Global finance chiefs urge policy makers to ward off bubble risks May 18, 2015 Chief executives, chairmen and senior executives of some of the largest banks in Europe and the US have warned of the potential for unforeseen risks caused by policy makers attempting to avoid future financial crises. Douglas Flint, group chairman of HSBC, UBS chairman Axel Weber, Deutsche Bank's co-chief executive Anshu Jain, Larry Fink, chief [...]
Banking ethics body wins over sceptics April 1, 2015 THE NEW banking ethics group designed to improve behaviour in the City has won over some of its critics, and recruited a heavyweight advisory panel of top industry leaders. Investment banks had initially expressed reservations about joining the group, but today Citi, Morgan Stanley and HSBC all joined the Banking Standards Body’s board. Their enthusiasm [...]
JPMorgan joins the ranks signing up to military code June 24, 2015 City initiatives to help ex-veterans are growing, Michael Bow finds FINANCIAL firm JP Morgan (JPM) last night became the first US investment bank to add its name to the UK Armed Forces corporate covenant, underscoring a new push by City firms to help ex-military personnel find work at a time of shrinking defence budgets in [...]
George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
Summer budget 2015: What to watch out for July 7, 2015 WHO: GEORGE OSBORNE WHEN: 12.30PM TODAY WHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOW Extended Sunday shop hours The chancellor will unveil plans to devolve powers to mayors or councils to decide for themselves what the rule over trading hours should be in their areas, paving the way for shops and supermarkets to stay open later on [...]
StanChart mulls leaving UK as bank levy rises April 28, 2015 STANDARD Chartered is considering leaving Britain over mounting pressure from the bank levy, its finance director said yesterday. It comes after HSBC’s bosses said the hostile atmosphere in the UK could push it to move to another country. Hong Kong or Singapore are both considered likely destinations for the pair. Standard Chartered expects to pay [...]
City Moves for 22 May 2015 | Who’s switching jobs May 21, 2015 Pension Insurance Corporation Rob Groves has been appointed chief investment officer of the specialist insurer. He joins from Friends life, where he held the same role and oversaw assets totalling £100bn. Groves has previously worked for UBS, Commerzbank and Towers. Maples Teesdale The commercial property solicitors has appointed Dellah Gilbert as a partner. She has [...]
TSB boss Paul Pester eyes up acquiring other challenger banks April 30, 2015 TSB, the self-styled challenger bank spun-off from Lloyds last year, could gobble up its competition if the bank's boss has his way. Paul Pester wants to "take on the big guys" and would consider buying up other challenger banks to make that happen. "We are Britain's biggest challenger bank, but we want to really take [...]
One chart showing how much the finance sector dominates the FTSE 100 March 19, 2015 The FTSE 100 is dominated by companies in the financial and retail sectors, with these making up 43 per cent of the UK’s top companies. There are 23 FTSE 100 companies in the financials sector – which includes 10 in insurance and five in banking. The largest of these companies is HSBC, with a market [...]
Will the Greek crisis hit your investments? Investors will be just fine July 7, 2015 As the Greek financial crisis rolls on for another week, many investors will be wondering whether the situation will have an impact on their portfolios. On the ground in Greece, the situation is little short of catastrophic. Banks have been closed for over a week and ordinary people are scrabbling around for cash to fund [...]