Wall Street banks shed staff as global slowdown bears its teeth December 7, 2022 Wall Street banks are laying off workers to offset the damage inflicted on their finances by a slowing global economy. US lender Morgan Stanley yesterday became the latest firm to announce redundancies, shedding two per cent, or around 1,600, of its workforce. Goldman Sachs earlier this year also slashed staff and its chief executive, David [...]
Hunt to present changes to City rules in bid to make London more competitive December 7, 2022 Various media report this morning that Chancellor Jeremy Hunt will later this week unveil a package of financial reforms to relax regulation in the City in a bid to make London more competitive. The measures are likely to include easing the ring-fencing rules on Britain’s biggest banks, which were imposed following the 2008 financial crisis, [...]
Morgan Stanley cuts two per cent of jobs in ‘modest’ cull – reports December 6, 2022 Morgan Stanley is set to cut about two per cent of staff according to CNBC sources. It comes after chief executive James Gorman said last week that the investment bank would need to make ‘modest’ job cuts as sluggish markets weigh on profits. “Some people are going to be let go,” Gorman said at the Reuters NEXT conference, [...]
Exclusive: Average start-up loan shrinks to just £142k while volumes drop by half December 6, 2022 The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021., according to new data shared exclusively with City PM today. Moreover, the number of startup loans has more than halved compared to 2019. The findings by Purbeck Personal Guarantee Insurance follow a recent British [...]
Seven Extinction Rebellion campaigners convicted of criminal damage at Barclays HQ December 5, 2022 Seven female Extinction Rebellion activists have been found guilty of causing criminal damage against Barclays Bank. The defendants aged between 28 and 64 were charged with £100,000 worth of criminal damage at Barclays HQ in Canary Wharf last year. They will be sentenced in late January next year and could be facing a maximum penalty [...]
Credit Suisse shares jump on rumours of Saudi Crown Prince investment December 5, 2022 Shares in beleaguered lender Credit Suisse have been given a boost today on reports that Saudi Crown Prince Mohammed Bin Salman is poised to snap up a stake of its spun out investment banking division.
Exclusive: Zooming in on the billions of pounds in criminal cash flowing through the City December 3, 2022 Going back more than a decade, in the summer of 2012, HSBC was fined $1.9bn for inadequate compliance and anti-money laundering control processes. The banking giant was found guilty of providing money laundering services to drug cartels as well as terrorist groups in the Middle East. Ten years on, money laundering is still a serious problem. Less [...]
HSBC has ‘moved on’ from exploring Asian business sell off, chief Quinn says December 1, 2022 The HSBC board has “moved on” from exploring selling its Asian business in a move that would have kowtowed to its largest shareholder, the bank’s chief executive said today. Speaking at the Financial Times’s banking summit, Noel Quinn doubled down on his conviction that HSBC should continue to operate as a global bank. Investors “want [...]
Barclays slapped with £8.4m fine over card payment failings December 1, 2022 Barclays has been slapped with an £8.4m fine from the payments regulator today after failing to comply with rules governing the cost of card transactions with retailers.
JP Morgan in talks over potential Freetrade takeover December 1, 2022 JP Morgan is reportedly gearing up to buy stock trading app Freetrade in a grand push to expand its fintech offering. According to initial reports from Mark Kleinman for Sky News, the City titan has been in talks with the British stock trading app, which allows customers to buy British, American and European stocks and [...]
