Record pension deficits could balloon by a further £30bn after interest rate cut August 4, 2016 Today’s interest rate cut could see the deficits of beleaguered pension schemes rise by another £30bn according to experts. "The Bank of England’s decision today is painful for pension schemes," said Charles Cowling of the JLT Employer Benefit Index, which announced record deficits earlier this week. Read more: Pension deficit headache for British companies Matt Saunders of [...]
Sadiq Khan and the City of London corporation have promised to fight for the rights of City businesses to access customers in the EU June 26, 2016 The Mayor of London has vowed to fight for the City's access to Europe's single market, including vital rights estimated to be worth billions to UK-based institutions. Sadiq Khan last night told City A.M. the loss of passporting – the system that allows UK-regulated banks to operate across the European Union – would be “a disaster”. [...]
Big firms suffer as investment banking fees plunge 23 per cent in first half of 2016 July 4, 2016 Investment banking (IB) fees plunged by more than a quarter in the UK and Ireland in the first half of 2016, new figures show. Global fees for the six-month period were $37.1bn (£27.9bn), down 23 per cent on the same period in 2015, according to Thomson Reuters. This was the lowest first-half figure since 2012. And the [...]
Steepening the curve: The Bank of Japan may modify its bond buying scheme to ease pressure on commercial banks, insurers and pension funds September 20, 2016 In a defiant speech earlier this month, Bank of Japan (BoJ) governor Haruhiko Kuroda insisted that there is plenty of ammo left in his monetary policy clip. With a comprehensive review of the effects of monetary policy on prices and the economy promised at tomorrow’s BoJ meeting, speculation is rife about what surprises could be in [...]
Santander’s using blockchain right now May 26, 2016 Santander is the latest bank to experiment with blockchain technology, applying it to international payments with the promise of making the process quicker. It claims to be the first bank in the UK to use blockchain in this way, trialling it in an iPhone app used by staff that reduces the time it takes to transfer cash by [...]
City Moves for 22 June 2016 | Who’s switching jobs June 22, 2016 Blackwell’s Independent bookseller Blackwell’s has confirmed the appointment of its head of operations, Kate Stilborn, to the company’s board in the newly created role of customer service & operations director. Kate, who has been with Blackwell’s for 23 years, will oversee its commitment to delivering excellence in customer service across multiple channels, including online, and [...]
Another corporate finance firm is launching a fintech venture arm June 21, 2016 German exchange owner Deutsche Boerse is wrapping up its investments in financial technology companies into a standalone venture capital fund and will ramp up its funding in fintech firms, joining the rush of corporates eyeing a slice of disruptive startups. DB1 Ventures will include a handful of existing investments, including a stake in Blythe Masters' blockchain startup Digital Asset Holdings, some [...]
Citigroup share price tumbles after company announces 15 per cent first-quarter drop in revenue from trading in equity and fixed-income markets March 8, 2016 Citigroup's shares fell today after its chief financial officer said revenue from trading in equity and fixed-income markets is expected to drop 15 per cent in the first quarter of 2016. John Gerspach also revealed investment banking revenue is expected to fall 25 per cent year on year. Read more: Citi shares slide despite better than expected results Shares [...]
EU referendum: Britain Stronger In Europe to hold exclusive (and secretive) City of London fundraising event as it battles against a Brexit April 20, 2016 Are you busy tonight? If not, you clearly weren't considered important enough to be invited to an exclusive and secretive fundraising event for the Remain campaign. City A.M. understands that the dinner is being held in central London this evening to bolster the coffers of campaigners who are vying to keep Britain in the European Union, and [...]
JP Morgan draws the line on staff voicemail to cut costs June 3, 2015 Many of JP Morgan's employees will no longer have voicemail once a new cost-cutting plan is rolled out. The bank is getting rid of the service, which costs $10 (£6.5) per month per person, because it says many of its staff simply don't need it. “We realized that hardly anyone uses voicemail anymore…we’re [...]