Two heads are better than one: Goldman Sachs announces two new presidents to replace Cohn December 14, 2016 Goldman Sachs announced today it was promoting two long-serving staff members to the role of president and operating co-chiefs to replace Gary Cohn. David Solomon, currently co-head of the investment banking division, and Harvey Schwartz, currently finance chief, will fill the gap left by Cohn, who is off to join President-elect Donald Trump as director of the National [...]
It’s not easy being green: Mark Carney welcomes new recommendations for environmental disclosures from firms December 14, 2016 Mark Carney has today welcomed new guidelines for companies to disclose what impact their business is having on climate change in a bid to help investors make more environmentally informed decisions. Carney, who was speaking as the chairman of the Financial Stability Board (FSB), hailed the recommendations from the FSB Task Force on Climate-related Financial Disclosures, which [...]
The City watchdog is looking for feedback on how best to protect consumers’ cash December 14, 2016 The City watchdog has today launched a consultation into how best to fund the safety net which compensates consumers when financial services firms find themselves in hot water, including measures which could lead those most likely to wobble the market paying more to keep it secure. The Financial Conduct Authority (FCA) noted the funding rules for the [...]
Challenger banks concerned Brexit has put creating a more even playing field on the backburner December 13, 2016 The UK's smaller lenders are concerned the government is delaying levelling the playing field for banking as key figures are too tied up navigating Brexit. Shortly after the Brexit vote, a number of challenger chief executives wrote to the influential Treasury Select Committee to ask them to push for creating a fairer market for lenders. This [...]
EU parliament’s chief Brexit negotiator would be ok with a transition period, provided it comes with a time limit December 13, 2016 NULL
Lloyd’s of London says insurers will need to be picky in 2017, after underwriting turns a loss in 2016 December 13, 2016 Lloyd's of London has today cautioned that insurers will need to choose what risks they take on in 2017 carefully, after underwriters found themselves in the red in 2016. Writing in the Lloyd's annual email to the market, chairman John Nelson and chief executive Inga Beale warned the failure for underwriting to make an aggregate profit this year was [...]
Man pleads guilty to TalkTalk hack involvement at Old Bailey, as teenager gets 12-month youth rehabilitation order December 13, 2016 A man has today pleaded guilty to being involved in hacking TalkTalk customers' accounts in 2015. Daniel Kelley, 19, submitted his plea at London's Old Bailey this afternoon. Earlier today, a 17-year-old who admitted to hacking offences related to the 2015 data breach was handed a 12-month rehabilitation order and had his iPhone and PC hard [...]
Watchdog slams firms for not doing enough to help those who slip into debt December 13, 2016 The City watchdog has today warned consumer credit firms could be doing more to help customers who find themselves falling behind on payments. Although the Financial Conduct Authority (FCA) noted many businesses had improved their practices since it last looked into how early arrears were handled, there were still areas where more could be done. In [...]
