Deutsche Bank unit raided in Germany over ‘greenwashing’ allegations May 31, 2022 Prosecutors in Germany raided Deutsche Bank’s asset management unit DWS and the bank’s headquarters yesterday.
Pound faces ‘existential crisis’ with Sterling’s struggles similar to currencies in emerging markets, BofA warns May 31, 2022 The pound is facing an “existential crisis,” the Bank of America warned today, saying that the British currency is facing struggles similar to those in emerging markets. “Whilst not wishing to over-exaggerate GBP’s predicament as some kind of ‘end of days’ scenario, we are concerned that the increasing politicisation of UK policy undermines the GBP [...]
Credit Suisse looks to raise $1bn as it reels from string of scandals May 31, 2022 Beleaguered lender Credit Suisse is looking to raise over $1bn as it reels from the financial fallout of a string of scandals in the past 18 months.
Russia’s biggest bank Sberbank thrown out of SWIFT while EU moves to ban 90 per cent of Russian oil May 31, 2022 Most Russian oil imports into the EU will be blocked by year-end as part of new sanctions on Moscow, European leaders agreed late last night. The compromise was made at a two-day summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing [...]
Chief executive pay at FTSE 100 firms bounces back to pre-pandemic levels May 30, 2022 The sums paid out to chief executives at the City’s major listed firms have bounced back to pre-pandemic levels, after jumping 30 per cent over the previous year to five year highs of £3.62m. The pay packages mark a return to levels last seen before the pandemic and a 30 per cent increase on the [...]
Barclays confirms slew of branch closures as banks slash high street presence May 30, 2022 Barclays has confirmed the closure of a slew of high streets banks this month as the move to shutter branches by UK lenders speeds up.
Exclusive: Half of City’s asset managers, pension funds and insurers still do not have any ESG policy in place May 30, 2022 It has emerged that many key players in the City still do not have developed an environmental, social and governmental investment policy. In fact, just under half (45 per cent) of asset managers, pension funds and insurers still do not have ESG investment policies in place, according to new research from Clearwater Analytics, shared exclusively [...]
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 [...]
City gender parity ‘a long way off’ as women make up under a quarter of top promotions May 30, 2022 Women made up less than a quarter of top promotions in financial services businesses in the past year in a sign the City is making slow progress towards gender parity, new data has revealed.
Trustly snaps up Ecospend in UK open banking push May 29, 2022 Swedish open banking firm Trustly has snapped up British rival Ecospend this week as it looks to ramp up its presence in the UK.
