Deutsche Bank Libor whistleblower awarded record $200m payout October 22, 2021 US watchdog the Commodity Futures Trading Commission (CFTC) has awarded a record almost $200m to a former Deutsche Bank employee who raised the alarm about Libor-rigging, in the biggest-ever US whistleblower payout. The regulator said the payment had been made for “specific, credible and timely original information” that “significantly contributed” to an already “open investigation” [...]
Global deal making frenzy lifts Barclays profits to record high October 21, 2021 Barlcays has ridden the wave of a booming global deal making frenzy to post its strongest ever third quarter results. The UK banking behemoth registered a pre-tax profit of £6.9bn in the year to the end of September, its best take ever. The standout performance was driven by Barclays’ investment banking division posting its best [...]
UK banks’ earnings season is tough one to call October 20, 2021 Wall Street’s biggest banks have reaped the rewards of a booming deal environment, the release of loan loss reserves and swelling deposits. Goldman Sachs, Bank of America and JPMorgan all flexed their muscles as they kicked off US earnings season last week. Now, it is the turn of their British pretenders, starting tomorrow with the [...]
THG boss Matthew Moulding ditches share pledge against personal Barclays loan October 20, 2021 THG chief executive Matthew Moulding has dropped a pledge of shares in the business as collateral against a personal loan with Barclays, in the latest effort to claw back investor confidence after a bleak share price crash. The company today said that Moulding and his wife Jodie were no longer using THG shares as collateral [...]
Very Group celebrates record revenue as it eyes listing October 19, 2021 Online retailer Very Group has announced record revenue in its full year results, ahead of an anticipated £4bn float. The owner of fashion brands Very.co.uk and Littlewoods.com said group revenue had swelled 13 per cent to a record £2,317.1m. Group revenue was driven by Very retail sales, which rose by almost a quarter to £1,535.6m. [...]
Skills in the City: financial services sector looks to the future October 18, 2021 To what extent should organisations that compete fiercely to attract new recruits (and for business overall) be collaborating when it comes to enhancing their workforces’ skillsets? It’s tricky to imagine many of the Square Mile’s biggest names freely sharing their training programmes outside their own four walls. ‘Sure, we’ll just send you what we do [...]
How challenger banks are revolutionising the sector October 15, 2021 This article first appeared in ICAS’ CA magazine. Three expert CAs tell Karam Filfilan how a new wave of challenger banks are helping to revolutionise the sector, both for consumers and businesses. Read October’s CA magazine now Digital transformation has revolutionised the banking sector over the past decade. Gone are the days of neighbourhood bank branches [...]
Membership group launches to support implementation of CBDC October 14, 2021 A new membership body supporting the rollout of the UK's CBDC (central bank digital currency) launches in London today.
LVMH enjoys post-lockdown sales boom as shoppers turn to luxury goods October 12, 2021 Sales at French luxury giant LVMH swelled 20 per cent in the third quarter as shoppers rushed to buy high-end fashion amid the return of socialising. The company said like-for-like sales, stripping out the effect of foreign exchange fluctuations, rose to 15.51 billion euros ($17.90 billion) in the three months to September. It sells a [...]
Cabinet office minister warns businesses giving bonuses and dividends to not expect government support October 12, 2021 Struggling companies facing high gas prices could be refused a government bailout this winter if they have paid out big dividends and bonuses. Cabinet office minister Steve Barclay told Times Radio that the Treasury would scrutinise whether any interventions represented “value for money”. He said: “It’s right from a taxpayer point of view, mindful of [...]