JP Morgan ‘to move €200bn assets from the UK to Germany’ due to Brexit September 23, 2020 JP Morgan Chase & Co is reportedly set to move €200bn (£184bn) assets from the UK to Germany as a result of Brexit. The US banking giant plans to finish the migration of the assets to a Frankfurt-based subsidiary by the end of this year, Bloomberg reported, citing people familiar with the matter. The shift [...]
FTSE 100 and US stocks plunge amid coronavirus lockdown fears September 21, 2020 A horrible start to the week saw the FTSE 100 suffer its worst day since June as worries over rising coronavirus cases combined with a financial scandal to cause chaos in the City. London’s blue-chip index plunged 3.5 per cent to 5,800 points just before the close, having started the day above 6,000. The FTSE [...]
HSBC shares hit lowest level since 1990s amid FinCEN scandal September 21, 2020 HSBC’s rotten run has continued, with its UK share price falling to its lowest level since the 1990s amid allegations of money laundering. Banks have already been squeezed hard by the pandemic: interest rates have been slashed and business loans look shaky. HSBC has also been embroiled in a geopolitical dispute between the US and [...]
Leaked document trove reveals banking giants enabled money laundering September 20, 2020 Some of the world’s biggest banks have been caught enabling trillions of dollars in money laundering to flourish under their watch, thousands of leaked government documents have revealed. The FinCEN Files, named after the US Treasury’s anti-fraud agency, have been shared by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). They claim to [...]
Deloitte hit with record £15m fine over Autonomy audit September 17, 2020 The FRC has announced sanctions against Deloitte and two audit partners following an investigation into its audit of software firm Autonomy. The Big Four accounting firm, and two of its now former partners, Richard Knights and Nigel Mercer, were investigated in relation to their audit of Autonomy’s financial statements for 2009 and 2010. Autonomy was [...]
The Power of Inclusion seminar September 14, 2020 The fourth Power of Inclusion seminar in our 2020 series was sponsored by Standard Chartered, titled Diversity at the top: leading from above. It focused on the importance of inclusive workplace cultures and explore how to create a culture of belonging where those from diverse socio-economic backgrounds are able to be themselves and succeed in [...]
Exclusive: UK fintech sector launches initiative to end harassment September 8, 2020 Leading figures from the fintech industry have today launched an initiative aimed at tackling harassment and promoting diversity within the sector. The “Fintech for all charter” focuses on increasing diversity and inclusion across the industry. It is being led by data platform Inchorus and supported by Innovate Finance, the Fintech Alliance and Level39. The Financial [...]
How City businesses are going digital for City Giving Day September 7, 2020 This year, The Lord Mayor’s Appeal’s City Giving Day celebrations will be somewhat different. Many organisations, both new and old, will have to rethink the way they organise events. And we’ve been thrilled that companies have embraced the chance to broaden their horizons and find even more creative ways to support our communities. They are [...]
The Race for Digital Asset Supremacy September 1, 2020 The financial services industry is in the midst of a generational transition. Where once cryptocurrencies and digital assets represented a counterculture movement, developed as a direct response to the failings of the financial system in the 2008/9 financial crash, today they have become a central part of the financial services industry. The adoption of digital [...]
FTSE 100 gives up gains despite S&P 500 hitting all-time high August 18, 2020 The US’s S&P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions. The S&P 500 rose to 3,395 points, topping a high it hit in February, having been boosted by record levels of stimulus. But the index reversed course and slipped [...]