Why banks could actually prove a less stressful part of your portfolio January 13, 2017 Market consensus tells us the banking sector remains a risky place for investors to put their money. After all, the prevailing wisdom runs, banks are cyclical, poorly capitalised and in lousy shape for the next downturn, as and when it comes. Of course, as contrarian investors, we believe market consensus and prevailing wisdom primarily exist [...]
City Moves for 13 January 2017 | Who’s switching jobs January 13, 2017 Sidley Austin Sidley Austin has appointed Jennifer Brennan as a partner in its corporate restructuring and bankruptcy practice. She was previously with Linklaters. Jennifer is the latest in a number of partner additions in London and Munich as the firm continues to expand its offering to private equity and other fund clients in Europe and elsewhere. Old Mutual [...]
Barclays advises government on latest student loans sell-off push January 12, 2017 Bankers have been appointed by the government as it seeks to sell-off up to £12bn-worth of student loans. Ministers are preparing to kick-off the latest sale of loans issued to students before 2012, and City A.M. has learned Barclays is advising on the deal. The Treasury announced in last year’s Autumn Statement that it was continuing to [...]
Accused ex-Barclays trader was given no legal guidance by employer, lawyer says January 11, 2017 The lawyer for an ex-Barclays trader facing forex-fixing claims in the US has hit back at the trader's former employer for not giving him enough guidance on the law. Chris Ashton was late last night charged by the US Department of Justice (DoJ) with conspiring to fix prices and rig bids in the foreign exchange [...]
Brent crude dips below $55 a barrel on a strong dollar and growing fears that supply cut efforts won’t be effective January 10, 2017 Oil prices fell more than two per cent today to their lowest level in almost a month, taking global benchmark Brent crude back below the $55 a barrel mark. Brent fell 2.4 per cent, or $1.29, to $53.65 a barrel in late evening London time. West Texas Intermediate crude, meanwhile, was testing $50 a barrel – [...]
Sir John Vickers slams quality of Bank of England stress tests January 10, 2017 The man who headed the UK's critical inquiry into safeguarding the banking sector following 2008's financial crisis has slammed the Bank of England's stress tests for falling short. Sir John Vickers, who led the Independent Commission on Banking, called the progress made to bolster the banks so far "really disappointing". "I think we need to be more rigorous, [...]
US to bring charges against three UK ex-traders in forex probe over roles in ‘The Cartel’ chatroom January 10, 2017 The US Department of Justice plans to charge three UK-based ex-traders later today as part of its forex investigation over their involvement in the so-called 'The Cartel' chat group. The trio of former traders concerned are Richard Usher, formerly from JP Morgan, Rohan Ramchandani, formerly from Citigroup, and Chris Ashton, formerly from Barclays. Meanwhile, Matt Gardiner, formerly from UBS, has been [...]
Oil falls two per cent as concerns rise that increase in US production will undercut Opec deal January 9, 2017 Oil prices fell more than two per cent today after figures indicated US production is growing and could undercut global deals to cut supplies and boost the global market. Data released by US oilfield services provider Baker Hughes today showed US energy companies added oil rigs for a 10th week in a row to 529, extending a [...]
How boutiques have snatched bankers and M&A business from the Wall Street giants January 9, 2017 With bonus season kicking off this week, one or two investment bankers at Wall Street heavyweights may well have cast an envious eye over the recent results of London boutique Robey Warshaw. The firm, which was founded in 2013 and has three former Wall Street bankers as its partners, reported profits of £36.6m for the year [...]
Libor trio to face confiscation orders next month, as hearing scheduled to begin in February January 8, 2017 Three ex-Barclays bankers who were found guilty last year of Libor-rigging offences now face being stripped of their property when they return to court again next month. When they were sentenced last July, it was also announced that Jonathan Mathew, Jay Merchant and Alex Pabon would face a confiscation hearing at a later date. City A.M. [...]