Bob Diamond appoints ex-Barclays colleague Rich Ricci to lead Panmure Gordon March 6, 2020 Bob Diamond has hired his former right-hand man from his time at Barclays to head up loss-making stockbroker Panmure Gordon. Diamond appointed Rich Ricci as chief executive of London-based Panmure, which he acquired two years ago. The former Barclays boss will be reunited with 56-year-old American investment banker Ricci, who ran the old Barclays capital [...]
JP Morgan chief executive Jamie Dimon undergoes emergency heart surgery March 6, 2020 JP Morgan Chase chief executive Jamie Dimon is recovering from emergency heart surgery, the bank said. The 63-year-old experienced a tear in his heart’s main artery which was caught early and treated successfully, JP Morgan said in a publicly-released internal memo. Dimon is “awake, alert, and recovering well” after the surgery yesterday morning, the memo [...]
Troubled sub-prime lender Amigo Loans appoints former chief executive to advise on sale March 6, 2020 Struggling sub-prime lender Amigo Loans said today it had hired its former chief executive as a consultant to advise on its sale. Amigo said Glen Crawford was joining with immediate effect “to assist the company with the strategic review and formal sale process”. Crawford stepped down from the company in June for health reasons, but [...]
Firms send staff home as coronavirus arrives in Canary Wharf March 6, 2020 Contagion fears gripped Canary Wharf last night after a host of multinational firms pressed the button on coronavirus contingency plans in what could be just a taste of things to come. On a rollercoaster day in one of the globe’s most important financial hubs HSBC took the decision to evacuate more than a hundred staff [...]
Mark Carney says Bank of England and Treasury working to tackle coronavirus fallout March 5, 2020 Bank of England governor Mark Carney has said that Threadneedle Street is coordinating with the Treasury to make sure British households and businesses are protected from the economic fallout from coronavirus. Carney, who will be replaced by Andrew Bailey as governor on 16 March, refused to be drawn on whether the Bank would carry out [...]
HSBC evacuates over 100 from Canary Wharf HQ after employee contracts coronavirus March 5, 2020 HSBC has evacuated more than 100 staff from one floor of its Canary Wharf headquarters after one of its research analysts contracted coronavirus. City A.M. understands that an analyst in the bank’s research department tested positive for Covid-19 late last night, and informed the bank of his diagnosis this morning. Read more: City of London [...]
Amigo share price slides after boardroom spat breaks out March 5, 2020 Shares in British subprime loan firm Amigo have tumbled 16 per cent this morning after a spat between the lender and its major shareholder, who left the firm yesterday. Amigo’s controlling shareholder and founder James Benamor quit the company just over a month after it was put up for sale. He is looking to find [...]
Credit Suisse chair ‘sought to extend’ tenure despite pledge to step down March 5, 2020 Credit Suisse chairman Urs Rohner has reportedly sounded out shareholders about extending his tenure multiple times in recent months, despite repeatedly pledging to step down in 2021. Rohner, who has held the role since 2011, recently ousted Tidjane Thiam as chief executive of the Swiss lender in a bitter board battle after Credit Suisse became [...]
City of London braces for coronavirus: Banks, insurers and audit firms activate contingency plans March 5, 2020 With health secretary Matt Hancock warning that the UK should prepare for “widespread transmission” of coronavirus, City of London firms have braced for impact. Banks, insurers, law firms and accountancy giants have dusted off contingency plans, instituted travel bans and cancelled events to try and mitigate the effects of the coronavirus outbreak. HSBC and Deloitte [...]
DEBATE: In light of the Barclays protests, are climate activists right to target financial institutions? March 5, 2020 In light of the Barclays protests, are climate activists right to target financial institutions? Adrienne Buller, economist and research fellow at the Common Wealth think tank, says YES. Last week, a leaked JP Morgan report acknowledged that, in a world of accelerating temperature rise, “we cannot rule out catastrophic outcomes where human life as we [...]