BORIS: I’M CITY’S NEW CHAMPION September 2, 2009 LONDON Mayor Boris Johnson yesterday took the fight to save the City to Brussels, where he lobbied EU officials over plans to crack down on hedge funds, private equity houses and the alternative investment sector. Johnson met with various MEPs and Charlie McCreevy, the EU’s internal markets commissioner, to highlight the problems contained within the [...]
UK set to lose most banking jobs in Europe September 1, 2009 THE UK will shed 35,000 financial services jobs by the end of 2009, with Britain set to be the European nation worst affected by the sector’s troubles, according to new research from the City of London Corporation. A report commissioned by the City estimates that the European financial services sector will decline by 6.2 per [...]
City should not fear new regulations on bonuses August 16, 2009 No sooner had the Financial Services Authority (FSA) announced new proposals on how financial institutions should determine salaries and incentives last week, they were attacked for being too soft on bankers’ pay. Some critics even went so far as to call for a windfall tax on bonuses. However, now that we have seen several banks [...]
DARLING THREATENS LAW TO CURB CITY BONUSES August 16, 2009 CITY bankers are on a collision course with politicians over multi-million pound bonuses after chancellor Alistair Darling yesterday pledged to intervene to curb excessive pay and risk-taking in the Square Mile. The Treasury is ready to consider legal action on bonuses if they pose a “systemic risk” to the banking system, which Darling and many [...]
Breaking the Speedo limit August 13, 2009 HATS off to Alton Towers for banning Speedos. If only the same spirit had been present in the pools and beaches I frequented as a child on holiday with my family. The now-famous French swimming pool Speedo-only rule was a memorable feature of our trips abroad – there were even times when my father rocked [...]
Regulator adopts a measured Code for bonuses August 12, 2009 NEWS that the Financial Services Authority (FSA) wants to influence but not emasculate the bank bonus culture is welcome, but was the only sensible option. The City watchdog has clearly listened to industry concerns, particularly the worry that an excessive clampdown on remuneration would spark an exodus of workers overseas. Jocelyn Mitchell, employment partner at [...]
Regulator adopts a measured Code for bonuses August 12, 2009 NEWS that the Financial Services Authority (FSA) wants to influence but not emasculate the bank bonus culture is welcome, but was the only sensible option. The City watchdog has clearly listened to industry concerns, particularly the worry that an excessive clampdown on remuneration would spark an exodus of workers overseas. Jocelyn Mitchell, employment partner at [...]
Immigration rulers should welcome City talent August 9, 2009 Immigration has hit the news again with word that the Government is considering extending the points-based immigration system, introduced last year for work permit applications, to applications for British citizenship. It is an emotive subject, but getting immigration policy right is important for the success of the City of London and the government needs to [...]
Immigration rulers should welcome City talent August 9, 2009 Immigration has hit the news again with word that the Government is considering extending the points-based immigration system, introduced last year for work permit applications, to applications for British citizenship. It is an emotive subject, but getting immigration policy right is important for the success of the City of London and the government needs to [...]
No pain, no gain for banks in return to normality July 26, 2009 The recent announcement by the European Commission on guidelines for restructuring aid to banks exposes the difficult decisions, not to mention the pain, that the whole of our banking system still has to go through to return to normality. Competition is good, but policy to ensure it is a minefield, especially at a cross-border level. [...]