Sunak questioned over Greensill Capital’s links to Covid loan scheme April 5, 2021 Greensill Bank clients get $3bn payout as Labour puhes for tighter lobbying rules after David Cameron lobbying probe
Credit Suisse shares rally after Archegos collapse April 1, 2021 Shares in Credit Suisse pushed higher today, clawing back some of their losses sparked by the collapse of US hedge fund Archegos Capital Management. The bank lost almost a fifth of its value after defaults on margin calls by Archegos, a family office run by billionaire Bill Hwang, prompted a fire sale by banks. Credit [...]
Commerzbank to cut 1,700 jobs following deep losses April 1, 2021 Commerzbank will offer voluntary redundancy to some 1,700 full-time staff in Germany, in a bid to cut costs at the bank. Entitled employees will be offered termination agreements from July 2021, and employees who make use of the voluntary programme will leave the bank by the end of the year. The decision comes after Germany’s [...]
Moelis gives young bankers a $10,000 allowance to ‘improve mental health’ April 1, 2021 Young investment bankers working at Moelis & Co will receive a $10,000 payment in a bid to improve their mental health after a gruelling year. The boutique investment bank told employees from analyst level up to executive directors would receive a $5,000 payment followed by $2,5000 instalments to be spent on health and lifestyle. Moelis [...]
Hiring for bankers reaches three-year high March 31, 2021 Recruitment for bankers has hit a three-year high according to new data despite the double whammy of the pandemic and Brexit. Last month Britain’s top banks posted 1163 professional banking vacancies, according to research by Morgan McKinley and Vacancysoft, a 43.9 per cent rise on the same period last year. Overall vacancies in the sector [...]
US regulatory scrutiny grows as Archegos collapse sparks losses March 30, 2021 US regulatory scrutiny mounted today as Wall Street began to count the cost of losses sparked by the collapse of hedge fund Archegos Capital Management. Shares in Credit Suisse fell a further three per cent, taking total losses to 16 per cent for the week, on fears about the losses linked to Archegos’ meltdown. The [...]
UK and EU financial services pact sets up two meetings a year between regulators March 30, 2021 The new post-Brexit financial services agreement will ensure regulators from the UK and EU meet twice a year, but will stop well short of implementing any new access arrangements. Officials from the Treasury have been speaking with Brussels about a financial services Memorandum of Understanding over the past three months, after there were no provisions [...]
BoE calls on lenders to seek regulatory approval before relocating to EU March 29, 2021 The Bank of England is calling on lenders to seek its approval before relocating to the EU after concerns European regulators are demanding more to move than necessary. The central bank is concerned the European Central Bank’s requests are excessive, the Financial Times reported, and Governor Andrew Bailey has reportedly taken a personal interest in [...]
Frugal February: Brits paid off £1.2bn in credit card debt and overdrafts in final month of full lockdown March 29, 2021 Frugal February: Brits paid off £1.2bn in credit card debt and overdrafts in final month of full lockdown
Banks warn of ‘significant’ losses after huge fire sale linked to Archegos March 29, 2021 A huge fire sale of individual stocks last week has seen Credit Suisse and Nomura shares plummet after warning of “significant” losses. On Friday shares in ViacomCBS and Discovery plunged 27 per cent alongside leading Chinese stocks, including Tencent and Alibaba. Over the weekend it was revealed there was a massive margin call on family [...]