Deutsche Bank to pay $75m to settle lawsuit by Jeffrey Epstein accusers May 18, 2023 Deutsche Bank has agreed to pay $75m to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking. The accord resolves claims in a proposed class action in Manhattan federal court by Epstein’s accusers, and was confirmed by their [...]
Give bosses a pay boost to attract top talent to the UK, says City minister May 16, 2023 The City minister has thrown his weight behind efforts to boost the pay packets of the country’s top bosses today as a debate around pay in the City gathers steam. The compensation of executives at the UK’s top listed firms has been a topic of hot debate in recent weeks as regulators and officials look [...]
Sir Frederick Barclay’s ex-wife ‘astonished’ over £1m legal spending, court told May 16, 2023 A barrister representing Sir Frederick Barclay’s ex-wife has expressed astonishment at the amount spent on the retired businessman’s lawyers. Sir Frederick, 88, and Lady Hiroko Barclay, who is also in her 80s, are featuring in the latest stage of a fight over money at a hearing in the Family Division of the High Court in [...]
London pension fintech Smart gears up for deals after $95m funding injection May 15, 2023 London-based pensions fintech firm Smart said it was gearing up for a flurry of dealmaking today as it bagged a $95m funding round from a host of big name backers including New York based outfit Aquiline.
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice May 15, 2023 As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
Man Group: London Hedge fund chief to retire with president set to take the reins May 11, 2023 The boss of London hedge fund firm Man Group, Luke Ellis, has announced he will step down later this year when the firm’s chief operating officer will step into the top role.
FTSE 100 close: ASOS shares nosedive 22 per cent after posting dim results May 10, 2023 London’s FTSE 100 slipped in the City today as online fashion retailer ASOS was pummelled after a dim set of results. The capital’s premier index shed 0.29 per cent to close at 7,741.32 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Nationwide, Santander, TSB and Virgin Money probed over ‘measly’ savings rates May 10, 2023 An influential parliamentary body has expanded its inquiry into the low savings rates paid by the UK’s retail banks, describing the current rates on offer as “measly”. Having investigated the UK’s four largest retail banks, MPs at the Treasury Committee have now sent letters to Nationwide, Santander, TSB and Virgin Money. These lenders account for [...]
FTSE 100 close: Barclays and NatWest rise on London index as stalling house prices knock builders May 9, 2023 London’s FTSE 100 kick started a fresh week down today, with Britain’s biggest home builders sliding after new figures showed house price growth has stalled. The capital’s premier index nudged 0.18 per cent lower to 7,764.10 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Bring me sunshine! Retailers hit by grim April weather as economy held back by the rain May 9, 2023 Retailers continued to be bruised by soaring inflation and poor weather conditions in April, as the sector holds out hope for summer to give a much needed boost in sales. Data by the British Retail Consortium (BRC) showed that while retail sales rose slightly over five per cent during the month, overall inflation meant that [...]