HSBC fined £64m for eight years of anti-money laundering failures December 17, 2021 Britain’s financial watchdog has fined HSBC Bank £63.9m for failings in its anti-money laundering processes in the eight-year period between 2010 and 2018, it said this morning. The Financial Conduct Authority (FCA) said it had identified “serious weaknesses” in three key parts of the automated processes that the banking giant uses to monitor hundreds of [...]
Government should further consult finance industry on UK’s net zero path, says investment body December 16, 2021 The government should consult on a ‘transitional taxonomy’ to ensure the finance industry understands the country’s net zero pathway, the UK Sustainable Investment and Finance Association (UKSIF) has urged. In a government policy briefing today, the group will also caution policymakers to avoid a mandatory approach to carbon targets and instead encourage a broader range [...]
Goldman Sachs and JPMorgan to raise investment banker bonuses after deal-making frenzy December 15, 2021 JPMorgan Chase & Co and Goldman Sachs may reward investment bankers by increasing bonus pools by as much as 50 per cent, following a boom in deal-making this year. Following recent meetings to discuss and set pay for the year JPMorgan is considering upping the bonus pool by 40 per cent while Goldman Sachs is mulling [...]
Early Morning Call: All eyes on Fed; gold breaks support; and Adobe down December 15, 2021 | City Talk All eyes are on the US dollar with the Federal Reserve meeting ahead. EUR/USD fell yesterday as the European Central Bank expects 2023/24 inflation below the 2% target. We’re also watching GBP ahead of UK consumer price inflation data. Adobe (ADBE) plunged 7% following JPMorgan downgrade. And gold breaks support as USD strengthens ahead of [...]
Just 10 per cent of Europe’s top banks have female chief executives December 14, 2021 A new study has revealed that gender equality is lacking at Europe's top 50 banks with women paid less than men in 80 per cent of companies.
JPMorgan’s UK consumer bank on hiring spree to bolster expansion efforts December 14, 2021 JPMorgan’s British retail arm, Chase, has plans to take on hundreds of new recruits as it looks to expand the range of services offered to clients. Since launching in September Chase has hired over 200 staff bringing staff numbers to 800. The fledgling bank now wants to grow its team to more than 1,000 employees [...]
Red flags raised by a third of electronic money institutions says report December 14, 2021 Researchers have warned that one in three UK-registered electronic money institutions (EMIs) raise money laundering red flags.
UK banking system able to weather economy shrinking over a third, says BoE December 13, 2021 The UK banking system is able to weather a severe economic storm, according to the Bank of England’s latest examination of the health of Britain’s biggest lenders. The Bank said even in a scenario in which the British economy shrinks over a third and property prices plunge 33 per cent, the banking sector’s core capital [...]
Exclusive: HSBC and Wells Fargo use blockchain to settle FX trades December 13, 2021 Two of the world's largest financial institutions, HSBC and Wells Fargo, are using blockchain technology to settle foreign currency trades.
State-owned NatWest slapped with £265m money laundering fine December 13, 2021 State-owned bank NatWest has today been slapped with a £265m fine for failing to stop millions of pounds of dirty money flowing through its system. The judgement concludes the first money laundering case against a British lender. The verdict sparked speculation among City expects over whether it will prompt global regulators to pursue other financial [...]
