HSBC hiring senior former JP Morgan banker to co-head its global investment bank October 11, 2018 HSBC is set to announce the hire of a senior former JP Morgan banker to co-head its global investment bank. It is understood that the hire of Greg Guyett, who held senior roles at JP Morgan in the UK, US and Asia, will be announced in the next few days. Guyett’s hire, first reported by [...]
Goldman Sachs to open first non-London UK office October 11, 2018 Goldman Sachs is set to open an office in Milton Keynes – the investment bank's first UK office outside of the capital – to serve as a customer centre for its new retail banking platform Marcus. The office, which will open in summer 2019, will initially house 150 staff with the option to extend employee numbers to [...]
Hargreaves Lansdown warns of ‘industry-wide slowdown’ as assets grow 3 per cent October 11, 2018 Hargreaves Lansdown weathered an “industry-wide slowdown,” adding £2.5bn in assets in the last quarter as the company struggled with uncertain markets and investors. The investment platform grew quarterly revenue 16 per cent to £121m compared to last year. Read more: UK banks risk being downgraded in no-deal Brexit situation It added net new business of [...]
UK banks risk being downgraded in no-deal Brexit situation October 11, 2018 UK banks could be downgraded in the event of a no-deal Brexit, according to ratings agency Standard & Poor. The agency's position is that the UK will successfully negotiate a deal that provides a period of continuity for financial institutions, however it said that if the UK crashes out of the European Union in March [...]
CYBG joins the big British banks’ risk model club ahead of Virgin Money merger October 11, 2018 Challenger bank CYBG today announced it has received the regulatory thumbs-up to use its own risk models to determine how much capital it must hold, in a move which could potentially allow it to hold less. The firm, which owns the Clydesdale and Yorkshire banking brands and is currently merging with Virgin Money, said the [...]
Royal Bank of Scotland introduces 1.5 per cent savings rate days after Goldman Sachs October 11, 2018 Royal Bank of Scotland (RBS) today announced a new savings rate of 1.5 per cent just weeks after Goldman Sachs entered the British market. The instant access savings account will pay the annual rate, which will put it near the top of the best-buy tables for some customers, up to the first £10,000, whereas Goldman's [...]
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 [...]