Activist investor Edward Bramson’s Sherborne Investors takes five per cent stake in Barclays sending share price higher March 19, 2018 Shares in Barclays rose this morning after activist investor Edward Bramson’s firm Sherborne confirmed it had taken a five per cent stake in the bank. Barclays share price was up more than four per cent in morning trading on the news. Bramson has been an investor for a while, but his stake has now topped [...]
Former Deutsche Bank trader charged with Euribor rigging in SFO probe pleads guilty March 16, 2018 A former star trader who was once considered one of Deutsche Bank’s most successful bankers has pleaded guilty in a Serious Fraud Office (SFO) probe into Euribor manipulation. Christian Bittar, who was among six traders charged in the first SFO case that focused on the Brussels-based benchmark, pleaded guilty to the offence on 2 March. News [...]
Goldman Sachs International reveals large gender pay gap as spotlight focuses on City pay disparity March 16, 2018 Goldman Sachs International has revealed it pays female employees in the UK an average of 36.4 per cent less than male colleagues as the spotlight focuses on financial services pay disparity in the City. As well as a median pay gap of 36.4 per cent, which reflects the difference between the midpoints in the ranges [...]
HSBC’s women are paid 60 per cent less than men March 15, 2018 HSBC’s female staff in the UK are paid 60 per cent less than men, according to gender pay gap data which reveal one of the biggest differences among the big banks who have reported so far. The 60 per cent mean pay gap for hourly pay increased from 59 per cent in 2017, although for [...]
Investment banking worst for your health says giant survey of British bank employees March 15, 2018 Investment bankers think their jobs are the more damaging to their health than their counterparts in business or retail lending, according to a massive survey of British bank employees. Some 29 per cent of investment bank employees said their job is having a negative impact on their wellbeing, a poll of more than 36,000 bankers [...]
Tandem Bank buys fintech app Pariti March 13, 2018 Digital bank Tandem has bought money management app Pariti in a bid to expand the capabilities of its own offering. The deal, paid with a mix of cash and equity, means Pariti’s chief executive and chief technology officer, Matthew Ford and Peter Townsend, will join Tandem to help in the bank’s app development. The purchase [...]
Serious Fraud Office (SFO) angling for increase in annual budget to take on “blockbuster cases” March 13, 2018 The Serious Fraud Office (SFO) is having “ongoing conversations” about the way it is funded after questions have been raised regarding its current arrangements. The BBC reported that the prosecutor was in talks with the Treasury to increase its annual budget, which currently sits at £31m. The body often asks the Treasury for an extra [...]
Ex-Barclays trader Alex Pabon loses appeal against conviction for Libor rigging March 13, 2018 Former Barclays trader Alex Pabon has lost an appeal against his Libor rigging sentence after a court found that doubts surrounding the credibility of an expert witness did not merit his conviction being overturned. Pabon was among three traders to be convicted by the Serious Fraud Office (SFO) in 2016 for their roles in [...]
Deloitte and EY partners push gender pay gaps wider March 7, 2018 Deloitte and EY today updated their gender pay gap data to include partners’ salaries for the first time, in figures which shed light on a bigger difference in earnings between men and women than previously thought. Both of the “Big Four” accountants have bigger gaps when partners’ earnings are factored in, reflecting the greater number [...]
EU markets regulator ESMA finally releases long-delayed list of stocks affected by Mifid II dark pool volume cap March 7, 2018 The European markets regulator has finally released a long-delayed list of stocks which will be affected by the Mifid II cap on “dark pool” trading, covering the shares of some of the biggest household names across Europe. If more than four per cent of stocks are traded “in the dark” on any particular venue on [...]