Tax year end: Six ways to invest a £100,000 bonus March 28, 2023 Next week marks the end of the 2022/23 tax year, with midnight on 5 April the deadline for using available tax-free savings and investment allowances. Last December saw city workers awarded bumper bonuses and seven in ten City workers still expect their bonus to be as large as – if not ‘larger’ or ‘significantly larger’ [...]
Deutsche Bank shares recover as market nerves settle, for now March 27, 2023 Deutsche Bank’s share price gained 5.3 per cent during Monday morning’s trading after tanking on Friday as the cost of insuring the company’s debt against default soared. The banking sector has been extremely volatile since the collapse of Silicon Valley Bank (SVB) and the emergency acquisition of Credit Suisse by UBS, with many wondering which [...]
First Citizens Bank to acquire Silicon Valley Bank in attempt to stem turmoil March 27, 2023 First Citizens Bank announced on Monday that it will acquire large parts of the loans and deposits of collapsed Silicon Valley Bank (SVB) from the Federal Deposit Insurance Scheme (FDIC). Under the deal, First Citizens will assume SVB assets of $110bn, deposits of $56bn and loans of $72bn. The FDIC estimates the cost of SVB’s [...]
City marks 50th anniversary of first female traders on floor of the London Stock Exchange March 27, 2023 Two “trading floor trailblazers” opened the London Stock Exchange to mark the 50th anniversary since the first women traders were admitted into the historic marketplace. Susan Shaw and Hilary Pearson, who began working on 26 March 1973, were among the first female stockbrokers in the London Stock Exchange Group (LSEG) . They opened the day’s [...]
HSBC bows to Hong Kong shareholder pressure and tables Asia breakup vote March 26, 2023 Britain’s largest bank HSBC has bowed to pressure from a group of shareholders in Hong Kong and will table a vote on a proposal to revamp the business, including carving out its Asia arm. First reported by The Sunday Times, the lender revealed the vote on Friday in an update to investors. The poll was [...]
Dating, DIY and Netflix: Brits stop spending on love and luxury due to cost of living crisis, Nationwide says March 24, 2023 The value of households’ spending on subscription services, home improvements and dating fell annually in February, according to analysis by Britain’s biggest building society of its members’ outgoings. The volume of dating transactions fell by a third (33 per cent ) in February 2023 compared with the same month in 2022, also falling by 7 [...]
London loves Thursday! 3.3m use Tube in return to (co-working) office – and the pub March 24, 2023 Thursday is now the most popular day for London workers to head into the office – with over 3.3m jumping on the tube to join colleagues for after work drinks. According to the latest ridership from TFL and WeWork shared exclusively with City A.M, Thursday is now the most popular weekday to travel on the [...]
Stop being TWaTs! Lloyd’s of London chief says City must drop ‘Tuesday, Wednesday and Thursday world’ March 23, 2023 Lloyd’s of London chief John Neal has called for a move away from the “Tuesday, Wednesday, Thursday world” in arguing there will always be times that people “have to be in every day of the week”. Speaking to City A.M., Neal called for a shift away from the “two days a week or three days [...]
European banks slide as concerns remain over health of financial sector following US bank sell-off March 23, 2023 European banking stocks slid again on Thursday, following a sell-off in the US on Wednesday, as investors remain nervous about the health of the financial sector. European banks were mostly in the red around midday: French banks Socgen and BNP Paribas fell 1.6 per cent, Deutsche Bank slipped 1.5 per cent while Commerzbank fell 3.1 [...]
Lloyd’s of London cheers strong results despite paper loss in 2022 March 23, 2023 The centuries-old insurance marketplace Lloyd’s of London reported a significant uptick in premiums last year, though mark-to-mark accountancy rules saw it book a pre-tax £800m loss in 2022. Lloyd’s expects that loss to reverse in the coming years as interest rates boost investments and assets reach maturity. The Lime Street icon reported underwriting profits of [...]