HSBC creates £8bn UK small business fund May 11, 2015 HSBC has set aside £8bn to lend to small and medium-sized businesses in the UK. The bank's small and medium-sized enterprises (SME) loan offering will reach 43 areas of the country, with Scotland, Birmingham and Manchester, receiving at least £400m each. Fees on qualifying business loans worth between £1,000 and £300,000 will be waived or [...]
Google’s Android Pay is coming to the UK, letting you pay with mobile on the Tube and across the high street, including Pret, Starbucks, Waitrose and more March 23, 2016 Users of Android will soon be able to use their smartphone to pay for items and even travel to work, as Google prepares to launch Android Pay in the UK following hot on the heels of Apple Pay. Google said it will roll out "in the coming months" with the backing of Britain's biggest banks, but did not [...]
Old Mutual could be broken up amid private equity takeover bids March 6, 2016 Old Mutual, the FTSE 100 insurance group, is reviewing options for a breakup following a joint takeover attempt for its wealth management division from private equity firms Cinven and Warburg Pincus. A breakup is one option being considered in a review of Old Mutual’s operations, and an update will be given on Friday along with [...]
HSBC lays down the gauntlet to George Osborne on bank levy as it mulls exit from UK June 9, 2015 HSBC moved a step closer to leaving the UK yesterday, piling pressure on chancellor George Osborne to take action to persuade the bank to stay. Chief executive Stuart Gulliver set out details of HSBC’s review of the location of its headquarters, looking at 11 different criteria, including taxes, the government’s attitude to finance, and [...]
UK financial services watchdog gives firms until next week to carry out their reviews into the Panama Papers April 7, 2016 The UK's financial services watchdog has given firms until next week to scrabble through their back offices and find out if they can be linked to Mossack Fonseca, the law firm at the centre of the Panama Papers scandal. The Financial Conduct Authority (FCA) confirmed to City A.M. today that it had sent a letter to [...]
EU referendum: Brexit campaign group unveils list of 250 business backers as former BCC director general John Longworth takes up new role March 26, 2016 Vote Leave has today unveiled a list of 250 business leaders backing its campaign for a Brexit. The organisation also revealed John Longworth, the former director general of the British Chambers of Commerce (BCC), will chair its business council. Read more: Poll finds growing support for a Brexit – but Remain retains lead Meanwhile, a new [...]
City A.M. joins the Lord Mayor and finance bosses at Mansion House to plan City Giving Day 2016 March 10, 2016 Leaders from over 60 City businesses joined the Lord Mayor for breakfast at Mansion House to hear why, when and how they should take part in City Giving Day 2016 this September. Lord Mayor Jeffery Evans sat down with senior execs from bank Credit Agricole and City A.M.'s resident grandee Lawson Muncaster in a bid to [...]
City Moves for 27 March 2016 | Who’s switching jobs April 27, 2016 Saxo Bank Saxo Bank, the trading and investment specialist, has appointed Jeff Zorek as chief operating officer of global sales based in London and reporting to Matteo Cassina, global head of sales. Jeff joins Saxo with over 30 years of financial services experience, managing businesses in securities trading, high-speed electronic execution, risk management, clearance, settlement and [...]
What you need to know about passporting June 27, 2016 Passporting, something previously little heard of by those outside the financial services industry, seems to have been a big source of panic post-Brexit vote. Sadiq Khan told City A.M. over the weekend that a loss of the provisions would be "a disaster", while London-headquartered HSBC warned back in February that it would consider moving as many as 1,000 [...]
French magistrates launch formal criminal investigation into HSBC’s Swiss private bank over tax claims April 9, 2015 Britain's biggest bank HSBC has been put under formal criminal investigation by the French authorities for the activities of its Swiss private bank. In a statement to the market, the bank said it had been informed of the probe, into “alleged tax-related offences” between 2006 and 2007, by the French magistrates. At that time, a [...]