Chancellor Rishi Sunak tells EU: Stick to June timeline for City equivalence decision March 2, 2020 UK chancellor Rishi Sunak has told the European Union to stick to a June deadline to work out which parts of Britain’s financial system will be deemed equivalent after Brexit. British banks, trading platforms and insurers are hoping to be granted access to EU markets under a so-called equivalence system, under which the bloc would [...]
Greenpeace targets Barclays branches over fossil fuel financing March 2, 2020 Greenpeace activists have targeted almost 100 Barclays bank branches this morning in protest over the bank’s financing of fossil fuel companies. Some 29 branches in London are affected, according to Greenpeace, with activists disabling many of the branches’ lock mechanisms so they are unable to open as usual. Campaigners are demanding the banking giant — [...]
UK-US trade deal set to devalue UK’s financial services sector March 2, 2020 The government has admitted a free trade deal with the US is likely to lead to a drop in the value of the UK’s financial services sector, as other parts of the UK economy begin to expand. Number 10 this morning published its negotiating mandate for talks with Washington. Those discussions, expected to be spearheaded [...]
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 [...]