M&G investment shares slip after reporting loss August 10, 2021 Investment manager M&G saw shares fall after today reporting a loss after tax of £248m for the first half of the year. Before tax the company saw a six per cent improvement in its profits for the half-year, at £327m, but the FTSE 100 company swung to a loss after tax of £248m for the six [...]
JPMorgan hikes pay for junior bankers in bid to fight off competitors August 9, 2021 Another American investment bank has hiked its pay for junior staff as Wall Street giants strengthen incentives across the board in a bid to attract the best talent. JPMorgan has increased pay for junior sales, trading and research analysts across its corporate and investment banking practice. The news was first reported by Bloomberg. First-year analysts [...]
Tullett says GFI deal due within six weeks August 6, 2021 Tullet Prebon, the interdealer broker, yesterday said that it expects a planned merger with US rival GFI to be completed within six weeks, as it reported a 41 per cent growth in interim net profits, helped by volatile markets. Terry Smith, Tullett’s chief executive, said the company was focusing on the merger – which could [...]
FRC begins hunt for new chair after its governance dubbed a ‘grave risk’ August 6, 2021 The government has launched its recruitment drive for a new chair and non-executive directors for the Financial Reporting Council, after its governance was criticised. Although the watchdog has started the search for a permanent chair and six new non-executive directors, it will still be without a chair when Skeoch steps down in October. Just two [...]
Pandemic support: Santander UK to rollout cash flow management app for SMEs August 4, 2021 Santander UK has begun rolling out an app that helps smaller companies track their cash flow and invoices, as lockdown gave way to a boom of new small businesses. The app, called CashFlow Manager, will let clients have a ‘single view’ of various account balances and transactions across their different banks. It also analyses each [...]
Credit Suisse to stand trial over ‘tuna bonds’ involvement August 3, 2021 Credit Suisse is set to face a 13-week trial in September 2023 over its involvement in the “tuna bonds” scandal, according to reports on Tuesday. Sources familiar with the matter said the Swiss bank will be scrutinised for its involvement in the scandal that saw funds raised through debt issuance spent on purchasing military equipment [...]
Goldman Sachs boosts junior bankers’ pay to over $110k after 95-hour work week complaints August 3, 2021 Goldman Sachs has become the last of the Wall Street banking giants to bump up pay for its junior investment bankers, after analysts at the bank sent a presentation to management revealing colossal workloads. First-year analysts at the bank will now make between $110,000 and $150,000. Upon their second year at the bank, analysts’ base [...]
Standard Chartered profits surge as loan-loss provisions fall sharply August 3, 2021 Standard Chartered posted a better-than-expected 57 per cent jump in first-half pre-tax profits as it followed fellow banking giants in releasing a wave of capital set aside in anticipation of a surge in Covid-related customer defaults. Pre-tax profit for Standard Chartered, which has a strong presence in Asia, Africa and the Middle East, rose to [...]
Mitigating litigation risk: The impact of corporate social performance factors August 3, 2021 | City Talk Much has been written on the merits of ESG investing strategies and their ability to deliver comparable, if not superior, performance to traditional benchmarks. A majority of institutional investors are motivated to employ ESG investing strategies because they believe ESG will improve risk adjusted returns1, yet the circumstances in which ESG leads to better outcomes [...]
Societe Generale returns to profit as retail banking recovers August 3, 2021 French bank Societe Generale swung back to profit in the second quarter of this year driven by a rebound in its retail banking arm. The lender registered net income of €1.4bn in the second quarter of 2021, up sharply from a €1.2bn loss in the same period the year before. Read more: Standard Chartered profits [...]
