Bank of England paper says banker bonus cap can reduce excessive risk-taking August 14, 2020 The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today. Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Banking on the future: The boss of the Association of Foreign Banks speaks to CityA.M. December 12, 2019 Among the many services that the Association of Foreign Banks (AFB) provides to its global members is a guide on how to handle allegations of workplace harassment. Overseas banks with an office in the UK can pay their trade body a small fee for a 26-page report that highlights case studies of misconduct. It even [...]
HSBC receives second Bank of England warning over ‘non-financial risks’ November 7, 2019 HSBC has received a second warning from the Bank of England over its lack of progress tackling so-called non-financial risks, according to people familiar with the matter. Read more: ‘Not acceptable’: Profit sinks at HSBC Samir Assaf, chief of global banking and markets at the lender, told other executives on a call this week that [...]
Nissan crisis: Chief resigns after year of scandal and financial turmoil September 9, 2019 The crisis at Japanese automotive giant Nissan deepened today, after chief executive Hiroto Saikawa was asked to quit by the company’s board. In a sometimes heated late night press conference in Japan, board members confirmed that Saikawa, who had already expressed a desire to leave the top job, would step down. Read more: Nissan chief [...]
City watchdog hits Standard Life Assurance with £30m fine for annuity sales failings July 23, 2019 The Financial Conduct Authority (FCA) today fined Standard Life Assurance (SLA) £30.7m for failings around its sales of annuities. The FCA said SLA had failed to put in place adequate controls to monitor the quality of calls between its call handlers and its customers. At the same time SLA offered staff large financial incentives to [...]
Woodford dropped by St James’s Place as manager of £3.5bn of its funds June 5, 2019 Neil Woodford has been dropped by St James’s Place as manager of £3.5bn of its funds. The wealth manager said today it had terminated its mandates with Woodford Investment Management, appointing Columbia Threadneedle and RWC Partners in its place. A spokesperson for St James’s Place said the firm had “been keeping a close eye on [...]
Renault board to halt severance pay packet to ousted chairman Carlos Ghosn February 13, 2019 Renault directors are reportedly on the verge of cancelling up to €30m (£26.2m) deferred pay and severance to its former boss Carlos Ghosn. The car maker’s board is to get rid of around 460,000 performance shares in Ghosn’s name since 2014-15, now worth €26m, after a board meeting to approve its full-year accounts, according to [...]
Renault interim boss vows to safeguard Nissan alliance after Carlos Ghosn arrest November 23, 2018 Renault's interim boss has assured shareholders he will safeguard the company's interests and its alliance with Nissan following the arrest of chairman Carlos Ghosn. The Nissan board voted to oust Ghosn on Thursday after he was arrested in Japan over financial misconduct allegations earlier in the week. But Renault has decided not to dismiss Ghosn for [...]
PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]