Weaker European market expected to be at centre of potential HSBC job cuts October 7, 2019 HSBC’s under-pressure European business is expected to bear the brunt of potential job cuts being made by the bank. The lender is understood to be looking at cutting between 5,000 and 10,000 jobs as part of a cost-cutting drive under interim boss Noel Quinn. Read more: The next BofE governor must be prepared for a [...]
Gloom thickens over Eurozone economy as German factory orders tumble October 7, 2019 German recession fears have been pushed up a notch after factory orders plunged by more than expected in August, continuing the economy’s dire 2019. Read more: Eurozone recession risk ‘very real’ with services close to stagnation New orders from German factories fell by 6.7 per cent in the year to August, Germany’s statistics body said [...]
Natwest launches UK’s first biometric fingerprint credit card October 7, 2019 Natwest has become the first UK bank to launch a biometric credit card that allows contactless payments using a fingerprint for verification. The cards have entered into circulation today as part of a three-month trial with 150 customers. It comes after a successful trial of biometric debit cards. Read more: Natwest customers wrestle with IT [...]
Tesco Bank appoints ex-Treasury mandarin to board October 7, 2019 Tesco Bank has appointed Sir John Kingman, the ex-Treasury mandarin who supervised the UK’s bank bailouts during the financial crisis, to its board as a non-executive director. Kingman was second permanent secretary to the Treasury in 2008, when Britain’s banks were given hundreds of billions of pounds by the UK government to keep them afloat [...]
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 [...]