‘Brexit is a mistake and London will be damaged’ warns Sir Howard Davies as NatWest chair claims ‘Boris Johnson hates the Treasury May 23, 2022 SIr Howard Davies, the chairman of banking giant NatWest, has called Brexit ‘a significant mistake’ as the City grandee said he is not very optimistic about the future of the UK. In fact, Sir Howard said he is concerned about the long-term impact Brexit will have on the City of London. In an interview with [...]
High Court rejects Greek bank’s claim against Lloyds insurer over ship detained in Venezuela May 18, 2022 A UK High Court has rejected a Greek bank’s $71m claim against Lloyd’s insurer Antares seeking a multi-million-dollar payout over a ship detained by Venezuelan authorities. The ruling is set to come as a relief to insurers in setting out that such situations are not covered by war risk policies. The case comes after Venezuelan [...]
TBC Bank’s profits soar as Georgia’s economy booms May 18, 2022 Georgia’s TBC Bank today said its pre-tax profits are up 45.8 per cent on last year on the back of fast paced growth in the Georgian economy. The FTSE 250 bank said Georgia’s economy had rebounded quickly from the pandemic to achieve annual growth of 10.4 per cent in 2021 following a 6.8 per cent [...]
Allianz told to pay $6bn after SEC charges three execs with fraud over Structured Alpha funds scandal May 17, 2022 The US financial watchdog has told German financial services behemoth Allianz to pay $6bn (£4.8bn) after charging three of its senior executives with fraud in relation to the $11bn collapse of the firm’s Structured Alpha funds. Allianz agreed to pay $1bn to the US Securities and Exchanges Commission (SEC) and a further $5bn to investors, [...]
Investment firm HG Capital weathers turbulence of war in Ukraine and the pandemic May 10, 2022 Investment firm HG Capital Trust has weathered pressures of the war in Ukraine and the pandemic, as it reported its revenue up nearly five per cent. The London-listed firm’s share price was up 435.5 points at the end of March, with its net assets up to £2bn. Its top 20, representing almost 80 per cent [...]
Exclusive: Financial services in ‘digital arms race’, with 71 per cent making new products due to customer suggestions May 4, 2022 More than 70 per cent of finance leaders say firms are creating new products due to customers’ changing demands as part of a “digital arms race”. Banks and financial services are adapting to a new demographic according to results of a new survey commissioned by Yobota, of 251 top decision makers, exclusively shared with City [...]
HSBC’s biggest shareholder tells bank to spin off Asian business April 30, 2022 China’s largest insurer has told HSBC it should break itself up and separate out its Asian operations. Shenzhen headquartered insurer Ping An has told HSBC’s board it believes the London and Hong Kong listed bank should split itself up, in order to free up the its Asian business. The Chinese insurance giant, which owns a [...]
Asset manager Vontobel expresses shock at death of ‘highly respected’ young trader April 22, 2022 A young and “highly respected” trader at Swiss investment bank Vontobel has died at his desk, the asset manager has confirmed to City A.M. Vontobel said it had learnt with “great regret” that a young colleague died in its offices last week. The investment manager refused to comment on the cause of death and asked [...]
Former BNP Paribas banker denies terrorising colleagues during $4m employment tribunal April 21, 2022 A former BNP Paribas banker has denied terrorising his colleagues, after filing a $4m (£3m) lawsuit against the financial firm. Former BNP Paribas exec Omar Alami is seeking $4m in compensation for unfair dismissal, after he was fired for humiliating his co-workers in 2019. The ex-head of equity derivatives sales denied “insulting” his colleagues, [...]
Exclusive: Sun European’s managing director on private equity deal-making in the City post-pandemic April 21, 2022 Time for City A.M. to catch up with investment veteran and City insider Mark Corbidge, managing director and a member of Sun European’s Investment Committee.