Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
Blackrock vice chair and co-founder Barbara Novick to step down February 26, 2020 Blackrock’s co-founder and vice chairman Barbara Novick will step down from her current role at the world’s largest asset manager, according to an internal memo. The 59-year-old will remain vice chair while she helps Blackrock find a successor, the memo said. She will then serve as a senior adviser to the company. Novick, who has [...]
Jury retires to consider verdict in landmark fraud trial of ex-Barclays bankers February 26, 2020 The jury today retired to consider its verdict in the trial of three ex-Barclays bankers accused of fraud in relation to two emergency financial crisis fundraisings. Roger Jenkins, Thomas Kalaris and Richard Boath have been charged with conspiracy to commit fraud by false representation and fraud by false representation in connection with the 2008 fundraisings [...]
Gina Miller calls for review of Andrew Bailey’s Bank of England role after ‘toxic’ FCA tenure February 25, 2020 Campaigner and asset management boss Gina Miller today called for a review of Andrew Bailey’s appointment as governor of the Bank of England after his “toxic” tenure as head of the City watchdog. Miller’s True and Fair campaign today published as a report called “Asleep at the wheel” about the string of City scandals during [...]
Activist Edward Bramson renews attack on Barclays amid Jeffrey Epstein probe February 25, 2020 Activist investor Edward Bramson has renewed his criticism of Barclays after the lender revealed the UK’s financial watchdogs are looking into the relationship between its chief executive and disgraced financier Jeffrey Epstein. In a letter to shareholders, Bramson – whose Sherborne Investors is the third-biggest Barclays shareholder – said the probe was “another example of [...]
Banking watchdog calls in PwC for Goldman Sachs reporting probe February 25, 2020 The UK’s banking watchdog has reportedly called in a Big Four accountancy firm to examine Goldman Sachs’ regulatory reporting in its London operation. The Prudential Regulation Authority (PRA) has hired audit firm PwC to carry out a so-called skilled person’s report on Goldman Sachs International, Sky News reported. The appointment follows concerns about supervision at [...]
From semaphore to algorithms, market misconduct is an age-old challenge February 25, 2020 Misconduct issues in the financial markets can be charted back well over 200 years. Analyse each case, and the same behavioural patterns recur time and time again. An early example comes from 1814 when a conspiracy was formed between Charles de Berenger, Sir Thomas Cochrane, and six others to profit from the publication of false [...]
Bank of England’s Andy Haldane suggests overhaul of corporate governance laws February 24, 2020 The chief economist of the Bank of England has suggested Britain should make “legislative change” to shift corporate governance rules away from a sole focus on shareholders to instead consider consumers, workers and social goals. Andy Haldane also said Britain needs a “rethink” about its banking sector, suggesting that regional, development and infrastructure banks could [...]
Goldman Sachs pleads not guilty to misleading investors in 1MDB scandal February 24, 2020 Three units of Goldman Sachs, including one based in London, pleaded not guilty in a Malaysian court today to charges of misleading investors in connection with $6.5bn (£5bn) in bond sales that the bank helped state fund 1Malaysia Development Berhad (1MDB) raise. The US Department of Justice estimates $4.5bn was misappropriated from 1MDB between 2009 [...]
Unicredit’s Mustier rules himself out of running for HSBC role February 24, 2020 Unicredit chief executive Jean Pierre Mustier has ruled himself out of the running to be the next boss of HSBC, as the hunt to find a leader for Europe’s largest lender enters its seventh month. Italy’s biggest bank said this morning that Mustier had confirmed he would remain in role, following reports last night [...]