City moves: Citi’s head of UK investment banking on the move March 27, 2023 Citi’s head of UK investment banking Andrew Truscott has been appointed CEO of John Laing Group. John Laing, which is backed by private equity firm KKR, is an investor and manager of core infrastructure assets. Truscott has been at Citi since 2018, and will join John Laing in early summer. Before joining Citi he spent [...]
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
How recession in the US is expected to affect bank earnings this week January 11, 2023 US earnings season kicks off later this week with a string of results from some of the country’s largest banks. JP Morgan, Citi Group, Wells Fargo and Bank of America will all release results on Friday in an interesting environment – to say the least. While higher interest rates have led to record levels of [...]
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
Morgan Stanley profits nearly halve as US bank earnings season ends without cooling recession fears January 17, 2023 Wall Street banking giant Morgan Stanley’s profits have nearly halved due to intense US recession fears and rising interest rates chilling deal making activity, the firm announced today. The lender has become the latest casualty of businesses and investors parking their money in safer places to ride out the worldwide economic slowdown. Morgan Stanley’s profits [...]
BlackRock holds top spot for tenth time in ‘another bruising year’ for UK fund industry February 7, 2024 BlackRock came in first place for gross retail sales throughout the year, followed by Legal & General, Fidelity and HSBC AM.
Financial services should get out of London to find new talent, education secretary says February 6, 2024 Financial services firms should “get out more” to attract talent, Gillian Keegan has said.
Top English clubs and JP Morgan ‘in talks’ over $6bn European super league October 20, 2020 US banking giant JP Morgan and top-flight English clubs are said to be in talks over a game-changing $6bn (£4.6bn) plot to launch a new Fifa-backed European football league.
Fresh fears for First Republic as shares plummet after losing over $100bn in deposit outflows April 25, 2023 Shares in embattled lender First Republic slumped nearly 30 per cent today after it reported last night that it had lost around $100bn in deposits in the first quarter. The massive deposit flight represented more than half of its pre-crisis total and exceeded analyst expectations, raising fears that the bank is not yet out of [...]