Morgan Stanley banker moonlights as an Uber driver to win top role in upcoming IPO October 18, 2018 A top banker at Morgan Stanley has reportedly been moonlighting as an Uber driver outside of working hours, in a bid to win the deal to take the ride-hailing firm public in 2019. Michael Grimes, a technology banker in the US for Morgan Stanley, has been running the job on the side for several years despite [...]
Information watchdog will investigate outgoing Grant Thornton CEO’s leaked performance review October 18, 2018 The Information Commissioner has said it will look into a leaked performance review of Grant Thornton’s outgoing chief executive. The review of Sacha Romanovitch, the first female leader of a big City accountancy firm, was sent to newspapers by a group claiming to represent several Grant Thornton partners. Read more: Grant Thornton chief executive set [...]
HSBC confirms it is exploring a Chinese listing via new London-Shanghai link October 18, 2018 HSBC confirmed today it is exploring a plan to sell its shares in China via a new London-Shanghai trading link. A spokesperson for the bank said: “We are studying the proposed framework for the listing of Chinese depositary receipts under the Shanghai-London Stock Connect but cannot comment further at this time.” Read more: HSBC, Credit [...]
Blame the bank: How finance caused today’s housing crisis October 18, 2018 Home ownership is increasingly out of the reach of younger adults in the UK. The share of those aged 25-34 who own their home fell from 55 per cent in 1997 to 35 per cent in 2017, according the Institute of Fiscal Studies. A decade of stagnant wage growth means that the gradual house price [...]
US regulator threatens retaliation over EU’s Brexit derivatives plans October 18, 2018 A US regulator yesterday warned it will retaliate if the EU pushes ahead with “irresponsible” regulations to let European authorities supervise US clearing houses. The proposals, which would also limit the City of London’s function as a clearing hub, were put into motion after the UK voted for Brexit. Christopher Giancarlo, chair of the US [...]
Digital banking challenger Monese launches business accounts October 18, 2018 Digital banking app Monese will today announce its expansion into the world of business banking, as it launches accounts for young companies and entrepreneurs across the UK and Europe. The accounts will be released to UK-registered businesses first, available in 11 languages in a bid to tap the UK's growing multicultural industry base. The firm told City [...]
There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
UBS veteran James Palmer appointed EMEA investment bank vice chairman October 17, 2018 UBS veteran James Palmer has been appointed vice chairman of EMEA investment banking and capital markets at Credit Suisse. Palmer will be based in the Swiss banking giant's London office and focus on revenue generation across all product groups, according to an internal memo seen by City A.M. and confirmed by a company spokesperson. Read more: [...]
Bank of England talks with EU continuing as it urges no-deal Brexit preparation October 17, 2018 A top Bank of England official today said talks are continuing with EU regulators to try to persuade them to allow British clearing houses to serve clients on the continent as he warned that job losses in the City will be larger than 5,000 expected by “day one” of Brexit. Sir Jon Cunliffe said that [...]
FTSE asset management fund LBOW takes £25m loan from challenger bank Oaknorth October 17, 2018 UK challenger bank Oaknorth has completed a £25m loan to ICG-Longbow (LBOW), the London listed commercial real estate lender. Oaknorth has said today that it agreed a ‘loan-on-loan’ deal with LBOW, in which the challenger firm will lend the asset manager money which can then be further loaned out to property investors. The deal is [...]