HSBC pushes further into Saudi Arabia: Canary Wharf approves $10bn loan so mass polluter Saudi Aramco can expand January 27, 2022 HSBC is in line to finance a $10bn revolving credit facility to one of the world’s biggest polluters, the Saudi Arabian Oil Company, or Saudi Aramco, despite the bank’s commitment to ‘Net Zero emissions by 2050’. HSBC’s latest venture in the Middle Eastern kingdom, in partnership with Standard Chartered, is likely to draw scrutiny from [...]
London markets muted ahead of US Federal Reserve rate decision July 25, 2022 London markets were mixed today as traders brace for another potential rate bazooka from the US Federal Reserve on Wednesday. The capital’s premier FTSE 100 index edged 0.41 per cent higher to 7,306.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 0.11 per [...]
FTSE 100 close: London subdued on quiet earnings day as YouGov mulls US listing August 14, 2023 London’s FTSE 100 started the week in subdued fashion, as a quiet earnings day was overshadowed by reports that YouGov is mulling a US listing. The capital’s premier blue chip index closed the day on 7,495.24 points, down 0.88 per cent, while the FTSE 250 index, which is more aligned with the domestic economy, was [...]
Barclays secures income and profit growth as it shakes off ex-CEOs woes April 28, 2022 Barclays has kicked off the year with income and profit growth, as it navigates ongoing geopolitical and economic obstacles – and tries to shake off its former CEO’s woes. The British lender reported income was climbing 10 per cent to £6.5bn in the first quarter, alongside profit before tax of £2.2bn – which includes the [...]
Standard Chartered slashes CEO and CFO pay in wake of revolt November 8, 2019 Standard Chartered said today that it has slashed the pension payouts to its two top bosses, bowing to shareholder demands in the wake of a major investor rebellion. Chief executive Bill Winters and chief financial officer Andy Halford will see their retirement allowance dropped from 20 per cent of their annual salary to 10 per [...]
City Moves: Who’s switching jobs in the Square Mile? August 16, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. White & Case Global law firm White & Case has bolstered its global mergers and acquisitions (M&A) practice with a fresh partner in London. Di Yu, who joins from Slaughter and May, brings a wealth experience advising [...]
UBS profits drop below expectations July 26, 2022 A sharp fall in profits at UBS’s investment banking division caused by charges to deal with the fall out of the collapse of Bill Hwang’s Archegos Capital and tumbling global stock markets has raided the Swiss lender’s bottom line. UBS profits sank around $100m (£83m) over the last year to $2.1bn (£1.7bn), it announced today, [...]
Bitcoin and Ethereum seeing upward movement following unexpected dip after promising US inflation figures July 13, 2023 Bitcoin was down to $30,300 early this morning, but signs of a potential bounce are just starting to show around $30,500.
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
London-listed banks boost the City as earnings season rumbles on April 28, 2022 London-listed banks continued to boost the City this morning as lenders’ earnings season presses on full-steam ahead. The capital’s premier FTSE 100 index climbed 0.88 per cent to 7,491.03 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 0.95 per cent to 20,631.69 points. [...]