US lawsuit alleges Jes Staley saw Jeffrey Epstein abuse young women – report January 18, 2023 A US lawsuit filed today has accused former head of Barclays Jes Staley of “personally observ[ing] the sexual abuse of young women” by Jeffrey Epstein. Staley is named in a lawsuit filed by one of Epstein’s victims, known as Jane Doe 1, who is suing JP Morgan for allegedly facilitating her sexual abuse. Staley was [...]
Which senior bankers have made the trip to Davos? January 16, 2023 The world’s rich and powerful return to Davos this week as the world grapples with a challenging set of economic issues. The topic for this year’s meeting – which has returned to its normal January timeslot – is Cooperation in a Fragmented World. The basic tenet guiding the meeting is that “the current crises, [...]
Barclays’ staff shortages force it to turn away new business January 16, 2023 Barclays has been turning away companies with more than one director apply for new bank accounts as staff shortages have left the lender unable to complete anything but the most basic background checks. Barclays has struggled to open new business accounts for more than four months, and will probably continue to reject companies with more [...]
Train operators given ‘revised mandate’ for latest union talks, Mark Harper says January 15, 2023 Train company bosses will be working with a “revised mandate” which could include a better pay offer as they enter the latest round of talks with unions, the transport secretary has suggested. Mark Harper said train operators have been given his “permission” to make a new offer to the trade unions. The minister claimed he [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
Exclusive: The WhatsApp scandal in banking and its place in the City January 15, 2023 The unprecedented fine from the SEC, exacted on 16 Wall Street banking giants in 2022, caused ripples on both sides of the pond last year. The collective $1.8bn in punishments doled out to a group consisting of names such as Barclays, Citigroup, Goldman Sachs, and Morgan Stanley, was executed as staff were found to have discussed deals [...]
More strikes: 100,000 civil servants WILL walk out next month after talks with government dubbed ‘total farce’ January 13, 2023 A strike by 100,000 civil servants is to go ahead next month after talks with the Government aimed at resolving a bitter dispute over pay, jobs and conditions were dubbed a “total farce”. Cabinet Office Minister Jeremy Quin met with union leaders to discuss growing industrial unrest after weeks of stoppages across the country, including [...]
Analysis: A growing economy and falling energy bills, the stars could be aligning January 13, 2023 Britain might narrowly avoid a technical recession, energy prices could be falling , and mortgage borrowing costs might not be as crippling. Sascha O’Sullivan looks at the good news.
Open banking enters ‘new phase’ after CMA rules six major banks fulfil requirements January 12, 2023 Open banking has entered a “new phase” after the Competition and Markets Authority (CMA) determined that the six largest banks in the UK have implemented the requirements of the open banking roadmap. The open banking trustee advised the CMA on Monday that Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander had implemented the remaining roadmap items. [...]
Mark Kleinman: My bold predictions for 2023 in the City – from Natwest to Spurs January 11, 2023 After the political and economic events of 2022, the idea of being able to predict anything with confidence seems even more outlandish than usual. Nevertheless, with the UK economy precariously balanced less than two years before a general election, these seem – in early January – to be sensible bets for UK plc in 2023. [...]