Barclays faces £40m lawsuit over breast implant scandal September 16, 2022 Barclays is facing a £40m High Court lawsuit over claims it dishonestly transferred assets, owned by one of Britain’s largest cosmetic surgery providers, to prevent women who were given dangerous breast implants from receiving compensation. The High Court lawsuit, which is scheduled to be heard this October, claims Barclays’ Business Support Unit helped restructure Hospital [...]
JP Morgan’s investment banking fees could drop 50 per cent, executive says September 13, 2022 JP Morgan Chase’s investment banking revenues could drop by as much as 50 per cent in the third quarter of 2022, one the Wall Street bank’s most senior executives has warned. The bank’s president and chief operating officer Daniel Pinto said he expects JP Morgan’s investment banking fees to be 45-50 per cent lower than [...]
What can Sunak-friendly fintech expect under Truss? September 12, 2022 Some fintech bosses are reconsidering what a Truss leadership may mean for the sector.
Bank scandal victims must be informed of compensation deadline, campaigners say September 11, 2022 The banks at the centre of a multi-billion-pound mis-selling scandal should be forced to inform their victims of an approaching deadline to receive compensation, the Transparency Task Force (TTF) has told MPs. Victims of the interest rate hedging product (IRHP) scandal should be informed they must file any complaints to the UK’s Financial Conduct Authority [...]
National Crime Agency files claim to recover £54m from two Barclays bank accounts September 11, 2022 The UK’s National Crime Agency (NCA) is seeking to recover almost £54m from two Barclays accounts over concerns the money was acquired through fraud and money laundering. The NCA has filed a High Court claim seeking a Recovery Order to obtain £53,984,882 from two unnamed bank accounts, following internal investigations by the bank, a claim form seen [...]
Amid ‘hostile takeover’ bid M&C Saatchi reports 52 per cent profit increase before tax September 7, 2022 Advertising giant M&C Saatchi reported a near 10 per cent increase in revenue and 52 per cent rise in profit before tax from last year, despite the ongoing drama of its hostile takeover. The London-listed creative company increased its headline operating profit margin by 14 per cent. M&C Saatchi had almost £40m in net cash, [...]
Cabinet reshuffle: Kwasi Kwarteng named chancellor as Truss picks top team September 7, 2022 Liz Truss has made close ally Kwasi Kwarteng her new chancellor as the Prime Minister picks her top team. Therese Coffey has also been appointed health secretary and deputy Prime Minister, while James Cleverly is now foreign secretary and Suella Braverman is home secretary. Jacob Rees-Mogg has also been given a large promotion to business [...]
Senior Labour MP calls on government to give £2.5bn from Chelsea sale to Ukraine September 6, 2022 A senior Labour MP has hit out at the government for its delay in handing over billions of pounds to Ukraine, after the sale of Chelsea FC in May. Around £2.5bn made from the sale of the Premier League club still sits in the frozen Barclays bank account of ex-Chelsea owner, and sanctioned Russian oligarch, [...]
Barclays pulls back from Africa with £538m Absa sale September 1, 2022 British lender Barclays announced it had shed its remaining 7.4 per cent stake in South African bank Absa today as it dramatically pulls back its presence in Africa. Bosses at Barclays said this morning the sale would earn Barclays around £538m, representing around a £31m loss on its investment. The sale followed an announcement from [...]
Junior doctors threaten ballot to strike over NHS ‘paltry’ pay August 31, 2022 The summer of discontent is set to widen to junior doctors next month, with the British Medical Association to ballot junior doctors for industrial action. The organisation held an emergency meeting this week, with its co-chairs writing to the secretary of state for health and social care, Steve Barclay, expressing their concerns about pay. The [...]