Financial Conduct Authority (FCA) slaps Merrill Lynch with £34.5m fine for derivative trading failings October 23, 2017 The City’s top watchdog has slapped banking giant Merrill Lynch with a £34.5m fine for not reporting tens of millions of derivative trades over a two year period. The groundbreaking enforcement action by the Financial Conduct Authority (FCA) follows Merrill Lynch’s failure to report details of 68.5m derivative transactions under the European Markets Infrastructure Regulation [...]
Carillion share price hits fresh lows: Banks were left on the sidelines while shares plummeted December 4, 2017 Carillion’s stock market valuation hit fresh lows last week, with the stricken contractor now worth little more than £70m. The firm’s travails have been well documented; massive contract write-downs and mind-boggling losses have been pounced upon by short sellers convinced the worst is yet to come. With Carillion’s shares starting the year at 236p each, [...]
HSBC calling? Dame Clara Furse steps down from Bank of England’s Financial Policy Committee November 1, 2016 Dame Clara Furse has stepped down from the Bank of England's Financial Policy Committee (FPC), fuelling speculation that she's being lined up for a top job at HSBC. “It’s been an enormous privilege to work with the governor, other FPC colleagues and Bank staff on developing the UK’s macro-prudential policy in its early years," said Furse. "I [...]
HSBC in talks with Bank of England to free up £5bn in China, as regulators review capital policy October 30, 2016 HSBC is in talks with the Bank of England to discuss how it might be able to free up £5bn currently locked up in its Chinese business. The bank, which has a sizable amount of business in Asia, could use the money for activities such as funding new loans. The Sunday Times first reported HSBC had [...]
“Shocking ignorance” from MPs who don’t know where money actually comes from October 27, 2017 The majority of Britain’s politicians don’t know where money comes from, despite being tasked with deciding how much of it ends up being spent, according to a poll of MPs published today. Only 15 per cent of MPs surveyed answered correctly when asked a true/false question on whether banks create money when they make loans. [...]
Now you can open a HSBC account with a selfie September 5, 2016 Forget passwords and pins, but now its not even fingerprints or eye scanning that is replacing these traditional security measures — it's selfies. HSBC will now let its business customers open an account simply using a selfie thanks to facial tracking technology, a type of biometrics which is becoming increasingly popular among firms as a way of making [...]
British entrepreneurs are bullish on future growth despite economic uncertainty June 19, 2017 British entrepreneurs are looking confidently into the face of uncertainties posed by Brexit negotiations and political upheaval with a bullish sentiment towards future growth, a new report suggests. Entrepreneurs in the UK expect to grow by 62 per cent over the next five years, according to HSBC Private Bank’s second Essence of Enterprise report. The [...]
Watford under investigation by Football League over fabricated HSBC letter and could face fine or points deduction October 25, 2016 The English Football League (EFL) are investigating Watford for allegedly supplying forged financial information to the governing body. EFL officials were contacted by the Daily Telegraph who claim to have a fabricated bank letter from HSBC that was sent to the EFL as proof that Gino Pozzo had enough funds to become the club's principal owner when [...]
Insiders are now expecting Bell Pottinger administration on Tuesday following South Africa scandal | City A.M. September 11, 2017 Insiders at Bell Pottinger expect the disgaced PR firm to fall into administration on Tuesday following a nightmare week. Staff were informed on Thursday last week that the firm was likely to collapse early this week, with administration expected as soon as Monday. This has not come to pass, but there is little hope among [...]
Activist investor warns London Stock Exchange against “character assassination” of outgoing boss Xavier Rolet November 21, 2017 Activist investor Sir Chris Hohn today lashed out at the London Stock Exchange (LSE) Group, saying that its board appears to be threatening a “character assassination” of its outgoing chief executive Xavier Rolet. In the latest twist in the LSE soap opera over the alleged forced retirement of Rolet, Hohn called for the Bank of [...]