City Moves for 8 December 2016 | Who’s switching jobs December 8, 2016 Quinn Emanuel Urquhart & Sullivan Quinn Emanuel Urquhart & Sullivan has appointed Mark Hastings as a partner based in the firm's London office. He had previously been a partner at Addleshaw Goddard where he was head of the firm's civil fraud group. Mark has been retained to represent clients in a number of the largest cases to [...]
Local alternative lending is enabling business growth outside the city December 8, 2016 Over the past decade, the risk appetite of the big banks has fallen, making them less inclined to provide finance to SMEs up and down the country. Consequently, small businesses have found it more challenging to secure funding through traditional methods. Figures recently published by the BBA, for example, showed that high street banks such [...]
These are 2016’s top 100 influential leaders in fintech (part 1 of 4) December 7, 2016 It is no secret that the financial services industry continues to be transformed by the digital revolution. According to PWC, roughly 20% of financial services business is at risk of disruption to fintech companies by 2020. It follows that investment into the sector continues to rise. In 2015, funding of fintech businesses more than doubled [...]
The EU competition watchdog just fined HSBC, Credit Agricole and JP Morgan Chase €485m over Euribor December 7, 2016 HSBC is one of three banks fined a total of €485m (£412.4m) over their participation in a Euribor rigging cartel, the European Commission's antitrust watchdog said today. HSBC will pay €33.6m over its month-long participation in the cartel, which rigged euro interest rate derivatives, while Credit Agricole will pay €114.7m and JP Morgan willl pay €337.2m, both [...]
Civil servants are moving to Canary Wharf December 6, 2016 Civil servants are moving to Canary Wharf in a bid to save them from working in "ugly and expensive buildings". The 5,700 employees from various departments are moving from Whitehall to 10 South Colonnade, a building owned by Canary Wharf Group. The relocation should be completed by the end of 2018. Read more: This is what your [...]
Bank of England: Households will struggle to pay debts if interest rates rise December 6, 2016 UK households could struggle to meet debt repayments if interest rates rise, according to the Bank of England, as it confirmed the conclusions of last week's financial stability report. The Bank said "risk of a further sharp adjustment in fixed income markets remained” owing to the global economic environment. The minutes of the bank's Financial Policy Committee [...]
Financial sector’s tax contribution hits a record £71.4bn December 6, 2016 The tax take from Britain's financial sector has hit record levels, underscoring its economic importance as talks between the government and the City enter a new phase in the run up to Brexit. Fifty financial services firms, largely UK-listed and including the Square Mile's banking titans, paid £71.4bn into HM Treasury's coffers for the year [...]
US regulators have been much harsher than their UK counterparts while European authorities have been even kinder… December 5, 2016 US regulators have slapped fines on banks at four times the level imposed by their UK counterparts in connection with interest rate and foreign exchange manipulation. A total of 12 banks have been fined $9.8bn (£7.7bn) by US authorities over the last four and a half years. This compares with £2bn imposed on 11 lenders by UK authorities. [...]
Experts predict annual record of car sales after fleet demand drives another month of growth December 5, 2016 Britain's businesses fuelled record new car sales for the first 11 months of the year, offsetting another month of falling demand from private car buyers. Sales increased by 2.9 per cent during November compared with 2015 according to the Society of Motor Manufacturers and Traders (SMMT). With 184,101 vehicles registered during the month, a total of [...]
Britain’s got tech talent (for now): Top VC firm warns Brexit risks UK’s crown December 5, 2016 The UK's position as the tech capital of Europe is at risk of being lost to rivals if it fails to secure access to talent and skills in Brexit negotiations, a top investor has warned. Nearly a third of European startups call the UK home, a share that could fall "dramatically" while other countries grow, [...]