Crypto markets pick up as China eases lockdowns May 30, 2022 Bitcoin yesterday extended its streak of declining weekly returns to a record nine weeks, with the price of the largest cryptocurrency closing the week at just above the $29k mark. Previously, Bitcoin had never gone through more than six weeks in a row without a positive return. However, in contrast to recent weekly closes, Bitcoin [...]
Canadian bank CIBC subjected senior exec to racial and sexual discrimination, lawsuit says May 30, 2022 An ex-senior banker at one of Canada’s biggest banks has filed an £800,000 lawsuit against her former employer over claims she was subject to racial and sexual discrimination while working at the firm. Zhuofang Wei, a former executive director at the London office of the Canadian Imperial Bank of Commerce (CIBC), is suing the bank [...]
Boris Johnson fighting frantically behind the scenes to appease dozens of critical Tories as partygate refuses to go away May 30, 2022 Prime Minister Boris Johnson is reportedly working around the clock to appease critical Conservative rebels as the partygate affair threatens to reignite over new rule-breaking claims. Fresh allegations have surfaced that senior civil servant Sue Gray was told about a potential gathering in the Downing Street flat on the evening of the Prime Minister’s 56th [...]
Exclusive: M&G snags two major tenants in 40 Leadenhall – before it’s even built May 30, 2022 Investment firm M&G Real Estate has snagged two major tenants in the new development at 40 Leadenhall, City A.M. can reveal today – despite it still being under construction. The firm invested £875m to buy and develop the site – nicknamed Gotham City – in 2019. “It is the largest single transaction we’ve ever [...]
Ex-banker turned GoCardless president Paul Stoddart talks fintech, Brexit, pandemic recovery and Russia May 28, 2022 At the start of this month, Paul Stoddart jumped ship to become the president of the newly-minted fintech unicorn GoCardless. Stoddart, who describes himself as a “banker by trade,” spent years at Natwest, Barclays, and was most recently the chairman of Mastercard’s VocaLink. In an exclusive interview with City A.M., Stoddart said that joining GoCardless [...]
Post-Brexit and pandemic inquiry launched into labour market recovery as shortages ‘act as brake on prosperity’ May 27, 2022 A post-pandemic and Brexit recovery inquiry has been launched into the UK labour market as skills and worker shortages appear to have strained the recovery post-pandemic and Brexit. The Business, Energy and Industrial Strategy (BEIS) committee initiated the probe on Friday in wake of recently published figures by the Office for National Statistics, showing more [...]
The City View: Victoria Scholar on Sunak’s windfall tax and Cowgill exit May 26, 2022 Today Andy Silvester talks to Victoria Scholar, Head of Investment at Interactive Investor. They go through Rishi Sunak’s unveiling of a windfall tax today, the Fed’s plans to hike rates by 50 basis points in June and July, Elon Musk’s painfully slow acquisition of Twitter, and JD Sports founder and CEO Peter Cowgill’s shock departure [...]
Ted Baker slashes losses as consumers splash cash on party and office-wear once more May 26, 2022 Ted Baker has narrowed its losses as the fashion brand edges closer to a private equity takeover. The London-listed retailer posted a loss before tax of £44.1m, an improvement of 59.1 per cent, in preliminary results for the year ended 29 January 2022. Ted Baker had suffered a £107.7m loss the year prior, after pandemic [...]
Exclusive: Unprecedented war for talent reflects a seismic shift in power on Britain’s hyper-aggressive job market May 26, 2022 Britain’s jobless rate has fallen to its lowest level for over 47 years. In fact, for the first time ever, there are fewer unemployed people than job vacancies. This is resulting in an unprecedented ‘war for talent’ and an unprecedented wave of pay hikes, but what does this actually look like for London’s business community? [...]
City Moves: Who’s switching jobs in the Square Mile? May 26, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Vue International Cinema operator Vue International has poached its new chief operating officer (COO) from fashion retailer Urban Outfitters. Claire Arksey, who has previously held senior operational roles at Superdry, Reiss and Ted Baker, oversaw nearly 270 stores [...]