JP Morgan to offer lucrative investment banking jobs to school leavers October 6, 2020 Investment bank J.P. Morgan will soon offer school leavers a fast-track route to a lucrative investment banking job, namely via one of its UK apprenticeships. The bank’s so-called four-year Level 6 Financial Services Apprenticeship programme will enable individuals to ‘earn as they learn’, provided they complete a degree in Applied Finance at the University of [...]
Co-Op Bank chief to step down after two years in charge October 6, 2020 Andrew Bester will step down as the chief executive of the Co-Op Bank, it was announced this morning, after two years in the job. Bester, who joined the lender in July 2018, was at the time the banks’ fifth chief executive in seven years. Under his tenure the Co-Op Bank split its digital offering off [...]
UK eyeing closer financial services regulation alignment with non-EU countries, says Sunak October 5, 2020 The UK is looking to align its financial services regulation with major economic powers outside the EU, according to Rishi Sunak. The chancellor said today at a fringe event at the Conservative conference that the government will “review our regulatory framework” on financial services and that “not being inside the EU more generally gives us [...]
Bank of America picks insider for new European capital markets role October 5, 2020 Bank of America has promoted a long-standing executive to the newly created position of head of global capital markets for Europe, the Middle East and Africa. London-based Jeff Tannenbaum, who has been with the bank for more than 22 years, started his new role last week, according to an update on his LinkedIn profile. His appointment follows the departure of Sam [...]
Nomura signs up Deutsche Bank veteran as chief risk officer in London October 5, 2020 Japanese investment bank Nomura has lured Aisling Doyle away from Deutsche Bank to oversee all risk-related matters at its Europen investment arm. Doyle will be based at Nomura’s office in the City, reporting directly to the global group’s chief risk officer, Sotaro Kato, as well as to Jonathan Lewis, CEO of Nomura’s European division and [...]
EU says the City can expect ‘less fluid’ trading from January October 2, 2020 The City of London can expect financial services trade with the EU to be “less fluid” from January onwards, the bloc’s new finance commissioner has said. Speaking to the European Parliament, Mairead McGuinness also reiterated the EU’s position that its banks and financial services companies should move away from reliance on London. The UK officially [...]
State-owned bank raised concerns over bounce back loans’ fraud risk September 30, 2020 The state-owned British Business Bank issued formal objections to the government’s coronavirus Bounce Back Loan and Future Fund schemes ahead of their launch, newly-released documents show. In letters sent to business secretary Alok Sharma in May, BBB chief executive Keith Morgan raised concerns including the BBL scheme’s “very significant fraud and credit risks” and whether [...]
Coronavirus: TSB to axe a third of branches and over 900 jobs September 30, 2020 TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic. The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
HSBC shares rebound after China’s Ping An boosts its holding September 28, 2020 HSBC shares in Hong Kong and London rose sharply on Monday after Chinese asset manager Ping An, the bank’s largest shareholder, increased its stake in the lender. In a regulatory filing late on Friday, Ping An revealed it had raised its holding in the lender from 7.95 per cent to eight per cent. HSBC’s Hong [...]