UBS rogue trader Kweku Adoboli is sorry but warns it could happen again August 1, 2016 UBS rogue trader Kweku Adoboli has warned banking culture still has a lot to answer for. Adoboli was convicted on two counts of fraud in 2012 after his unauthorised trading lost Swiss banking giant UBS £1.4bn. He was released from prison last summer after serving around half of his seven-year sentence. Now, Adoboli has told [...]
Court could be about to throw a spanner in the works for Corbyn’s Labour dreams July 28, 2016 The fate of Jeremy Corbyn's somewhat controversial battle to stay leader of the Labour party rests on a knife edge, as the high court is due to hand down judgment in a case on the matter later on today. If the case does not go in Corbyn's favour, the Labour party may have to backtrack [...]
Ex-Barclays Cartel member told “life isn’t fair” as he was shown the door, court hears July 26, 2016 A former Barclays trader was told "life isn't fair" shortly before being fired, a court heard today. Chris Ashton was disciplined by the bank in April last year. He was previously a member of "The Cartel", a chat room used by senior traders at a number of banks to share information in a bid to shift currency benchmarks in [...]
This PR firm refused to share a building with a charity helping ex-offenders July 25, 2016 A fashion PR firm has refused to share its Islington office building with a charity that helps women ex-offenders get into work, City A.M. understands. Lee Publicity – a home and fashion PR company – reportedly took exception to charity Working Chance running workshops for ex-offenders in its building. Working Chance runs workshops to help women write [...]
The strength of the UK’s legal eagles heightens need for favourable Brexit deal July 20, 2016 Five successive years of growth in the legal sector increases the need to secure the best business deal possible in Brexit negotiations, a study out today argues. The research by TheCityUK found gross fees for UK-based legal services firms had risen by 1.3 per cent to £30.9bn in 2014-15, while the sector contributed £25.7bn – or 1.6 per cent of GDP – [...]
How we’ll legally leave the EU: Article 50 case to be heard in October July 19, 2016 A case brought to challenge how Article 50 will be triggered is due to be heard by the courts in mid-October. No precise date was set in a hearing at the High Court today, but the judges said it was probably to be before 15 October. Sir Brian Leveson, who was one of the judges [...]
Hip hip for Hays: Strong growth overall despite small pre-Brexit slump in UK market July 14, 2016 Hays has been pulling in the fees at a good pace worldwide, the recruiter revealed in a short trading statement today. The figures The company reported eight per cent growth in net fees on a like-for-like basis for the three months to June. The statement for the recruiting firm's fourth quarter also revealed full-year operating profits were [...]
Why lawyers are in a tizzy over Article 50 July 12, 2016 Legal eagles have been making front page news after both solicitors and barristers have launched challenges to the way the government might take the UK out of the EU. Mishcon de Reya last week revealed that it was waiting in the wings to start a legal battle should the government trigger Article 50 without an appropriate Act of [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Begbies Traynor swings into profit by pinpointing property to overcome lacklustre insolvency market July 12, 2016 Begbies Traynor revealed a reverse in fortunes today, swinging into a profit in its most recent financial year. The figures The business recovery and property services consultants reported a profit before tax from continuing operations of £558,000 for the year to April, up from a loss of £723,000 the year before. Meanwhile, the company brought in [...]