Credit Suisse AT1 bondholders pile pressure on Swiss regulator with second claim over $17bn writedown May 2, 2023 A second major group of Credit Suisse alternative tier 1 (AT1) bondholders is suing the Swiss financial markets regulator, known as Finma, over its decision to write down $17bn-worth of AT1 bonds as part of UBS’s forced takeover of the Swiss bank. Law firm Pallas Partners said today it is working on litigation, filed in [...]
EY faces investigation over audit of Made.com before firm collapsed April 20, 2023 The UK’s audit watchdog has launched an investigation into EY’s audit of Made.com before the firm collapsed late last year. The online furniture business went into administration in November after rescue talks to find a buyer failed. The Financial Reporting Council announced today that it will start investigating EY’s audit of the firm’s accounts for [...]
Better together: HSBC defends status quo as Ping An pushes for break up April 19, 2023 The ongoing row between HSBC and Chinese insurer Ping An continued today as HSBC hit back to defend its position that spinning off the bank’s Asia business would weaken the lender. Ping An, which holds an eight per cent stake in the bank, has long argued in favour of hiving off HSBC’s Asian unit, which [...]
Credit Suisse in High Court tomorrow: Bank sued over securities linked to 2008 crisis April 19, 2023 Credit Suisse is set to appear at the High Court in London on Thursday to defend itself against a $160m (£129m) claim over allegations the Swiss bank made “fraudulent misrepresentations” related to the sale of residential mortgage-backed securities. The claim, brought by Loreley Financing, a subsidiary of German bank IKB, argues it was misled by [...]
EY’s US unit to cut 3,000 jobs after failed split – but UK division won’t follow suit April 17, 2023 EY’s US unit announced today that it will cut some 3,000 jobs after the Big Four accounting firm dropped its plan to separate its consulting and audit divisions. EY’s global executive committee announced last week that it had ditched the plan, known as ‘Project Everest’, following opposition from the US unit. EY’s US unit today said [...]
Row between Viceroy and Labour MP escalates as short seller files complaint with parliament April 17, 2023 A row between short seller Viceroy Research and Labour MP Liam Byrne escalated today after the short seller lodged a complaint with parliament after Byrne suggested that the firm has ties to the Kremlin. In a parliamentary debate last month, the MP for Birmingham Hodge Hill called for an investigation into “the activities of short-selling [...]
Innovate Finance slammed for hosting Hong Kong minister at London conference April 15, 2023 Fintech industry body Innovate Finance has been criticised over its decision to invite a senior Hong Kong finance minister to speak at a London conference next week as the territory’s government continues its political crackdown. Activists and MPs have hit out at the group’s decision to host Hong Kong’s financial services secretary Christopher Hui speak [...]
EY ditches split plan after opposition from US unit April 11, 2023 EY has ditched its plan to split its audit and consulting businesses following opposition from its US unit. The firm’s global executive committee relayed the decision to partners in a note today. The Big Four firm had put its plan to separate its audit division from its consulting business, dubbed ‘Project Everest’, on hold following infighting [...]
Home REIT was warned of ‘slum conditions’ in October in row between tenants and property vendor February 17, 2023 Home REIT was warned of “slum conditions” in its property portfolio as early as October but failed to publicly acknowledge the scale of the issues until yesterday, City A.M. can reveal.
Just Eat: Takeaway delivery giant’s shares rise over 10 per cent despite reporting a drop in orders January 18, 2023 Shares in Just Eat Takeaway.com rose this morning after the food delivery company reported a positive outlook for the year ahead. Shares in the firm jumped despite the fact the Amsterdam-headquartered firm reported a fall in orders towards the end of last year. The total value of orders placed on Amsterdam-based Just Eat’s platform globally [...]
