French court orders Societe Generale to pay Jerome Kerviel €450,000 for unfair dismissal June 7, 2016 Societe Generale has today been ordered to pay €450,000 (£350,171) to former employee Jerome Kerviel on the grounds the ex-trader was unfairly dismissed, according to various reports. Kerviel has previously been found guilty for breach of trust and fraud, with his unauthorised trades losing the bank €4.9bn in 2008 in an incident that is one of the largest of its kind. The French [...]
BP Marsh & Partners profits almost double as well-selected investments continue to deliver June 7, 2016 BP Marsh & Partners appears to have laid its stakes wisely, as the specialist venture capital provider announced today that its profits had almost doubled in its year to the end of January. The figures Profits before tax at the company grew to £10.7m, up 81.3 per cent compared with £5.9m the year before. Meanwhile, the company's net asset value [...]
Australia’s securities watchdog seeks civil penalties from National Australia Bank over benchmark rigging allegations June 7, 2016 National Australia Bank (NAB) found itself in the firing line today, after Australia's securities watchdog announced it would be pursuing civil penalties for alleged benchmark rigging. The Australian Securities and Investments Commission (ASIC) has launched legal proceedings in the Federal Court in Melbourne, claiming that NAB was involved in manipulating the bank bill swap reference rate (BBSW) between 8 June 2010 [...]
New face at helm of Gocompare as owner mulls demerger June 7, 2016 The former boss of lastminute.com has today taken the driving seat at Gocompare, as the price comparison website's owner considers a demerger. Matthew Crummack, who was chief executive of lastminute.com from 2011 until 2015, has been appointed the chief executive of Gocompare. "I am delighted to announce [Crummack]'s appointment as the new Gocompare.com chief executive and look [...]
Re-shaping Shell: Oil giant to exit up to 10 countries, as BG merger gives company a chance to think about its future June 7, 2016 Royal Dutch Shell today announced that it has earmarked 10 per cent of its oil and gas production assets for sale, which would result in the oil giant exiting between five and 10 countries. The company has previously announced plans to ditch around $30bn (£20.7bn) worth of assets by the end of its 2018 financial year in a [...]
Disabled people punished twice as harshly for long-term unemployment June 7, 2016 Disabled people who have had more than a year out from the workforce are treated twice as harshly as their non-disabled counterparts, a report out today warns. According to the research by the Resolution Foundation, the chances of a disabled person being able to re-enter the workforce during any particular quarter drop to just 2.4 per [...]
Tom Hayes’ crowdfunding campaign breaks £20,000 mark June 6, 2016 Tom Hayes' crowdfunding campaign is gaining pace, having recently broken the £20,000 mark. The former UBS and Citigroup trader has turned to Fundrazr in an attempt to raise £150,000 to pay towards his legal costs of appealing to the Criminal Cases Review Commission. At time of writing, the campaign had raised £21,110, having previously been stalled around the [...]
What pension freedoms have done to bankers’ pension pots June 6, 2016 Bankers may well have shunned the stereotype of splashing out on fast cars and long lunches last year in favour of topping up their pension pot, research shown exclusively to City A.M. suggests. According to the study by Aegon, 22 per cent of banking, financial management and accountancy professionals now feel like they are on track [...]
People can’t resist pinching pennies with restaurant vouchers and money-off shopping codes, but are less keen on switch providers for household bills June 6, 2016 Brits are an oddly selective bunch when it comes to cutting down on expenses, a report out today suggests. The study by EDF Energy discovered that people are more likely to hunt down bargains on things like food shopping or days out than they are to see if they can get a better deal on their [...]
Former Deutsche Bank trader Christian Bittar given green light to pursue civil case against FCA June 6, 2016 A former Deutsche Bank trader has been given the go ahead to continue with a civil case against the City watchdog. Christian Bittar is suing over the manner he was depicted in a penalty notice issued by the Financial Conduct Authority (FCA), which levied a fine on his former employers for its role in the rate rigging [...]
