Healey’s ‘mixed messages’ on bank tax leave City blindsided Economics The City was left reeling on Friday following reports that John Healey was drawing up plans to tax banks in the forthcoming Budget. Industry heavyweights across the UK have fired warning shots as Healey weighs up different options to target the banking industry with a hefty cash raid. One City figure told City AM a [...]
FCA revokes ban on Libor traders after court overturns rate-rigging convictions Banking The financial watchdog has revoked bans it had placed on four City traders convicted of rigging Libor and Euribor interest rates after the Court of Appeal overturned their convictions. The Financial Conduct Authority (FCA) said on Friday it “has reviewed its regulatory action against individuals whose convictions have recently been overturned by the Court of [...]
Lloyds and Barclays shares fall as Healey ‘poised’ to hike bank tax Banking Shares in Britain’s banking giants tumbled this morning after new reports suggested John Healey is set to raise taxes on lenders when he delivers his first Budget at the end of the month. Natwest dropped two per cent to 660.40p, while Lloyds was down around 2.5 per cent to 103.40p. Barclays slid 0.4 per cent [...]
‘It’s hard to call the peak’: Wall Street banks land $22bn trading haul October 14, 2026 Traders at Wall Street’s biggest banks kept their blockbuster winning streak alive in the third-quarter as they made hay on volatility triggered by the war in Iran and swinging AI stocks. Equity trading divisions at the big six US banks – JP Morgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo – [...]
City chiefs warn Healey bank tax hike could drive businesses out of UK October 9, 2026 Top finance industry chiefs have warned the Chancellor that hiking taxes on the banking sector in the forthcoming Budget could drive businesses and capital out of the UK. Bosses of the City’s biggest industry bodies – including UK Finance, TheCityUK and the CBI – have written to John Healey calling for him to avoid raising [...]
Former City trader’s rate rigging conviction overturned October 9, 2026 A former City trader previously convicted of rigging the Euribor interest rates has had his fraud conviction overturned. Christian Bittar, formerly a trader at Deutsche Bank, had his conviction overturned by the Court of Appeal on Friday after being sentenced to five years in prison for rigging the primary European interest rate, the Euro Interbank [...]
MFS founder accuses administrators of ‘internecine warfare’ October 8, 2026 The founder of collapsed shadow bank MFS has accused administrators of “internecine warfare” and harassment as the firm’s creditors fight to unlock billions of pounds in frozen funds, City AM can reveal. Paresh Raja, the chief executive of Market Financial Solutions who has denied claims he siphoned “vast sums” from the mortgage firm, has asked [...]
Former City traders’ fraud convictions overturned October 7, 2026 A group of five former City traders previously convicted of rigging the Libor and Euribor interest rates have had their fraud convictions overturned by the Court of Appeal. The five investment bankers, who previously worked at Barclays, had their convictions quashed having served jailtime for conspiring to rig the now-defunct interest rates in the run-up [...]
Stages of tax grief: Is it time for bankers to bargain? October 7, 2026 Banks are in the firing line at the Budget and in a meeting with bosses on Tuesday chancellor John Healey played coy on any increased rates. In this week’s column Samuel Norman looks at what trade-off could be made. Also on the cards, fresh data shows fintechs are lurching ahead of the incumbents on customer [...]
UK bank bosses and John Healey set for tax showdown October 5, 2026 When banking lobbyists geared up for an offensive ahead of the 2025 Budget, a tax cut barely made the wishlist. Modest in their ambitions, advocates were preparing to settle for anything that didn’t see their already eye-wateringly high tax bill rise. That is until, City AM understands, officials advised them to make a cut a [...]