Citigroup enforces Zoom-free Fridays in wellbeing push March 23, 2021 Citigroup workers will be spared from Zoom meetings on Fridays as part of a wellbeing push by the bank’s new boss. In a memo to staff chief executive Jane Fraser said she was introducing the video call veto after it “became apparent we need to combat the ‘Zoom fatigue’ that many of us feel”. Fraser [...]
Revolut submits application for US banking licence March 22, 2021 A year after launching in the US, Revolut has submitted its draft application for a US banking licence as it expands its business account across all 50 states. Revolut secured a Lithuanian banking licence bank in 2018 and announced it had applied for a UK licence earlier this year. Securing both a US and UK [...]
MPs call for insurers Legal & General and Aviva to cut ties with HSBC over its Hong Kong stance March 22, 2021 A group of British parliamentarians have called for major British insurers Aviva and Legal & General to cut ties with HSBC over its support of Beijing’s democracy crackdown in Hong Kong. The group of 10 MPs and peers wrote to the pair of insurers to say that “investment in HSBC is in direct conflict with [...]
Barclays expands private bank to France and Italy in bid to grow EU business March 22, 2021 Barclays has expanded its private banking division to France and Italy as it looks to grow its European wealth business in the wake of Brexit. The bank said on Monday that it had appointed Bernard Corneau and Carlo Baronio as heads of private bank coverage in France and Italy respectively. The duo will be supported [...]
Visa ‘facing US investigation’ over debit card practices March 19, 2021 Visa is said to be facing a regulatory investigation in the US over concerns it is engaging in anti-competitive practices in the debit card market. The US Department of Justice has been looking at whether Visa limited merchants’ ability to route transactions over card networks that are often less expensive, the Wall Street Journal reported. [...]
Goldman Sachs junior staff slam bank’s ‘inhumane’ 100-hour working weeks March 18, 2021 Junior bankers at Goldman Sachs claimed they have suffered ‘inhumane’ treatment and workplace abuse, leading to a deterioration in mental health while employed by the US investment bank. A survey circulated on Twitter today that was presented to the bank last month, showed that all of the 13 respondents felt their working hours had negatively [...]
OneSavings Bank flags £28.6m fraud by corporate customer March 18, 2021 OneSavings Bank has delayed its results after discovering potential fraud by one of its corporate customers. In a late statement on Wednesday the buy-to-let lender, which was scheduled to publish results this week, said it had recently become aware of possible fraud but maintains it is likely an “isolated incident”. The maximum possible loss could [...]
Credit Suisse replaces asset management head after Greensill collapse March 18, 2021 Credit Suisse has replaced the chief executive of its asset management business and announced plans to separate the division that has faced scrutiny over its Greensill-backed funds. The Swiss bank announced the appointment of Ulrich Korner as chief executive of the asset management business who will report directly to the bank’s chief executive Thomas Gottstein. [...]
HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
Female representation in finance improves despite pandemic March 17, 2021 Five years since the launch of a review into female representation in finance, the vast majority of firms have reached or are on track to meet their targets according to new research. The Treasury launched its Women in Finance Charter after a review led by Dame Jayne-Anne Gadhia in 2016 which called on firms to [...]