Open Banking can rebalance the market and put consumers in control January 21, 2020 Two years since its inception, Open Banking has begun to transform the banking world. While understanding may still be low among those outside of the financial sector, do not underestimate this phenomenon. In fact, low awareness is to be expected — Open Banking is a technology that exists behind the scenes, and customers will only [...]
JPMorgan Chase buys second building in Paris as it shifts teams from London January 20, 2020 JPMorgan Chase today announced plans to buy a building in Paris to house up to 450 more staff. The acquisition of the additional seven-storey building in central Paris is part of a wider move to bolster the bank’s operations in France. JPMorgan Chase plans to move over its sales teams and then its trading operations, [...]
Over 1000 EU financial firms planning to open UK offices after Brexit January 20, 2020 More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients. The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end [...]
In the rush to get an EU trade deal, the needs of the City must not be forgotten January 20, 2020 With 31 January less than two weeks away, after various twists and turns, the first chapter of Brexit is finally coming to a close. Although it has performed with resilience and strength in the face of a challenging economic climate, the City has been crying out for certainty and clarity for too long. And even [...]
City cautiously approves of chancellor’s post-Brexit regulations plan January 19, 2020 The City of London Corporation has responded with cautious approval to chancellor Sajid Javid’s statement that post-Brexit financial services trade with the EU should be on the basis of “outcome-based” equivalence of rules. The chancellor has faced a backlash from car manufacturers and business bodies, however, after he told the Financial Times that the UK [...]
IMF warns growing inequality could cause a new financial crisis January 18, 2020 The head of the International Monetary Fund (IMF) has called on the world’s financial sector to address near-record levels of inequality within countries that could be a harbinger of a new financial crisis. IMF managing director Kristalina Georgieva issued a “call to action”, urging a shift to facilitate more lending to small and women-led businesses, [...]
Morgan Stanley chief’s pay falls 7 per cent despite profit jump as bank reduces bonuses January 18, 2020 Morgan Stanley chief executive James Gorman received $27m (£20.75m) in total compensation for 2019, almost seven per cent less than the year before, according to a company filing on Friday. It comes following a reduction in bonuses for staff across the business. The board called Gorman’s performance “outstanding” and acknowledged the firm’s “strong financial performance”. [...]
HSBC reportedly set to cut around 100 jobs in equities business January 17, 2020 HSBC is reportedly cutting around 100 roles in its equities business, with the bulk of the layoffs expected to fall on continental European trading floors. The cuts will be across the bank’s equities research, sales, trading, and back office businesses, Reuters reported, citing sources familiar with the matter. The lender is planning to refocus its [...]
Rare £1 Edward VIII coin sells for £1m January 17, 2020 A £1 coin featuring the Queen’s uncle Edward VIII has sold for a record £1m to a private collector in a deal brokered by the Royal Mint. The coin, one of only six produced, commemorates the ascension to the throne of Edward VIII in January 1936. He then abdicated in December that same year to [...]
Do central banks have enough firepower to fight the next recession? January 17, 2020 By the end of 2019, the UK and US had achieved a decade recession free. That’s an impressive feat, but fears of a recession remain. In fact, those fears peaked last year due to worrying signals from financial markets. When the next recession does raise its head, it will be up to our central banks [...]