Lloyds and Barclays shares fall as Healey ‘poised’ to hike bank tax October 16, 2026 Shares in Britain’s banking giants tumbled this morning after new reports suggested John Healey is set to raise taxes on lenders when he delivers his first Budget at the end of the month. Natwest dropped two per cent to 660.40p, while Lloyds was down around 2.5 per cent to 103.40p. Barclays slid 0.4 per cent [...]
ClearBank CEO: If there’s a fire, run towards it October 15, 2026 Mark Fairless, CEO at ClearBank Group, takes us through his career, from Tesco to fintech, in today's Square Mile and Me.
OpenAI-backed fintech raises $1.6m to tackle regulation October 15, 2026 A London fintech backed by employees of OpenAI and some of the world’s biggest banks has raised $1.6m (£1.2m) to help financial firms navigate mounting regulatory requirements using artificial intelligence. Relace, founded by a former lawyer and an AI engineer, has secured the pre-seed funding in a round led by Boost Capital, with backing from [...]
UK banks could unleash cash buffers to spur economy, says top Bank of England regulator October 15, 2026 UK banks are holding excessively large “rainy-day funds” that could instead be deployed to boost economic activity, according to a top regulator at the Bank of England. David Bailey, executive director of Prudential Policy at the Bank of England, told City AM the watchdog had kicked off talks with international peers over how to simplify [...]
‘It’s hard to call the peak’: Wall Street banks land $22bn trading haul October 14, 2026 Traders at Wall Street’s biggest banks kept their blockbuster winning streak alive in the third-quarter as they made hay on volatility triggered by the war in Iran and swinging AI stocks. Equity trading divisions at the big six US banks – JP Morgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo – [...]
Big Four giant Deloitte accused of faking paperwork to hide Roman Abramovich wealth October 12, 2026 The Cyprus branch of Big Four giant Deloitte and its spin-off are alleged to have falsified corporate paperwork to protect former Chelsea FC owner Roman Abramovich’s assets before the UK government sanctioned him. According to a joint investigation by the Bureau of Investigative Journalism (TBIJ) and BBC Panorama, it is alleged that accounts signed off [...]
Former City trader’s rate rigging conviction overturned October 9, 2026 A former City trader previously convicted of rigging the Euribor interest rates has had his fraud conviction overturned. Christian Bittar, formerly a trader at Deutsche Bank, had his conviction overturned by the Court of Appeal on Friday after being sentenced to five years in prison for rigging the primary European interest rate, the Euro Interbank [...]
Businesses could face flood of ‘trivial’ compensation claims over GDPR worries October 8, 2026 Businesses could face a “raft” of “trivial” data protection claims if the Supreme Court rules compensation can be won for emotional distress or anxiety caused by data breaches without needing to prove any harm actually occurred, in a hearing set to conclude on Thursday. The case was originally brought by 432 current and former police [...]
MFS founder accuses administrators of ‘internecine warfare’ October 8, 2026 The founder of collapsed shadow bank MFS has accused administrators of “internecine warfare” and harassment as the firm’s creditors fight to unlock billions of pounds in frozen funds, City AM can reveal. Paresh Raja, the chief executive of Market Financial Solutions who has denied claims he siphoned “vast sums” from the mortgage firm, has asked [...]
Google DeepMind’s London AI drug spinout eyes $50bn valuation October 8, 2026 London-based AI drug discovery firm, Isomorphic Labs, is reportedly seeking a valuation of up to $50bn (£37bn) in fresh funding talks, just five months after raising $2.1bn from investors. The Google DeepMind spinout, led by Nobel Prize-winning scientist Sir Demis Hassabis, is in early discussions to raise new capital at a valuation of at least [...]