Onesavings Bank profit slides amid coronavirus lockdown August 27, 2020 Onesavings Bank reported a drop in profit in the six months to the end of June as growth in its loan book did little to offset the impact of the pandemic. The figures Onesavings Bank reported underlying profit before tax fell 14 per cent to £156.3m in the six months to the end of June. [...]
Half of UK finance workers want career change due to pandemic, survey says August 27, 2020 The coronavirus pandemic has caused workers in the UK finance industry to second-guess their career choice, with 44 per cent considering moving jobs, according to a new report. Among those City workers looking for a change, 13 per cent said they wanted to leave the sector altogether. That figure rose to 16 per cent for [...]
US accuses China of ‘bullying’ UK and hits out at HSBC August 26, 2020 The United States has accused China of “bullying” the UK and its companies, citing reports that HSBC has blocked Hong Kong-based executives from using their bank accounts. US Secretary of State Mike Pompeo tweeted: “The United States is dismayed to learn the Chinese Communist Party [CCP] continues to bully our British friends and their corporate [...]
Jackson Hole symposium: All eyes on Fed chair Powell August 26, 2020 After an extremely busy few months, the world’s central bankers may have fancied a relaxing trip to the Teton mountain range in the US state of Wyoming. Yet it’s not to be. The coronavirus pandemic has forced this year’s Jackson Hole economic policy symposium to be held online on 27 and 28 August. Since 1982, [...]
Co-operative Bank to cut 350 jobs and close 18 branches after Covid hit August 25, 2020 The Co-operative Bank will lay off around 350 employees and shutter 18 branches as it struggles to deal with the economic fallout from the coronavirus pandemic, it said today. The lender said that record-low interest rates put in place to try to spur the economy had squeezed its income. “We are very sorry to announce [...]
Amigo Loans chief exec threatens to resign if former boss rejoins company August 24, 2020 The chief executive of troubled subprime lender Amigo Loans has today threatened to resign from the company if its founder James Benamor rejoins in a management position. Amigo told the stock market this morning that it had agreed that new chief executive Glen Crawford could resign if Benamor rejoins the business. Benamor released a statement [...]
The Wirecard scandal is a warning to the EU to think twice before cutting itself off from London’s financial expertise August 24, 2020 “The last place we expected something like this to happen was Germany,” said Peter Altmaier, the German economy minister in the wake of the Wirecard fiasco. But is it really? City PM readers will likely now be fully familiar with the Wirecard debacle. But for those who are not, here is a potted history. Since [...]
JP Morgan prepares to launch UK digital bank next year August 21, 2020 JP Morgan Chase is reportedly preparing to launch an online bank in the UK early next year. The investment bank is finalising plans to open its UK challenger bank in the first quarter of 2021, according to Sky News. It has signed up suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services [...]
Top 25 law firm DAC Beachcroft seals £65m deal with HSBC and Lloyds to provide ‘firepower’ during covid downturn August 21, 2020 UK top 25 law firm DAC Beachcroft has sealed a £65m financing deal with Lloyds and HSBC to help give it the “firepower” to push through the covid-downturn. The London-headquartered law firm, which has 19 offices and more than 2,600 people around the world, said it boosted its finance facility to ensure its plans for [...]
London’s grip on clearing continues as Frankfurt’s progress slows August 20, 2020 Deutsche Boerse’s Eurex Clearing said its euro clearing division had grown less quickly than expected, demonstrating that London will remain the centre of the industry for some time after Brexit. Eurex said it accounted for €19 trillion (£17 trillion) of the enormous €100 trillion notional outstanding value in euro interest rate derivatives and forward contracts. [...]
