Banking watchdog calls in PwC for Goldman Sachs reporting probe February 25, 2020 The UK’s banking watchdog has reportedly called in a Big Four accountancy firm to examine Goldman Sachs’ regulatory reporting in its London operation. The Prudential Regulation Authority (PRA) has hired audit firm PwC to carry out a so-called skilled person’s report on Goldman Sachs International, Sky News reported. The appointment follows concerns about supervision at [...]
From semaphore to algorithms, market misconduct is an age-old challenge February 25, 2020 Misconduct issues in the financial markets can be charted back well over 200 years. Analyse each case, and the same behavioural patterns recur time and time again. An early example comes from 1814 when a conspiracy was formed between Charles de Berenger, Sir Thomas Cochrane, and six others to profit from the publication of false [...]
Bank of England’s Andy Haldane suggests overhaul of corporate governance laws February 24, 2020 The chief economist of the Bank of England has suggested Britain should make “legislative change” to shift corporate governance rules away from a sole focus on shareholders to instead consider consumers, workers and social goals. Andy Haldane also said Britain needs a “rethink” about its banking sector, suggesting that regional, development and infrastructure banks could [...]
Goldman Sachs pleads not guilty to misleading investors in 1MDB scandal February 24, 2020 Three units of Goldman Sachs, including one based in London, pleaded not guilty in a Malaysian court today to charges of misleading investors in connection with $6.5bn (£5bn) in bond sales that the bank helped state fund 1Malaysia Development Berhad (1MDB) raise. The US Department of Justice estimates $4.5bn was misappropriated from 1MDB between 2009 [...]
Unicredit’s Mustier rules himself out of running for HSBC role February 24, 2020 Unicredit chief executive Jean Pierre Mustier has ruled himself out of the running to be the next boss of HSBC, as the hunt to find a leader for Europe’s largest lender enters its seventh month. Italy’s biggest bank said this morning that Mustier had confirmed he would remain in role, following reports last night [...]
Barclays prepares to begin hunt for Jes Staley’s replacement February 24, 2020 Barclays is preparing to begin the search for a new chief executive to replace Jes Staley, making it the latest European bank to hunt for new leadership. Staley, who has led the banking giant since 2015, has told colleagues he expects to leave Barclays by the end of next year, according to the Financial Times. [...]
UK digital banks near 20m customers – but growth slows February 24, 2020 Digital banks operating in the UK edged towards 20 million customers in 2019, but slowing customer and deposit growth mean the lenders could face challenges on long term profitability, new figures show. Digital lenders including Monzo, Revolut and Starling gained over six million new customers in the second half of last year to reach a [...]
Treasury mulls new laws to delay end of cash February 23, 2020 The Treasury is drawing up plans to protect the availability of cash amid concerns over declining access to dispensers for older people and those from rural communities. Officials are understood to be in detailed discussions about how to combat the decline of cash ahead of the Budget next month, with one possible option the introduction [...]
HMRC sets up secret unit to probe inheritance tax avoidance February 22, 2020 HM Revenue & Customs has implemented a secret unit to investigate the use of family investment companies (FIC) by the very wealthy to avoid paying inheritance tax. It puts family offices with a combined total of more than $1tn in assets within its sights. The tax authority set up the team in April last year [...]
JPMorgan Chase set to launch UK digital consumer bank this year February 22, 2020 JPMorgan Chase is close to launching a range of personal banking products in the UK. The world’s biggest lender by market capitalisation is set to introduce savings and loans products using the Chase brand in the next few months, according to Sky News. The New York-listed bank is due to hold an investor day next [...]
