JP Morgan prepares to move hundreds of bankers from London in “short term”, says senior executive May 3, 2017 Wall Street bank JP Morgan is planning to move hundreds of employees from London into the rest of Europe in the “short term” as it prepares for the UK to leave the Single Market. Head of investment banking Daniel Pinto said the firm needs to be “ready for day one”, when Brexit negotiations between the [...]
Credit Suisse fined $30m for corrupt hiring of Chinese government officials’ ‘princelings’ July 5, 2018 Credit Suisse has been fined $29.8m (£22.5m) by the US Securities and Exchange Commission (SEC) for employing so-called “princeling” relatives of Chinese government officials to “corruptly” influence them. The Swiss bank engaged in a form of bribery when securing the employment for “relationship hires” or “referral hires”, bypassing normal hiring processes, the SEC said in [...]
Jamie Dimon hits out at Donald Trump’s proposed steel tariff and trade war threat March 8, 2018 The boss of JP Morgan Chase has blasted President Donald Trump’s plan to impose a steep tariff on steel and aluminium imports. “We don’t believe in these tariffs,” said Jamie Dimon, adding that the move would open up a “Pandora’s Box” of problems. “There are serious issues around trade. WTO [World Trade Organisation] needs to [...]
Suits you: Lloyd’s of London lets staff dress down May 25, 2018 Venerable insurance market Lloyd’s of London confirmed today that it has relaxed the once-strict dress code for its underwriting room. Previously not wearing a tie or a jacket would have been enough to have someone ejected. However, this policy has been relaxed as Lloyd’s looks to move with the times. Read more: Dress-down Friday? Dress-down [...]
The City’s Pret employees celebrate £1,000 bonus after JAB Holdings takeover May 29, 2018 Pret A Manger employees in the City today celebrated news that they would be receiving a £1,000 bonus after the company announced it will be acquired by German conglomerate JAB Holdings. “I only just heard,” said Mohamed Naim, 19, who works at a store on Fenchurch Street. “I still can’t believe it. It’s a bit [...]
Mid-cap stock brokers steal a march on bulge-bracket names as the Mifid II era begins February 26, 2018 The City’s bulge-bracket brokers have struggled with increased competition from mid-cap specialists, according to analysis of the biggest winners and losers in client numbers over the last five years. The top three gainers over the five-year period were Peel Hunt, Numis, and Liberum, all of which were founded long after some of London’s oldest financial [...]
Goldman Sachs hit by multi-million pound Aberdeen Standard Life shun February 26, 2018 Investment banking behemoth Goldman Sachs has missed out on a multi-million pound payday after being spurned by Standard Life Aberdeen. On Friday Standard Life Aberdeen sold its insurance arm to zombie specialist Phoenix in a deal worth £3.24bn. Jettisoning its insurance operations completed what Standard Life Aberdeen bosses Martin Gilbert and Keith Skeoch called the [...]
Dutch payments fintech Adyen doubles in value to over €13bn after public listing June 13, 2018 Fintech payments giant Adyen has more than doubled its value during trading after its debut on the Amsterdam stock exchange today, as its share price rose to €503 in morning trading despite being priced at €240 at the top of a range set last week. Adyen, which processes payments for Netflix, Facebook and Ebay, now [...]
The crypto world must stop inviting ridicule June 20, 2018 The cryptocurrency world has its detractors, with JP Morgan chief executive Jamie Dimon and legendary investor Warren Buffett topping a long list. But sometimes it seems to be inviting ridicule. Eidoo, a company that bills itself as a cryptocurrency wallet and exchange, commissioned a three-metre bronze sculpture of a pregnant woman with a baby in [...]
Poundland owner Steinhoff tells angry shareholders it is renegotiating debt April 20, 2018 Steinhoff, the South African retailer, said today that it is renegotiating its debt as it faced shareholders for the first time since its shares plunged on the emergence of an accounting scandal. An investigation into the scandal is making “good progress”, the acting chairman told investors, and is expected to be completed by the end [...]