Citigroup plans to relocate 10 per cent of UK roles if the UK can’t secure passporting October 19, 2016 US bank Citigroup would relocate almost 1,000 jobs outside of the UK if the government is unable to secure passporting for financial services. The bank, which has 9,000 staff in the UK, has told MPs that failure to secure passporting would see it move the roles. Citi has major locations in Dublin, Paris, Frankfurt and [...]
Monte dei Paschi di Siena shares soar after board confirms it is pushing ahead with rescue plan October 19, 2016 Shares in Italian lender Monte dei Paschi di Siena soared today after its board confirmed it was still pushing ahead with rescue plans to bolster its capital and ditch some of its soured loans. In a statement released after the market closed last night, the bank noted its board had met to discuss the plans in more [...]
Supreme Court rules HMRC conversation with The Times was ‘a matter of serious concern’ October 19, 2016 The Supreme Court has today ruled that HM Revenue & Customs (HMRC) breached confidence when it hosted an off the record discussion with journalists about a scheme a taxpayer was using. David Hartnett, then permanent secretary for tax at HMRC, told two journalists from The Times in 2012 that he was not a fan of film [...]
Treasury in listening mode for Brexit negotiations, City minister tells Lords committee October 19, 2016 The Treasury is all ears when it comes to Brexit, the City minister has said today. Speaking in front of the House of Lords EU Financial Affairs Sub-Committee, Simon Kirby said his department was "very much in listening mode", adding that "government as a whole…is intend on getting the best possible deal for Britain". However, peers expressed [...]
The City is struggling with the Whitehall Brexit machine October 18, 2016 Key figures in the City are growing increasingly frustrated with what they see as an indifferent and unsupportive approach towards the Square Mile in two of the government departments responsible for hammering out the UK’s Brexit deal. Several sources have indicated to City A.M. that, while Philip Hammond and his Treasury team are instinctively sympathetic [...]
More than half of solicitors are from the first generation of their family to attend university, finds Law Society October 18, 2016 More than half (53 per cent) of solicitors in England and Wales are part of the first generation of their family to go to university, figures out today show. The diversity report by the Law Society also found that slightly over one in ten (11 per cent) of the country's solicitors in 2015 were eligible for free [...]
Watchdog moves to quash misleading rankings in investment banking October 18, 2016 The City watchdog has today proposed putting an end to misleading league tables used by banks looking to woo clients. Publishing its final findings from its investment and corporate banking market study, the Financial Conduct Authority (FCA) noted it was not uncommon for banks to use league tables in pitches which inflated their performance, and added it [...]
