EU referendum: Bank of England governor Mark Carney says the City would lose business and banks would leave the Square Mile after Brexit March 8, 2016 The Square Mile would “without question” lose business if Britain votes to leave the European Union without a continuation of cross-country financial sector agreements, Bank of England governor Mark Carney has warned. Speaking to MPs on the Treasury Select Committee earlier today, Carney said he would expect some firms to move operations to the European Union [...]
Banking Standards Board (BSB) chairman Dame Colette Bowe says rebuilding the trustworthiness of British banking will be a “long haul” March 8, 2016 Building the trustworthiness of the British banking sector will be a “long haul”, a former regulator has warned, as the Banking Standards Board (BSB) publishes its first annual review. The BSB is an independent body set up last year to improve standards of behaviour in the Square Mile and restore the public’s trust in financial [...]
Why the City of London Corporation was right to come out in favour of EU membership March 7, 2016 The outcome of last week’s meeting of the highest primary decision-making body of the City of London Corporation, the Court of Common Council, that we are to support the United Kingdom remaining a member of the European Union, has attracted much attention. While a small number of City figures called on us to maintain our [...]
Tens of thousands of bankers could be sent to jail or face limitless fines under tough new regulations being put in place today March 7, 2016 Tens of thousands of City bankers could face seven years in jail or a limitless fine under new regulation being put in place today. From today, senior managers in British banks, building societies or so-called systemically important investment firms will be held criminally liable for a range of offences, including taking a decision which causes [...]
EU referendum: London mayor Boris Johnson turns his back on the City of London after dismissing Goldman Sachs and HSBC on Brexit March 6, 2016 Boris Johnson turned his back on the City this weekend in a bout of banker bashing that marked a sharp departure for the London mayor who has previously championed the Square Mile. Johnson, who came out in favour of Britain leaving the European Union last month, said earlier today that investment banking bosses should be [...]
EU referendum: Lord Mayor Jeffrey Mountevans says Britain is better off in the European Union ahead of controversial City of London Corporation vote March 2, 2016 The leader of the City of London Corporation has come out in favour of Britain remaining in the European Union, on the eve of a divisive vote among the Corporation's members. "Britain is better off in," Lord Mayor Jeffrey Mountevans said in a speech to City leaders at Mansion House tonight. Mountevans said the future of London's [...]
EU referendum: More than 30 City figures make final effort to stop City of London Corporation from endorsing the UK staying in the EU March 2, 2016 Dozens of City figures have made an eleventh-hour attempt to stop the City of London Corporation from campaigning for Britain to remain in the European Union. In a letter seen by City A.M., more than 30 Square Mile grandees, including former chancellor Lord Lamont, CMC Markets founder Peter Cruddas and Risk Capital Partners chairman Luke [...]
Banking Standards Board (BSB) names Sir Brendan Barber deputy chairman, replacing former Treasury Select Committee chairman Lord McFall March 1, 2016 A former trade union boss has been named deputy chair of an influential body tasked with improving standards of behaviour in the Square Mile and restoring the public’s trust in financial institutions. The Banking Standards Board (BSB) announced today that Sir Brendan Barber would take the number-two role on the board, replacing former Treasury Select [...]
EU referendum: City of London Corporation is one step closer to making the case for remaining in the EU despite member opposition February 25, 2016 The City of London Corporation has moved one step closer to campaigning for Britain to remain in the European Union, despite vocal opposition from many of its members. In a move that sparked outrage among eurosceptic City figures but was welcomed by the pro-EU campaign yesterday afternoon, members of the Corporation's policy and resources committee voted 17-3 [...]
EU referendum: Brexit battle is brewing within City of London Corporation as members call for neutrality in run-up to EU referendum February 25, 2016 The referendum on Britain’s European Union membership is threatening to tear apart an historic City institution, as members of the City of London Corporation dispute whether the Corporation should back the remain or leave campaigns. In an open letter published on Monday in City A.M., more than a dozen City grandees urged the Corporation to [...]