HSBC shares hit lowest level since 1990s amid FinCEN scandal September 21, 2020 HSBC’s rotten run has continued, with its UK share price falling to its lowest level since the 1990s amid allegations of money laundering. Banks have already been squeezed hard by the pandemic: interest rates have been slashed and business loans look shaky. HSBC has also been embroiled in a geopolitical dispute between the US and [...]
Leaked document trove reveals banking giants enabled money laundering September 20, 2020 Some of the world’s biggest banks have been caught enabling trillions of dollars in money laundering to flourish under their watch, thousands of leaked government documents have revealed. The FinCEN Files, named after the US Treasury’s anti-fraud agency, have been shared by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). They claim to [...]
HMRC to receive powers to enforce disclosure of assets September 19, 2020 HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets. The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill. It will mean [...]
Bank of England keeps policy on hold and flags solid recovery September 17, 2020 The Bank of England has kept monetary policy on hold, saying the UK economy’s recovery had been “a little stronger” than expected but warning that coronavirus could knock it off course. The Bank kept its main interest rate at the record-low level of 0.1 per cent, and the bond-buying target stayed at £745bn. The vote [...]
Will the BoE inject more stimulus into the UK economy? September 16, 2020 The Bank of England is preparing to announce its latest interest rate decision tomorrow, as it closely monitors the UK economy’s rebound from the record 20.4 per cent contraction in the second quarter. Since then, there have been many positive signs. The economy grew by a huge 8.7 per cent in June and another 6.6 [...]
EU plans two-year extension of London clearing access September 15, 2020 The European Union is set to tell banks they can continue accessing London’s vital financial infrastructure for 18 more months in an effort to avoid instability when the Brexit transition period finishes at the end of this year. The bloc’s Commission has proposed that lenders’ access to London clearing houses should stay as it is [...]
Exclusive: David Blunkett becomes adviser to financial firm Elementary B September 15, 2020 Former Labour home secretary Lord David Blunkett has become a strategic adviser to financial services start-up Elementary B, City A.M. can reveal. Elementary B is a new financial services company that seeks to help medium-sized firms better manage their businesses by providing new technology and advice. Blunkett – also a former education and work and [...]
What it’s like to be a volunteer with Women in Banking and Finance September 11, 2020 | City Talk My name is Jennie Koo and I’m a serial volunteer! Volunteering takes time and dedication but that shouldn’t put anyone off. Like finding a job you enjoy, when you find an organisation that fits with your values, volunteering becomes an addiction. When I stepped onto the Management Board of Women in Banking & Finance (WIBF) [...]
Seeking Mentors for the WIBF Mentoring Programme September 11, 2020 | City Talk At WIBF we understand the power of investing in your development but appreciate many of us have limited time resource. We want to make it easy for you. Within the coming months we will be launching our brand-new Mentoring & Development programme open to all our members and connecting them to some of the most [...]
Santander spins out $400m fintech venture fund September 11, 2020 Santander is splitting off its fintech venture capital fund and doubling its funding, re-branding the formerly-known Innoventures as Mouro Capital. Mouro Capital will be independent from Santander and have $400m in allocated funds, the Spanish bank said today. It will take on the entirety of Innoventures’ current portfolio, which includes the likes of payments giant [...]