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 [...]
Even Michael Gove is confused by Brexit – “Tangled words” leave Justice secretary promising UK won’t quit EU before next election June 5, 2016 One of the leading lights of the Brexit campaign has been forced into an embarrassing u-turn after stating the UK would remain in the European Union until at least 2020. Speaking on Peston On Sunday earlier today, justice secretary Michael Gove said Leave campaigners would not withdraw the UK from the EU before the next election. [...]
Santander’s Madrid headquarters visited as part of HSBC tax probe June 3, 2016 Police visited Santander's Madrid headquarters today, as part of a money laundering probe triggered by a historic leak of information from HSBC's Swiss private bank. The probe is linked to alleged tax avoidance and it isn't yet known how much money is involved. A spokesperson for the High Court told Reuters that the police had conducted the visit [...]
JP Morgan relaxes dress code and tells employees business casual is the bank’s new look June 3, 2016 JP Morgan has given its staff a little Friday boost, with the news that the bank is adopting a firm-wide business casual dress code. "As we continue to look for different ways to enhance our workplace, we’ve decided to expand the business casual dress code firmwide, starting tomorrow," the US bank said, adding that the new [...]
JP Morgan boss Jamie Dimon tells staff Brexit would mean fewer jobs with the bank in the UK June 3, 2016 The boss of US bank JP Morgan Chase has warned British staff that a Brexit could lead to the company making job cuts in the UK and shifting more roles to the rest of Europe. "A vote to leave would be a terrible deal for the British economy," said the bank's chief executive Jamie Dimon. "So if the [...]
Libor charges brought in the US against two former Deutsche Bank traders June 3, 2016 Two former Deutsche Bank workers were indicted in the US yesterday evening on allegations of manipulating US dollar linked Libor. Matthew Connolly, 51, of New Jersey, and Gavin Black, 46, of London, have been accused of taking part in a scheme to rig the benchmark rate so that it better suited their own or their former employer's trading positions. The [...]
These are six ways banking is about to change, according to former Barclays boss Antony Jenkins June 2, 2016 Antony Jenkins thinks that banking is having an "Uber" moment, undergoing a transformation that will leave the sector looking entirely unrecognisable. Jenkins, who is currently chairman of Business in the Community and was previously group chief executive of Barclays, imparted his wisdom at an event hosted by the Institute of Chartered Accountants in England and Wales this evening, remarking "there [...]
How fair is pay in the banking sector? June 2, 2016 When it comes to bankers’ pay, fairness is very much in the eye of the beholder. Looking in, the public struggle to accept bankers’ bulging pay packages. From within, bankers are seldom satisfied, largely because of a lack of transparency fostered by the banks. Unlike for other areas of financial services, such as carried interest for those [...]