Credit Suisse plunges to hefty loss as Archegos collapse takes its toll April 22, 2021 Credit Suisse today posted a hefty loss for the first quarter after suffering a multi-billion-pound hit from the collapse of US hedge fund Archegos. The lender reported a pre-tax loss of 757m Swiss francs (£593m), down from a 1.2bn franc profit last year but marginally ahead of analyst expectations. The figures were dragged down by [...]
City needs EU equivalence deal to function properly, warns asset management chief April 22, 2021 The UK government should step up efforts to secure an equivalence deal for financial services as such an agreement is “very important” for the Square Mile, the CEO of one of the world’s largest asset managers has said. Hanneke Smits, who leads BNY Mellon Investment Managers, urged the government to reach an agreement with the [...]
HSBC manager writes viral post about overwork following heart attack April 21, 2021 The tale of what looked to be a stress-induced heart attack has gone viral on LinkedIn, after HSBC contractor Jonathan Frostick vowed to “restructure my approach to work” following his near-death experience. According to Frostick’s LinkedIn post, which has more than 200,000 ‘likes’ and nearly 11,000 comments as of Wednesday evening, the HSBC manager had [...]
JP Morgan sustainability rating downgraded after funding Super League April 21, 2021 Sustainability ratings company Standard Ethics has downgraded JP Morgan’s rating after it was revealed to have funded the failed and controversial European Super League. Standard Ethics said it judged JP Morgan’s involvement in the project to be “contrary to sustainability best practices”, and as a result downgraded its corporate rating from “adequate” to “non-compliant”. The [...]
City Moves: Who is switching jobs in the Square Mile this week? April 21, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. In this week’s City Moves, we have a host of newly created roles making their way across the Square Mile. From chief data officers to directors of environment social and governance – the [...]
Financial services leaders team up to launch net zero alliance April 21, 2021 Leading financial services firms have today announced the launch of a new alliance to reach net zero emissions ahead of President Biden’s climate summit. The Glasgow Financial Alliance for Net Zero (GFANZ) will bring together existing and new net zero initiatives and will be made up of 160 of the world’s biggest banks, asset managers [...]
Treasury Select Committee chair calls out UK banks for treatment of SMEs during Covid crisis April 20, 2021 Treasury Select Committee chair calls out UK banks for treatment of SME during Covid crisis
Barclaycard defends decision to cut customers’ credit limits by 95 per cent April 20, 2021 Barclaycard has defended cutting some customers’ credit limits after a backlash from people complaining they had been reduced by over 95 per cent. Some customers complained that their limits had been significantly reduced despite having never missed a payment. It was pointed out that Barclaycard had made the reductions at a time when some people [...]
UK reviews core banking rules as it seeks to bolster the City post-Brexit April 20, 2021 An independent review has been launched into capital and proprietary trading rules that were introduced following the global financial crisis more than a decade ago, as the government seeks to bolster the City of London’s global competitiveness after Brexit. The UK requires banks to “ring-fence” the retail arms of their operations to shield them from [...]
Leading investors call on banks to set tougher net zero targets April 19, 2021 A group of investors managing $11 trillion in assets is calling on banks to set radically enhanced emissions targets ahead of a key meeting aimed at tackling climate change. The group, which includes Aviva Investors and Legal & General Investment Management, said banks have a “critical role” in aligning the economy with net zero targets. [...]