HSBC reportedly mulling up to 10,000 job cuts October 6, 2019 HSBC is reportedly set to swing the axe on as many as 10,000 jobs as it becomes the latest banking giant to launch a radical cost-cutting overhaul this year. Read more: The next BoE governor must be prepared for a political storm The lender will see “a substantial reduction” in its headcount as a result [...]
Former Barclays trio face Qatar trial at Old Bailey October 6, 2019 Three former Barclays executives charged with fraud in connection with Qatar’s part in the bank’s emergency cash injection during the financial crisis face trial tomorrow. The highly-anticipated trial, which is set to last into 2020, will look into how the British bank secured billions from Qatari investors and avoided a taxpayer-funded bailout in 2008. The [...]
Dame Helena Morrissey to quit Legal & General Investment Management October 4, 2019 City superstar Dame Helena Morrissey has quit Legal & General Investment Management (LGIM) after almost two and a half years at the company. Read more: Could Dame Helena Morrissey be the next Bank of England boss? Morrissey, a vocal advocate of Brexit, said she has “a lot of ideas” she wishes to pursue in a [...]
Green finance is still stuck in the slow lane after New York Climate Week October 4, 2019 Attendees to New York Climate Week were treated to the city at its late-September finest – blue skies, warm sunshine, and a hint of fall colour creeping into the leaves of Central Park. Unfortunately, the beauty of this backdrop did not inspire enough concrete action on climate change. For many, the overriding feeling from last [...]
UK still an attractive place to invest despite Brexit uncertainty, report finds October 4, 2019 The UK has retained its position as one of the world’s leading hubs for business, according to a new report which suggest investors have taken a ‘wait-and-see’ approach towards Brexit. In a comprehensive global index released this morning, the UK was ranked as one of the best global hubs for business, scoring highly for its [...]
Sajid Javid: Why politics can learn from City meritocracy October 4, 2019 Sajid Javid retains a great affection for the City, describing it as a true meritocracy where all that really matters is how good you are at your job. Westminster, he adds, could learn a thing or two from the City’s efforts to promote and increase diversity. Read more: Sajid Javid pledges to raise National Living [...]
London forex trader sues Citigroup for $112m over ‘malicious’ prosecution October 2, 2019 A London-based former Citigroup trader is suing the bank for over $112m (£91m), alleging the bank made materially false and malicious statements to US prosecutors which led to him being tried in New York on foreign exchange rigging-charges. Rohan Ramchandani, former European head of the US bank’s forex spot market trading desk, is alleging Citigroup [...]
Metro Bank shares jump after new bond deal and departure of chairman Vernon Hill October 2, 2019 Metro Bank’s share price jumped in trading today after the embattled lender revealed the succesful relaunch of a £250m bond issue and the planned departure of chairman Vernon Hill. Shares in the group climbed 30 per cent to 234p in trading this afternoon as investors reacted to the firm’s double announcement. The challenger bank had [...]
Rising Risk (Part I): Accounting shenanigans and alternative investments October 2, 2019 | City Talk In this first instalment of a two-part piece, Sebastien Canderle says PE fund managers are getting creative with their accounting – and EBITDA seems particularly malleable. Seasoned auditors know that the risk of fraud increases when a client experiences brisk organic growth or M&A activity. During the 1990s, the most spirited dealmakers included telecoms operators [...]
Tailed in Zurich: How the Credit Suisse spy drama unfolded October 1, 2019 Not many employees start their first day in the new job with a spying scandal hanging over their head. But so it is for Iqbal Khan, the star banker who began life at UBS today against a backdrop of car chases, cocktail party bust-ups and private investigations. While it may read like the plot of [...]