London needs to act quick to reassure talent it’s still wanted post-Brexit, warns London Chamber of Commerce and Industry November 10, 2016 London needs to act quickly to reassure overseas workers they will still be welcome to stay in the city following Brexit, the London Chamber of Commerce and Industry (LCCI) head has said today. The country's non-UK workforce has been facing questions since the 23 June as to whether they will be allowed to stay once the [...]
Donald Trump signals plans to dismantle Dodd-Frank November 10, 2016 Donald Trump's team has signalled its intention to tear up a key piece of banking regulation. "The Dodd-Frank economy does not work for working people," a statement on the new president-elect's website read. "Bureaucratic red tape and Washington mandates are not the answer. "The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act [...]
Brexit is an opportunity to revamp Europe’s financial landscape, according to Milan November 10, 2016 Brexit could be a great driver for change in financial reform across Europe, according to a group established to promote business relations between London and Milan. Select Milano chairman Bepi Pezzulli told City A.M.: "Every time you have [a shock like the Brexit vote] you also have the opportunity to create economies of efficiency and do something better." In particular, [...]
Tesco Bank fraud tars UK financial image, warns home secretary Amber Rudd November 10, 2016 Scandals like the recent cyber attack on Tesco Bank risk damaging the UK's prized financial reputation, the home secretary has warned today. Speaking at a conference hosted by the Financial Conduct Authority (FCA), Amber Rudd cautioned that public confidence in financial institutions was rocked when such incidences occurred and the government saw cyber crime as a [...]
Reports: Donald Trump considering JP Morgan chief Jamie Dimon for treasury secretary spot November 10, 2016 Although Donald Trump's policies might still look a little vague, it looks like his advisers have started dropping hints about who they want to take the top spot in the treasury. Trump's advisers have suggested the new president-elect should take on JP Morgan chairman and chief executive Jamie Dimon as treasury secretary, according to CNBC. [...]
Thanks Carney: Aldermore’s results boosted by Bank of England scheme November 10, 2016 Aldermore revealed today that it has boosted its new lending during the first nine months of the year, with a little help from a recently introduced Bank of England funding scheme. The figures The challenger bank announced it had generated £2.3bn in new lending during the first nine months of 2016, up 20 per cent [...]
Deloitte fined a record £4m by accountancy watchdog over audit of Aero Inventory November 10, 2016 Deloitte has been fined a record £4m by the accountancy watchdog for misconduct in its audit of AIM listed Aero Inventory in the run up to its administration in 2009. In particular, the Financial Reporting Council (FRC) claims the accountancy giant, along with partner John Clennett, fell short of the standard expected when auditing the company in [...]
Getting immigration wrong post-Brexit could lose London £7bn by 2020 November 10, 2016 Failing to secure suitable immigration rules for London post-Brexit could cost the capital billions, a report out today has warned. The study, produced by the Centre for Economics and Business Research (Cebr) on behalf of the London Chamber of Commerce and Industry (LCCI), discovered that, of the 771,000 non-UK EU nationals currently employed in London, 160,000 would not be [...]
Bank of America shaves outlook for US GDP next year November 9, 2016 One of the US' major banks has today revised down its economic outlook for 2017 following Donald Trump's surprise triumph in the US presidential elections. In a note from Bank of America Merrill Lynch Global Research, the bank stated that, thanks partly to the large levels of uncertainty surrounding the new president-elect's policies, it was knocking 0.5 of [...]
Bye-bye Dodd-Frank? What Donald Trump’s win means for the banking red tape November 9, 2016 Donald Trump's victory for the White House could spell the end of a key piece of banking regulation, but only if he can convince others to get on board. Trump has previously pledged to repeal the Dodd-Frank Act, an extensive set of reforms designed to address risk on Wall Street following the financial crisis which [...]
