Banks claw back fraudulent bounce back loans January 24, 2021 High street banks are scrambling to claw back emergency coronavirus loans linked to suspected fraud. Banks including HSBC, Barclays, Natwest and Lloyds are among those that have started to freeze accounts over fears that government-backed bounce back loans have been obtained fraudulently. They have reclaimed up to £50,000 from customers, according to the Mail on [...]
HSBC exec ‘protected’ from alleged sex assault claim through Chinese Communist Party membership January 24, 2021 A parliamentary committee is investigating allegations that an HSBC executive was protected from sexual assault claims by being a member of the ruling Chinese Communist Party. The explosive claims are reportedly contained in a dossier that is being compiled for a Foreign Affairs Committee report into HSBC’s role in Beijing’s freedom of speech crackdown in [...]
Morgan Stanley boss James Gorman pockets $33m pay packet January 23, 2021 Morgan Stanley will pay chief executive James Gorman $33m (£24m) as the US investment bank hailed a “record year” in 2020. The bumper pay packet is a 22 per cent increase on Gorman’s $27m remuneration in 2019, according to a regulatory filing published yesterday. Morgan Stanley directors said the decision was based on the firm’s [...]
Bank of England revamps stress test to address virus fallout January 21, 2021 The Bank of England announced on Wednesday that it is tweaking stress tests in the UK banking sector to include fallout from the coronavirus pandemic. The BoE has set out a worst-case scenario for the economy which it will test British lenders against. The 2021 stress test will use periods when the economy is growing [...]
Covid-19 volatility boosts profits at investment bank Morgan Stanley, echoing rival Goldman Sachs January 20, 2021 Covid-19 volatility boosts profits at investment bank Morgan Stanley
Goldman Sachs more than doubles profit on trading boost January 19, 2021 Goldman Sachs more than doubled its profits in the fourth quarter helped by a boom in its investment banking and trading activity. The New York bank reported profit of $4.36bn, up from $1.72bn a year earlier, with revenue rising to a record $11.7bn for the quarter. Earnings per share rose to $12.08 per share, nearly [...]
HSBC set to close 82 branches as customers go online January 19, 2021 HSBC is set to close 82 of its branches across the UK amid a takeup in online and telephone banking. The high street bank announced plans to shut the branches between April and September of this year but redundancies would be minimal as it looked to redeploy employees to “suitable nearby locations”. The decision reflected [...]
Deutsche Bank, ICAP and two German lawyers sued over tax bill January 19, 2021 Deutsche Bank, TP ICAP and two German lawyers are being sued by M.M.Warburg & Co. in an attempt to recoup a large tax bill it was ordered to pay over controversial Cum-Ex trades. The lawsuit was filed at a court in Hamberg, Bloomberg reported, where private bank M.M.Warburg is based. Last week Warburg said it [...]
Exclusive: City of London Corporation chief says ‘not our place’ to criticise China human rights abuses January 19, 2021 The City of London Corporation’s policy chief has said it is not the powerful local authority’s role to hold China to account for human rights abuses. Catherine McGuinness told City A.M. that she was “really not clear it’s our place” to publicly criticise the Chinese government for human rights abuses against Uyghur Muslims and that [...]
EU politicians pushing for ‘masterplan’ to steal City jobs from London and promote euro in global trade January 18, 2021 EU politicians pushing for 'masterplan' to steal banking jobs from London and promote euro in global trade