Nick Leeson’s lawyer called in by Rolls-Royce ex-boss as fraud squad widens its net January 22, 2017 The ex-boss of Rolls-Royce has called in the lawyer who defended rogue trader Nick Leeson as the fraud squad’s probe into his former company hones in on individuals. Sir John Rose, who was chief executive of the engine maker from 1996 to 2011, has appointed Stephen Pollard, a white collar crime expert at London law [...]
We’ll see you in court: New senior manager rules could mean fewer bumper fines for City watchdog and more days in court January 19, 2017 New rules to hold top bosses accountable for wrongdoings on their watch may have weakened the City watchdog's negotiating stance if it tries to swoop in for bumper settlements. Speaking at the Practising Law Institute's annual seminar, Mark Steward, director of enforcement and market oversight at the Financial Conduct Authority (FCA), revealed the Senior Managers' Regime (SMR) [...]
Warning signs for legal eagles: One in three law firms in serious financial danger January 19, 2017 One in three law firms is currently in financial hot water, according to figures seen by City A.M. A search by Opus Restructuring of a database from Company Watch identified just over 6,000 UK law firms with enough numbers to crunch. Of those, 2,056, or 34 per cent, were performing so poorly financially that they could be at [...]
Pan-European trade body to scrutinise Brexit impact for EU, as the UK prepares for life outside the Single Market January 19, 2017 A leading trade body for Europe's financial markets has launched a study into what fallout the EU can expect from the UK leaving the Single Market. Prime Minister Theresa May laid out her vision for a post-Brexit Britain in a hotly-anticipated speech on Tuesday, including, as many had suspected, plans to leave the Single Market. [...]
Goldman Sachs’ veteran Michelle Pinggera to retire from bank January 19, 2017 Goldman Sachs' international chief of staff is to step down after 28 years at the Wall Street titan. Michelle Pinggera, who also has some responsibility for overseeing the bank's Brexit plans, is due to leave the investment giant at the end of March, around the same time the Prime Minister will trigger Article 50. In a [...]
Barclays boss: London will continue to be the “financial lungs” of Europe post-Brexit January 19, 2017 The boss of one of the UK's biggest banks has today come out fighting for the City's post-Brexit status, likening London to an essential organ for the continent's financial health. "I don't believe that the European finances system, our centre, will leave the City of London," Jes Staley, chief executive of Barclays told the BBC in [...]
Clydesdale and Yorkshire Bank to shut a third of its branches and cull around 400 jobs January 19, 2017 Clydesdale and Yorkshire Bank is to shut the doors of 79 branches, resulting in over 400 job losses. The closures, which were announced yesterday, mean the challenger bank is effectively reducing its branch network by a third. The branch closures were tentatively announced by the bank last September, as the company planned to bring its network [...]
Top bankers from Goldman Sachs and JP Morgan touch down in Davos for Brexit showdown with Prime Minister Theresa May January 19, 2017 Prime Minister Theresa May has jetted out to Davos for crunch talks with top bankers following a landmark speech this week in which she set out her vision for Brexit. May will meet chief executives from banks such as Goldman Sachs and JP Morgan a day after two other bosses – HSBC’s Stuart Gulliver and UBS [...]
JP Morgan Chase to fork out $55m to settle mortgage discrimination claims January 18, 2017 JP Morgan Chase has agreed to pay $55m (£44.9m) to put to bed claims that it charged borrowers from minority backgrounds more for mortgages. The US Justice Department alleged the banking giant willfully went against the US Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009, and showed "reckless disregard" for the rights of [...]
The name’s bond: Citigroup fourth quarter results lifted thanks to fixed income division January 18, 2017 Citigroup has reaped the rewards of the bond market trading boost following the election of Donald Trump, alongside its US rivals such as Goldman Sachs. The bank's net income for the fourth quarter of 2016 came in at $3.6bn (£2.69bn) as compared to $3.3bn the year before – a rise of nine per cent. Read more: [...]
