HSBC and Barclays call for open banking reform over higher costs May 24, 2021 UK banks are reportedly unhappy with the high costs associated with open banking reforms which force them to share data with rivals in a bid to increase competition. Open banking is the UK’s implementation of the EU’s revised directive on payment services, which was introduced in 2015. UK regulated banks are required to let customers [...]
Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker May 22, 2021 To make the UK a more attractive place for investors, the government plans to allow Special Purpose Acquisition Companies (SPACs) to list in London and ease a range of share listing restrictions at the LSE, Jonathan Hill’s report. Hill’s report into future financial services regulation calls for a range of deregulatory measures that aim to “ensure [...]
Nationwide customers saved a further £10.6bn over the pandemic May 21, 2021 Customer deposited increased by £10.6bn throughout the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’ in the year to 4 April. With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by double what they increased by in 2019, as customers stashed cash into [...]
Morgan Stanley shakes up leadership as race for CEO successor intensifies May 20, 2021 Morgan Stanley announced a number of leadership changes and set off a competition between potential successors to replace Chief Executive Officer James Gorman in the next few years. In a statement Gorman said the announcement “reflects the next generation of leadership at Morgan Stanley.” “I am highly confident one of them will be the CEO in [...]
Investor confidence booms for UK and European markets May 19, 2021 Investor confidence has risen for both UK and European markets, with the accelerated roll out of vaccines likely to be driving the renewed optimism. Investor confidence in the UK rose another four per cent to a record high for the year, while confidence in Europe is up 28 per cent compared with April 2021, according [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
Deutsche Bank lures Barclays veteran Daniel Ross to head UK investment banking coverage May 19, 2021 Deutsche Bank has recruited senior Barclays banker Daniel Ross to head its investment banking coverage in the UK and Ireland. Ross is currently Barclays’ vice chairman for UK investment banking and its global head for media banking. He has been based in Canary Wharf for more than 12 years, but will move to the City [...]
Senior Credit Suisse bankers flee to Barclays, Goldman and Citi after Archegos disaster May 19, 2021 About a dozen managing directors at Credit Suisse have recently left the banking giant or are in the process of doing so, with most of them poached by rivals including Barclays, Goldman Sachs and Citibank. Moreover, a range of senior bankers are expected to announce their departure in the coming weeks, with several others also [...]
JP Morgan Chase: Potential successors to Jamie Dimon move up as Pinto becomes sole president May 18, 2021 In a reshuffling of its top ranks, JP Morgan Chase has raised up two potential successors to chief executive Jamie Dimon while co-chief operating officer Gordon Smith will step down from his roles at the end of 2021. The two possible earmarked successors, Marianne Lake and Jennifer Piepszak, will take new roles as Daniel Pinto [...]
Brexit post-mortem for the City: London’s ‘Golden Age’ is over, warns NatWest chair Howard Davies May 18, 2021 The City of London’s will remain a global financial centre but may not see the ‘golden age’ again, according to NatWest bank chairman Howard Davies. “Almost five years after the Brexit referendum, and five months after Britain’s exit from the European Union, the future of London as a global financial centre seems secure,” the City [...]