Citigroup offers London staff Covid tests as part of back-to-office plan March 11, 2021 Citigroup offers London staff Covid tests as part of back-to-office plan
Credit Suisse execs ‘overruled’ risk managers on Greensill loan March 11, 2021 Senior Credit Suisse executives reportedly approved a $160m loan to beleaguered finance firm Greensill Capital despite concerns raised by the bank’s risk managers. London-based risk managers at the Swiss bank rejected the loan before chief risk and compliance officer Lara Warner signed off on the loan in October, according to the Financial Times. “There is [...]
Atom Bank valuation set to halve after latest fundraising round March 11, 2021 The valuation of digital lender Atom Bank could halve as it closes its latest fundraising round. Atom announced its £40m fundraising last month claiming it would put it “on the path to profitability in the near term”. But the challenger bank is now close to concluding a round at 60p-a-share, just under half the price [...]
HSBC concedes to investor pressure over climate change March 11, 2021 HSBC has given in to investor pressure by tabling plans to phase out its financing of coal power by 2040, staving off backlash over the bank not being aligned with its climate ‘ambitions’. The bankin giant said today it will retire from funding both coal-fired power and thermal coal mining across the EU by 2030, and [...]
Goldman Sachs plans to scrap virtual internships in drive to end remote working March 10, 2021 Goldman Sachs told incoming summer analysts this year’s internship will be in-person, breaking with the majority of its investment bank rivals that plan to keep their internships virtually. The move, first reported by Financial News, will apply to internships globally. David Solomon, the chief executive of Goldman Sachs, recently called working from home an “aberration”. [...]
HSBC launches £15bn lending fund for British SMEs March 10, 2021 HSBC has today launched a new £15bn fund to help UK SMEs through the economic recovery. The fund, which includes over £10bn of regionally focussed allocations, seeks to move away from the “traditional” London focus and drive growth in regions across the country. “The past 12 months have highlighted the challenges many small businesses face. [...]
British Business Bank boss calls for more ‘risk-sharing’ in recovery loan scheme March 10, 2021 The head of Britain’s state-owned business bank has called for more risk-sharing in SME lending as she looks at combatting fraud in a new loan scheme. Catherine Lewis La Torre, who took over as chief executive of the British Business Bank (BBB) in September, told City PM there is a need for the market to [...]
Greensill files for administration putting thousands of steel jobs at risk March 8, 2021 Greensill Capital has this afternoon filed for administration, potentially putting at risk thousands of jobs in the UK steel industry. Lawyers for the boutique bank, which is one of the main sources of funding for steel magnate Sanjeev Gupta’s business empire, appeared before a UK court today, the FT reported. According to court documents, Greensill [...]
Starling Bank secures unicorn status with £272m funding round March 8, 2021 Starling Bank today confirmed it has raised £272m in its largest ever funding round, confirming its status as Britain’s newest unicorn. The digital bank raised the funds in a series D round led by Fidelity Management and Research. The Qatar Investment Authority, Railpen — the investment manager for the £31bn Railways Pension Scheme — and [...]
Ministers in talks over post-Brexit global services deal March 8, 2021 The government is said to be in talks to create a global trade agreement in services in an effort to boost the UK economy after Brexit. Senior ministers and City lobby groups have held discussions over a plan that would allow countries including Britain to export services such as banking, insurance and legal advice to [...]
