Tom Hayes’ crowdfunding campaign breaks £20,000 mark June 6, 2016 Tom Hayes' crowdfunding campaign is gaining pace, having recently broken the £20,000 mark. The former UBS and Citigroup trader has turned to Fundrazr in an attempt to raise £150,000 to pay towards his legal costs of appealing to the Criminal Cases Review Commission. At time of writing, the campaign had raised £21,110, having previously been stalled around the [...]
Goldman Sachs sells stakes in five hedge funds to AMG for $800m June 6, 2016 Affiliated Managers Group (AMG) has become the world’s second-largest manager of alternative assets by acquiring five leading investment companies managed by Goldman Sachs. AMG is forking out $800m (£553m) to buy the hedge funds from Goldman Sachs’ Petershill Fund I, making the deal one of the largest acquisitions in the financial services sector this year. [...]
Former Deutsche Bank trader Christian Bittar given green light to pursue civil case against FCA June 6, 2016 A former Deutsche Bank trader has been given the go ahead to continue with a civil case against the City watchdog. Christian Bittar is suing over the manner he was depicted in a penalty notice issued by the Financial Conduct Authority (FCA), which levied a fine on his former employers for its role in the rate rigging [...]
Deutsche Bank is ditching its plans for a digital bank June 6, 2016 Digital challenger banks can breath a sigh of relief – competition just got a little less crowded. Deutsche Bank was moving with the times with its plans for a new digital bank, revealed late last year in a board reshuffle. Now, it's had a change of heart and has ditched plans for the new venture, a [...]
HSBC to restructure global banking division in bid to cut costs June 6, 2016 HSBC is planning to restructure its global banking division in an effort to slash costs and make the business more "agile", according to reports. The bank issued an internal memo today, outlining the reorganisation, which is part of plans announced last June to cut one in five roles and shrink its investment bank by a third. [...]
More people want to work at Goldman Sachs than live in these six countries June 6, 2016 If you thought the market for jobs at top institutions was tough, take a moment to consider the prospects of any young student with hopes and dreams of working at Goldman Sachs. New figures reveal that an astonishing quarter of a million students have applied to the top investment bank for a position. And that's just this year [...]
As JP Morgan boss Jamie Dimon warns of job cuts, should the City fear major job losses if we leave the EU? June 6, 2016 Ed Bowsher, deputy editor and senior analyst at Share Radio, says Yes. I am in no doubt that there will be job losses across the City if we leave the EU. That’s partly because the UK economy will slow down immediately after the referendum, and that will hit confidence and deal flow. But there are bigger [...]
Revolts are not just for shareholders: Why the public should demand more from UK Plc June 6, 2016 From BP chief executive Bob Dudley’s bloody nose over his £14m pay deal to Weir Group’s remuneration committee being forced back to the drawing board to rethink their executive payment policies, investors have made it clear this AGM season that they’re no longer prepared to put up with outlandish boardroom pay. More spirited revolts could [...]
UK ”punches above its weight” on regulation says City of London Corp June 6, 2016 The UK is able to “punch above its weight” in steering EU financial regulation according to research from the City of London Corporation. Following research based on interviews with policymakers, legislators, lobbyists and other key players, the City cited five pieces of European regulation, finding in each the UK had influenced rules. The City corporation added [...]
Over half of City workers think they will have changed jobs by this time next year June 6, 2016 Cuts to bonuses and stagnant salaries are causing many workers in the Square Mile to consider jumping ship. As a result, more than half of City workers do not believe that they will be doing the same job in a year’s time, research released today indicates. The poll, conducted by recruitment firm Astbury Marsden, suggests that [...]