Banking giants pour $3.8 trillion into fossil fuels since Paris agreement March 24, 2021 Since 2016, the world’s 60 largest banks have poured more than $3.8 trillion into the fossil fuel industry, a new report released today has shown. Despite the signing of the Paris climate accords in 2015, lenders have continued to provide hundreds of billions in financing for polluting industries such as tar sands oil, coal, and [...]
City of London starts to reopen as Government eases lockdown restrictions April 12, 2021 The City of London Corporation has today (12 April) announced a string of events across the Square Mile, which will mark the reopening of some of its most iconic institutions and businesses, including non-essential retail, outdoor hospitality and leisure. As the Government’s roadmap to ease lockdown restrictions in England reaches its second step, Lord Mayor [...]
City Moves for 27 February – who’s switching jobs at JP Morgan, Exiger and Arkle Finance? February 26, 2019 Who’s on the move today? JP Morgan JP Morgan Asset Management has hired Jennifer Wu as global head of sustainable investing. She joins from Blackrock, where she was a member of its sustainable investing team. She will also lead JP Morgan’s sustainable investing leadership team, a global team of senior leaders focused on sharing best [...]
Wall Street dips after Fed minutes affirm low interest rates for longer April 7, 2021 Wall Street dropped towards the end of trading, as traders digested the latest update from the Federal Reserve latest’s meeting. The Dow Jones, and Nasdaq indexes are currently down by 0.06 and 0.07 per cent respectively, while the S&P 500 is performing a little better, up 0.6 per cent. The Fed struck a dovish tone [...]
Women of the City: Joanne Hannaford at Goldman Sachs April 7, 2021 In this series, City A.M. zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Joanne Hannaford, head of engineering in EMEA and head of regulatory [...]
FTSE 100 slides again but Wall Street edges up January 12, 2021 The FTSE 100 dropped again today after Chancellor Rishi Sunak warned that the economy would get worse before it got better. Across the Atlantic, Wall Street’s main markets crept upwards as traders looked for details of a new stimulus package for the distressed economy. London’s premier index was up 0.1 per cent at the opening [...]
JP Morgan disappoints as Wall Street’s dire December claims another scalp January 15, 2019 US bank JP Morgan saw its bond trading revenue plunge 18 per cent at the end of last year as Wall Street’s dire December claimed another major scalp. The bank – a bellwether for the financial industry – said “challenging market conditions” caused revenue declines in credit trading, rates and commodities, as it published results [...]
Wells Fargo reports first quarterly loss since 2008 July 14, 2020 Wells Fargo posted its first quarterly loss since the 2008 financial crash today as the coronavirus crisis forced it to set aside $9.57bn to cover potential loan losses and slash its dividend. The bank’s earnings have suffered since the start of the Covid-19 pandemic as it does not have a strong capital markets business to lean [...]
Apple could delay iPhone 12 launch ‘by months’ due to coronavirus March 26, 2020 Apple could be forced to delay the launch of iPhone 12 by up to two months as a result of the coronavirus outbreak, analysts have warned. In a note published yesterday, JP Morgan said the launch could be pushed back by one or two months due to disruption to the firm’s supply chain. Travel restrictions [...]
Bank of America profit nearly halves after it sets aside $4.8bn to cover bad loans April 15, 2020 Bank of America said today its profit for the first quarter was down 45 per cent on the same period last year as it set aside billions to cover expected loan defaults. The lender said its earnings for the three months to 31 March were $4bn (£3.2bn), compared to $7.3bn for the same period in [...]