More money into stocks in the past five months than the last 12 years, BofA says April 9, 2021 Investors have injected more money into equity funds in the last five months than over the last 12 years, according to Bank of America data. An eyewatering $576bn has been invested since December, over the peak of the GameStop surge, and topped the $452bn that had been raised over 12 years. The Bank of America’s [...]
Bank of America to hike salaries for junior bankers amid lifestyle scrutiny April 8, 2021 Bank of America today said it will raise the salaries of its junior investment bankers amid growing scrutiny over working conditions at major banks. The lender said the pay boost, which will come into effect next month, reflects the heightened workload caused by a flurry of dealmaking during the pandemic. “Given our ongoing remote work [...]
OneSavings Bank sets aside £20m to cover fraud costs April 8, 2021 OneSavings Bank (OSB) has set aside £20m to cover the costs of fraudulent activity carried out by one of its corporate customers. The cost to the lender is lower than it initially anticipated, saying in a market update last month it estimated the fraud cost to be around £28.6m. As a result of the incident, [...]
In-person conferences to return to the capital with fintech event April 8, 2021 In-person conferences are set to return in July with Fintech Week London, as lockdown restrictions ease after a socially starved year. “Virtual conferences have served us well during the pandemic, but there’s nothing like being around fellow professionals and immersing yourself in face-to-face conversations,” CEO of Fintech Week London, Raf De Kimpe, said. “The Covid-19 [...]
Some 1,200 HSBC staff to permanently work from home April 7, 2021 HSBC is moving more than 1,200 staff in the UK to permanent working from home contracts, marking yet another company making major changes to its working patterns post-pandemic. Around 70 per cent of the bank’s 1,800 call centre staff based across England, Wales and Scotland have volunteered to never return to the office, employment union [...]
JP Morgan CEO Jamie Dimon: London must reinvent itself as EU rivals fight to take its crown April 7, 2021 JP Morgan CEO Jamie Dimon: London must reinvent itself as EU rivals fight to take its crown
Women of the City: Joanne Hannaford at Goldman Sachs April 7, 2021 In this series, City A.M. zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Joanne Hannaford, head of engineering in EMEA and head of regulatory [...]
Goldman Sachs propped up Deliveroo IPO with £75m investment April 6, 2021 Goldman Sachs pumped tens of millions of pounds into Deliveroo shares in order to prop up trading of the takeaway app, after investors shunned its market debut. The investment bank bought around £75m of Deliveroo shares – equivalent to a quarter of stock traded in the first two days after the London listing – the [...]
JP Morgan and Goldman Sachs staffers return to London in droves April 6, 2021 Bankers at JP Morgan and Goldman Sachs have returned to their London offices in droves, as the UK continues to inch out of lockdown. Around 15 per cent of JP Morgan’s staff in the City – some 1,800 people – went into the office last week, up from about 10 per cent at Christmas. For [...]
Banks avoid dipping into cash buffers despite regulatory pressure April 6, 2021 Britain’s banks have not dipped into their capital buffers to lend to customers during the pandemic, despite being encouraged to do so. Most big banks have built up their capital strength in the past year, despite being told by officials to deploy money to help businesses, The Times reported. The Prudential Regulation Authority said that [...]