “We will learn [...]
Extinction Rebellion activists block headquarters of Lloyd’s of London in the City April 23, 2021 Climate activists are protesting outside the office of Lloyd’s of London in the City this morning, dumping fake coal outside in front of the building as part of a campaign against insuring fossil fuel mining activities. Activists from the Extinction Rebellion group are holding up banners with slogans such as “Climate Criminals” after they dumped [...]
UK cuts £43.3bn from bond issuance plans for 2021/22 April 23, 2021 The UK has tabled plans today to issue £252.6bn of government bonds in the 2021/22 financial year, £43.3bn short of what it forecast in March. The reduction comes following data revealing a fall in government borrowing for the previous 2020/21 year, dipping below previous official forecasts. The Debt Management Office has continued to raise net [...]
EU financial services czar warns City that Brussels won’t bend on rule-taking demands April 22, 2021 The EU is in “no rush” to grant the City of London renewed access to its financial markets post-Brexit, according to a senior Brussels official. Mairead McGuinness, the European Commissioner for financial services, said today that Brussels will “not be recreating access to the single market for the UK as they have chosen to move [...]
HSBC hires former Wells Fargo lead as its new head of global banking April 22, 2021 HSBC has hired the former executive vice president of Wells Fargo as its new head of global banking in Europe based in the capital. Stepping into the role on 15 July, Lisa McGeough joins HSBC from the California-based bank after 15 years, most recently serving as both executive vice president and head of international. McGeough [...]
HSBC open to climate talks but cannot ‘condone vandalism’ April 22, 2021 Following a climate protest which saw windows smashed at its City headquarters, HSBC has said that it welcomed discussion on climate change but that it could not ‘condone vandalism’. “We welcome meaningful dialogue on our climate strategy; however, we cannot condone vandalism or actions that put people and property at risk,” a spokesman said. “We [...]
Money laundering: NatWest calls criminal charges ‘disappointing’ as case moves to court April 22, 2021 NatWest Group has insisted it is making financial crime detection a “key priority” as it faces criminal action by the City watchdog for alleged money-laundering failures. In a speech to shareholders, ahead of the bank’s annual meeting on 28 April, NatWest chairman Sir Howard Davies called last month’s announcement of the launched criminal case “disappointing.” [...]
Extinction Rebellion activists smash windows at HSBC in Canary Wharf April 22, 2021 Extinction Rebellion shattered over a dozen windows at HSBC’s headquarters in Canary Wharf as the group stages a climate change protest against the bank’s investment policies. Activists from the Extinction Rebellion group used hammers to break windows and pasted stickers on walls and windows before sitting down to wait for the police to arrive, according to [...]