Activist investor demands removal of Barclays boss Jes Staley over Epstein links March 2, 2020 Barclays should remove chief executive Jes Staley from its board over his ties to convicted paedophile Jeffrey Epstein, according to activist investor Sherborne. In a letter to shareholders, Sherbone, which is led by Edward Bramson, said the decision by Barclays’ board to nominate Staley for reelection amid an ongoing regulatory investigation was “ill advised”. Sherborne, [...]
Deutsche Bank under pressure from UK regulator over compliance failings March 2, 2020 The British financial regulator has criticised Deutsche Bank for failing to improve its compliance and anti-money laundering controls, and warned this could threaten the lender’s access to the UK post-Brexit. Bank of England regulators have told the German lender they now require monthly updates, as opposed to typical quarterly meetings, according to the Financial Times. [...]
Investec’s asset management arm Ninety One to push ahead with float despite market turbulence March 2, 2020 Investec’s asset management arm Ninety One said today it would push ahead with a planned float despite a recent sell off in global markets. It said today it had set a price range of 190p to 235p giving it a value of £1.75bn to £2.1bn. The company said it would persist with its initial public [...]
Scandal-hit NMC Health appoints heavyweight advisers for talks with lenders March 2, 2020 Scandal-ridden healthcare company NMC Health said today it had appointed a string of heavyweight advisers for talks with its lenders. NMC said it had hired investment bank Moelis & Co to act as an independent financial adviser, Big Four firm PwC to advise on operational issues and Magic Circle law firm Allen & Overy as [...]
Metro Bank to revoke private jet access for new chair after year of turmoil March 1, 2020 Metro Bank will not allow its new leadership to take private jet flights, as it takes its reshuffle at the top as an opportunity to reduce costs. The previous arrangement for founder Vernon Hill to expense private jet flights to the company was “specific to him” and unlikely to be repeated, the Telegraph first reported. [...]
Bank of England three times passed press conference scandal company March 1, 2020 The Bank of England scrutinised a company three times before it was subsequently found to have provided early access to the Bank’s press conferences to paying clients. Threadneedle Street carried out diligence on Encoded Media three times between 2008 – when it first hired the firm as a technology partner – and 2019. Encoded’s status [...]
Lloyds faces fresh police probe over fraud claims March 1, 2020 Lloyds Bank is reportedly facing a fresh police investigation over allegations of fraud against small business. The Sunday Telegraph first reported that Avon and Somerset Police are investigating allegations made against the bank by property investor Kashif Shabir. Shabir lost his business after Lloyds foreclosed on his loans and appointed a receiver to sell his [...]
US stocks slip to worst week since 2008 as coronavirus fears grip global markets February 29, 2020 US stocks suffered their worst week since the financial crisis in 2008 as Wall Street followed the FTSE 100 and other global markets in continuing to plunge on Friday with coronavirus fears causing uncertainty. The S&P 500 fell a further 0.8 per cent on Friday to bring its losses to 13 per cent since hitting [...]
FTSE 100 loses more than £200bn after worst week since 2008 as coronavirus fears grip global markets February 28, 2020 The FTSE 100 has shed a reported £206bn after suffering its worst week since the 2008 financial crisis as new cases of coronavirus pummelled global stock markets. London’s blue-chip index closed at 3.18 per cent down for the day to end a dire week for listed companies who have issued warnings on the coronavirus outbreak. [...]
Legal firms call for reform of Serious Fraud Office after ex-Barclays execs acquitted February 28, 2020 Law firms have called for reform of the Serious Fraud Office (SFO) today after three former Barclays executives were cleared of financial crisis-era fraud to save the bank. Roger Jenkins, Thomas Kalaris and Richard Boath were all acquitted of charges of conspiracy to commit fraud by false representation in connection with the 2008 Qatar fundraisings. [...]