Rishi Sunak: Wealthy will be spared from post-pandemic tax raid May 5, 2021 Wealthy families will escape a post-pandemic tax raid earmarked to boost the economy, Rishi Sunak has suggested, as the chancellor praised Britain’s already “very progressive tax system”. Sunak said yesterday that he is “cautiously optimistic” about an upswing in economic growth, as Brits prepare to spare pent-up cash alongside the relaxing of lockdown restrictions. Speaking [...]
Archegos set for insolvency as it braces for legal claims from banks May 5, 2021 Archegos is reportedly planning to file for insolvency as banks seek to recoup their losses after the firm failed to meet margin calls. The collapse of the family office, run by former Tiger Asia manager Bill Hwang, in March saw its brokers take a $10bn hit. Nomura posted its biggest quarterly loss in over a [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 5, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. OneBanks hires ex–Lloyds chief as its first CTO Shared branch banking venture OneBanks has appointed a former Lloyds Bank executive as its first chief technology officer (CTO) this week. Andy Willmot, once [...]
‘I’m somebody who enjoys winning’: Sadiq Khan plots out a second mayoral term May 4, 2021 If the polls are to be believed Sadiq Khan will win Thursday’s mayor of London election by a record margin. Khan’s 20+ point lead has never slipped and his opponents have never laid a glove on him, despite having an extra year of campaigning thanks to Covid. The Labour incumbent has ran an energetic and [...]
Goldman Sach’s London employees to return to the office by 21 June May 4, 2021 Goldman Sachs employees in the UK will return to the office by 21 June, in line with the government’s easing of lockdown that should see the UK largely restriction-free. In an internal memo circulated among staff, and seen by City A.M., chief executive David Solomon said: “We know from experience that our culture of collaboration, [...]
Mayor of London election: Where do the major candidates stand on transport? May 4, 2021 With the 6 May mayor of London election now just weeks away, City A.M. is producing a four-piece series on where the four leading candidates stand on different issues. Today, we look at the transport policies of the candidates from Labour, the Conservatives, the Green Party and the Liberal Democrats. Sadiq Khan Khan said he [...]
Portugal, Israel and Greek and Spanish islands get green light for British holidays May 4, 2021 British holidaymakers have been given the go ahead for international travel to Portugal, Israel and some Greek and Spanish islands ahead of government plans to unveil a travel green list later this week. The Foreign Office this afternoon dropped its advice against non-essential foreign travel to Portugal and the Greek Islands of Rhodes, Kos, Zakynthos, Corfu [...]
Capital exports: London should have its own diplomats in every UK embassy to make Britain truly global May 4, 2021 British embassies around the world run the whole gamut. From No. 35, rue du Faubourg Saint-Honoré to Level 19 of the Shangri-La Offices in Ulaanbataar, they look different but all have the same purpose: to maintain and develop relations between the UK and the host country. That can mean a multitude of different things in [...]
Exclusive: Four out of five on furlough consider switching to jobs they are overqualified for May 4, 2021 Four in five furloughed Brits are considering applying for jobs they are overqualified for if they cannot return to their existing employment. Some 62 per cent of respondents feared they would not have a job to return to after furlough, according to new research by consultancy firm NTT DATA UK, shared with City A.M. this [...]
Joachim Klement, CFA: Three Geo-Economics trends to watch May 4, 2021 “Today’s investors need to understand geopolitical trends as a main driving force of markets.” Joachim Klement, CFA Joachim Klement, CFA, has emerged over the last decade as one of the more insightful and compelling voices in finance. Well-reasoned, rigorous, humorous, and occasionally iconoclastic, his perspective, featured either on the Enterprising Investor Blog or on his [...]