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 [...]
Exclusive: KPMG to hire 3,500 tech workers to staff newly launched digital products business May 27, 2022 KPMG today launched a new digital solutions business which is set to see the firm more than double the size of its 3,000 strong technology focused workforce by hiring 3,500 new data scientists and engineers. The UK arm of the Big Four firm said it plans to create 1,000 London tech jobs, in its efforts [...]
‘Brexit is a mistake and London will be damaged’ warns Sir Howard Davies as NatWest chair claims ‘Boris Johnson hates the Treasury May 23, 2022 SIr Howard Davies, the chairman of banking giant NatWest, has called Brexit ‘a significant mistake’ as the City grandee said he is not very optimistic about the future of the UK. In fact, Sir Howard said he is concerned about the long-term impact Brexit will have on the City of London. In an interview with [...]
Weekend exclusive: Despite record fine of £160m for JPMorgan, City managers still have WhatsApp ‘blind spot’ May 22, 2022 The majority of financial institutions fail to monitor their employee’s WhatsApp conversations, according to new research shared exclusively with City A.M. today. A new poll of almost 100 City players, including investment banks, brokers, and investment managers, found that just 14 per cent actively carry out effective supervision or surveillance over the world’s most popular [...]
TBC Bank’s profits soar as Georgia’s economy booms May 18, 2022 Georgia’s TBC Bank today said its pre-tax profits are up 45.8 per cent on last year on the back of fast paced growth in the Georgian economy. The FTSE 250 bank said Georgia’s economy had rebounded quickly from the pandemic to achieve annual growth of 10.4 per cent in 2021 following a 6.8 per cent [...]
Banks say FCA is hindering innovation: Watchdog not responding quick enough to tech trends January 28, 2022 Two thirds of all UK banks and financial institutions think the City regulator, the FCA, is not responding quickly enough to new trends, thereby hindering innovation within the sector. When quizzed about the roadblocks they face, more than half said they have been held back from trialling new technologies due to a lack of formal [...]
Millions of banking app users exposed to security flaw: HSBC, NatWest, Monzo, Santander, Starling and Virgin Money customers all affected January 12, 2022 Millions of Brits who use online banking services are exposed to some worrying fraud risks, industry experts warned today. Following an investigation by security experts 6point6, testing the online and mobile app security of 15 major current account providers on a range of criteria, including encryption and protection, login, and account management and navigation, consumer [...]
Adapt or die: What can retail, health and other industries learn from banks? Turns out, a lot November 10, 2021 What can retail, health and other industries learn from banks? Turns out, a lot. A third of Brits rate their digital experiences in financial services a 9 or 10 out of 10 compared to other industries. In fact, whether it is making payments, getting a loan or even opening a new account, by far most [...]
MarketFinance raises £280m and enrols as UK Covid recovery lender September 21, 2021 Business lender MarketFinance is gearing up to provide loans to UK businesses as they recover and grow post-pandemic through the government’s Recovery Loan Scheme (RLS), after raising £280m debt and equity in its latest fundraising round. The British fintech, which hit profitability in March, was one of the first fintechs after Funding Circle to be [...]
Chinese hedge fund offers £218k starting salary to rival big banks September 1, 2021 Ubiquant, a China-based fund managing $8bn (£5.8bn) of assets, has bumped up starting salaries in a bid to compete with big banks. JP Morgan, Barclays and Citigroup all upped starting salaries to $100k amid rising market wealth and complaints from new starters about working 100-hour weeks during the pandemic. Amid growing competition Goldman Sachs and [...]