British Business Bank boss calls for more ‘risk-sharing’ in recovery loan scheme March 10, 2021 The head of Britain’s state-owned business bank has called for more risk-sharing in SME lending as she looks at combatting fraud in a new loan scheme. Catherine Lewis La Torre, who took over as chief executive of the British Business Bank (BBB) in September, told City A.M. there is a need for the market to [...]
Greensill files for administration putting thousands of steel jobs at risk March 8, 2021 Greensill Capital has this afternoon filed for administration, potentially putting at risk thousands of jobs in the UK steel industry. Lawyers for the boutique bank, which is one of the main sources of funding for steel magnate Sanjeev Gupta’s business empire, appeared before a UK court today, the FT reported. According to court documents, Greensill [...]
Starling Bank secures unicorn status with £272m funding round March 8, 2021 Starling Bank today confirmed it has raised £272m in its largest ever funding round, confirming its status as Britain’s newest unicorn. The digital bank raised the funds in a series D round led by Fidelity Management and Research. The Qatar Investment Authority, Railpen — the investment manager for the £31bn Railways Pension Scheme — and [...]
Ministers in talks over post-Brexit global services deal March 8, 2021 The government is said to be in talks to create a global trade agreement in services in an effort to boost the UK economy after Brexit. Senior ministers and City lobby groups have held discussions over a plan that would allow countries including Britain to export services such as banking, insurance and legal advice to [...]
Credit Suisse to wind down Greensill-linked funds as GFG ‘ceases repayments’ March 5, 2021 Banker Credit Suisse today said that it would wind down supply-chain finance funds worth around $10bn linked to embattled Greensill Capital. In a statement this morning the Swiss lender said it would start repaying investors around 80 per cent of the $3.7bn it has available. The decision came as Sanjeev Gupta’s GFG Alliance decided to [...]
UBS bonus pot jumps to $3.3bn during pandemic year March 5, 2021 Employees at UBS earned higher bonuses in 2020, as bumper pandemic profits saw extras at the bank rise by 24 per cent to $3.3bn during the year. Executives collected compensation of $125m in 2020, up from $109m the year before Covid hit, the bank’s annual report showed on Friday. Bonuses had risen by 1 per [...]
Coming or going? Aviva the latest to cut office space as rival bosses say ‘remote working can’t last’ March 4, 2021 Aviva the latest to cut office space as rival bosses say 'remote working can't last'
JP Morgan boss Jamie Dimon says bank will not force staff to get Covid-19 vaccine March 3, 2021 JP Morgan boss Jamie Dimon says bank will not make Covid-19 vaccinations mandatory
Budget 2021: Bank surcharge to be reviewed in light of corporate tax hike March 3, 2021 The surcharge levied on bank profits will come under review later in the year, in light of planned changes to corporation tax. Chancellor Rishi Sunak today said the additional bank surcharge of eight per cent on profits would be reviewed because the increase in the main corporate tax to 25 per cent would make UK [...]
Spac revolution set to unlock Big Bang 2.0 for the City of London March 3, 2021 The UK is set to spark a second Big Bang for the City post-Brexit, with a landmark government report calling for regulators to allow Spacs to list in London and ease a range of share listing restrictions. Lord Jonathan Hill’s report into future financial services regulation, released today, calls for a range of deregulatory measures [...]