UBS tax evasion penalty cut by French appeals court December 13, 2021 A fine on Swiss lender UBS for allegedly helping wealthy customers in France evade taxes was today slashed to £1.5bn. A Paris appeals court reduced the original penalty from over £3.8bn. However, the court upheld the original judgement that the Swiss lender was guilty of promoting illegal banking services and money laundering. UBS is intending [...]
Goldman Sachs under pressure for its handling of harassment cases December 13, 2021 Goldman Sachs is reportedly under pressure over its handling of employee harassment and discrimination cases. Private institution the Nathan Cummings Foundation has filed a shareholder proposal, asking the bank to make public the arbitration process used to settle harassment claims after employees said the process silenced victims, the Financial Times reported. Following a series of [...]
Credit Suisse shakes up board and appoints new wealth management head December 13, 2021 Credit Suisse has welcomed back Francesco De Ferrari and named him global head of the bank’s wealth management division, among a series of appointments to its executive board announced this morning. De Ferrari, who worked at Credit Suisse between 2002 and 2018, will return to the Swiss bank in the new year after a brief [...]
Unions press Lloyds to implement four-day working week December 12, 2021 Trade unions are pressing the UK’s largest mortgage lender Lloyds Bank to implement a four day working week without slashing pay. The bank has been asked by Unite and Accord to reduce the working week as part of salary negotiations, according to The Sunday Telegraph, who first reported the news. Unions are pressing Charlie Nunn, [...]
Fund manager Jupiter gets ready to fend off bids worth £1.3bn December 11, 2021 Jupiter fund manager is enlisting advisory help in preparation of takeover bids, as dealmaking activity across the industry reaches fever pitch, according to Sky News, which first reported the news. The asset manager has hired advisory firm Robey Warshaw to come up with a plan to fend off prospective bidders eyeing up the FTSE-250 company, [...]
Credit Suisse wants access to staff personal mobiles December 11, 2021 Switzerland’s biggest bank has asked staff to allow their employer access to their personal mobile phones and other devices if used for work communication with clients or colleagues, according to reports. The controversial new policy by Credit Suisse has raised concerns about privacy, according to the Financial Times, which first reported the news. As the [...]
What is next for Hong Kong’s stock market? December 10, 2021 | City Talk The Hang Seng Index is down close to 12.8% year to date. What lies ahead, as fears about Omicron dog markets? Hang Seng Index – what is weighing on the index? Year to date (YTD), the Hang Seng Index remained in the red with -12.8% total return, largely trailing behind its global peers such as Nikkei’s 4.1% [...]
London tops European fintech occupier index with £15bn funding December 10, 2021 London has beaten European capitals for the top spot in a new ranking table of the most attractive cities for fintech occupiers in Europe, according to reports. The capital, which has brought in over €18bn (£15.4bn) of fintech venture capital funding over the last five years, has kept its place at the top of the rankings compiled [...]
Credit Suisse pencils in next payout to Greensill fund investors this month December 9, 2021 Credit Suisse is plotting another payout this month for investors in its frozen supply chain finance funds linked to Greensill Capital, the bank said today. The latest payout is the sixth installment since Greensill Capital collapsed earlier this year, taking the total amount returned to investors as of the end of November to $7.1bn. It [...]
Amazon’s ruthless move to block Visa credit cards forces anxious businesses to make stark choices December 9, 2021 Amazon’s recent decision to block Visa credit cards in the UK caught millions of businesses and consumers in between. As a result, many firms have some serious and fairly urgent choices to make, as industry insiders explained to City PM today. Amazon announced in November that it will no longer accept payments made with UK-issued [...]
