Wise denied US banking licence in blow to expansion plans Banking Shares in Wise plunged on Friday after the firm was denied a US banking licence by regulators, setting back the payments giant in its biggest growth market just months after it switched its primary stock market listing to New York. The London-founded fintech said the US Office of the Comptroller of the Currency (OCC) had [...]
Wise profit slides as costs racks up from US listing Fintech Money transfer firm Wise saw its profit fall in its latest financial year as costs related to its new primary listing on Wall Street helped take a chunk out of the company’s bottom line. The UK fintech’s profit before tax slid eight per cent to $660m (£500m) – down from $717.5m – in its first [...]
As it happened: Stocks higher as oil price sinks; Reeves makes bid to stay as Chancellor Markets Welcome back to the City AM liveblog. The price of oil is heading lower this morning as the outlook around the Strait of Hormuz improves. Brent crude – the international benchmark for oil prices – tumbled below $73 per barrel, extending losses for a fourth consecutive session. These moves helped wipe out all the gains [...]
Wise triggers staff backlash after cutting paid paternity leave June 23, 2026 Money transfer firm Wise is facing uproar from staff after cutting paid paternity leave, City AM can reveal, even after its own billionaire boss took a three-month sabbatical to spend time with his newborn. The UK fintech reduced its paid leave for fathers and secondary caregivers earlier this month from 18 weeks to eight, in [...]
Tate & Lyle becomes latest market stalwart to quit London June 9, 2026 Tate & Lyle on Monday became the latest City stalwart to head for the door. Felix Armstrong recounts the accelerating exodus from London’s stock market As the summer holidays beckon, stalwarts of the London Stock Exchange are packing their bags ahead of a potential departure to warmer climes. FTSE grandee Tate & Lyle became the [...]
Wise shares plummet as money transfer firm faces fraud investigation June 1, 2026 Shares in money transfer firm Wise have plummeted this morning as the fintech faces an investigation over allegations its accounts have been used for criminal activity. Prosecutors in Belgium opened an investigation last year after discovering Wise accounts had been flagged in hundreds of international criminal requests that spanned over 30 European countries. The transactions [...]
Small cap tech firm quits LSE to cut costs in latest market blow May 27, 2026 Small-cap semiconductor firm Nanoco Group is quitting the London Stock Exchange in a bid to save £700,000 a year, in the latest setback for Britain’s struggling public markets. The Manchester-based tech business said the annual costs of maintaining its listing had become too burdensome for a company of its size, as it blamed weak liquidity [...]
City minister: Tax regime ‘sends a message’ to fintech IPO prospects April 21, 2026 The City minister has said the tax regime “matters” for how the UK can strengthen capital markets as part of its bid to lock down the next cohort of listing candidates. Lucy Rigby, economic secretary to the Treasury, said the government was looking to build on the “historical success of our capital market” as it [...]
UK fintech Wise to downgrade London listing this quarter April 13, 2026 Money transfer firm Wise has confirmed the timeline for switching its primary listing to the US with the move expected to take place this quarter. The UK fintech said during a fourth-quarter update that its results for the latest financial year will published in the US dollar, which it said was “reflecting the expected completion” [...]
FTSE 100 Live: Stocks tumble amid Trump’s Strait of Hormuz blockade April 13, 2026 Good morning and welcome back to the City AM liveblog. Markets are returning from the weekend to a major blow in hopes of a ceasefire in the Middle East. After Donald Trump revealed his two-week reprieve on strikes whilst negotiations begin, those very talks now look to be hanging by a thread. Vice President JD [...]