Investor demand for environment-friendly firms is becoming ‘phenomenon’ says top Barclays banker October 11, 2018 Demand for investments in businesses pursuing environmentally and socially responsible aims is building up unstoppable momentum, according to a top banker at Barclays. Joe McGrath, global head of banking at the British bank, says the growth of environmental, social, and governance (ESG) concerns in business has become a “phenomenon” in the last five years. ESG [...]
Personal assistant accused of stealing wine from Goldman Sachs CEO jumps to death October 10, 2018 The former personal assistant accused of stealing more than £1.1m (£911,000) worth of wine from Goldman Sachs chief executive David Solomon was found dead in New York today after jumping from a high-rise building. Nicolas De-Meyer, who worked as Solomon's personal assistant for eight years, was due to appear in court to answer the charges. He was facing [...]
Brexit means nearly 1,000 pages of Brexit from the Financial Conduct Authority October 10, 2018 The City watchdog today made moves to make Brexit mean Brexit in its rules, publishing two enormous papers detailing changes to regulation in case of a no-deal Brexit. The Financial Conduct Authority published a 781-page doorstopper consultation on changes to its handbook and the EU’s binding technical standards (BTS), alongside a comparatively slim 150-page consultation [...]
Kensington and Chelsea credit union with 1,200 members falls into administration October 10, 2018 A credit union providing banking services for people in Kensington and Chelsea has fallen into administration. K&C Credit Union, trading as Your Credit Union, had around 1,200 members – including some residents of Grenfell Tower and £700,000 worth of investments. The not-for-profit co-operative was launched in 2012 and targeted residents of Britain's richest borough to [...]
Government expects 5,000 Brexit job losses for the City October 10, 2018 The government expects the City of London to lose 5,000 jobs because of Brexit, the City minister said today. John Glen said he backed the estimates of the head of the Prudential Regulation Authority, Sam Woods, on the number of job moves at a hearing of the House of Lords' EU Financial Affairs Sub-Committee. Large [...]
Western Union launches Transferwise rival service in UK October 10, 2018 Western Union is gearing up to face innovation head-on as it launches a digital bank account transfer service in the UK, competing with major fintech startups such as Transferwise for command of the market. UK consumers will now be able to send up to £50,000 from the Western Union app or website directly into other bank accounts around [...]
Does Goldman Sachs retail bank Marcus really warrant all the hype? October 10, 2018 Marcus sounds worlds apart from the financial beast that is Goldman Sachs. But that’s the point – Marcus is meant to sound approachable, a bank for normal people. Named after one of the company’s founders, Marcus Goldman, this new challenger bank has proved popular since it first launched in the US back in 2016. It’s also [...]
Panmure Gordon grows profits after Bob Diamond-led takeover October 9, 2018 Venerable British stockbroker Panmure Gordon grew its profits in 2017 after being taken over last year by a consortium that included ex-Barclays boss Bob Diamond. Panmure Gordon’s parent company, Panmure Gordon Group, made profits after tax of £2.3m in 2017, more than double the £1.1m 2016 profits of the pre-takeover group. The firm made net [...]
HSBC pays $765m fine over allegations it sold “contaminated” assets October 9, 2018 Global banking giant HSBC has paid out a $765m (£582m) fine over allegations it knowingly sold "contaminated" mortgage-backed securities to investors in the run-up to the financial crisis. The US Department of Justice (DOJ) accused HSBC of deliberately "misrepresenting to investors" the quality of controversial Residential Mortgage-Backed Securities (RMBS), a type of loan that has been [...]
Goldman Sachs’ retail bank attracts 50,000 customers in first two weeks October 9, 2018 More than 50,000 customers have signed up to investment banking giant Goldman Sachs' retail bank Marcus since it launched two weeks ago. The brand, named after co-founder Marcus Goldman, offers an annual equivalent rate of 1.5 per cent, including a 12-month bonus rate of 0.15 per cent. Read more: Goldman Sachs creates savings account “We’ve been [...]