City Moves for 15 April 2015 | Who’s switching jobs April 14, 2015 Hastings Insurance The insurance firm has announced the appointment of Richard Hoskins as its group chief financial officer. He joins from AIG, where he was chief financial officer of its global commercial insurance business and the Americas region. Hoskins has also held roles at Aviva Group. Euler Hermes UK The credit insurance firm has appointed [...]
Why in-house lawyers face an ethical minefield April 7, 2015 Rising regulation, higher standards of compliance, and the increased threat of litigation are making the role of in-house lawyers more important, but many are being confronted by a ethical minefield, a new report has found. They have to balance the demands of their primary role, such as upholding the rule of law, with being a commercial team [...]
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 [...]
StanChart loses another top exec just weeks after board shake-up April 1, 2015 Group executive director Viswanathan Shankar resigned from his board role at Standard Chartered yesterday. The announcement of his departure comes a month after the bank revealed chief executive Peter Sands and chairman Sir John Peace were also on their way out. Shankar was also chief executive for Europe, the Middle East, Africa and the Americas, [...]
HSBC’s next headache is relocation, relocation, relocation April 1, 2015 If Douglas Flint had a tenner for every time he had been asked about the future location of HSBC’s headquarters, he’d have almost enough to pay its contribution to the bank levy by himself. Flint has many other things on his mind right now: the reputational fallout from the Swiss tax evasion affair, sluggish returns [...]
Bank of England stress test: British lenders assessed against global economic crunch March 30, 2015 Britain's biggest banks have to prove they could withstand a global economic crunch, under a stress test unveiled by the Bank of England yesterday. The fictional scenario is based on real fears that a slowdown in China and renewed recession in Europe could hit the UK economy and its banks. The six biggest banks [...]
Bank of England to stress test lenders on their reactions to global meltdowns and widespread deflation March 30, 2015 The Bank of England has unveiled a set of scenarios which will form the basis for this year's bank stress tests, warning British banks with global exposure such as HSBC and Standard Chartered will be the hardest hit. Seven of Britain's biggest banks will be test on their ability to withstand a dramatic slowdown in China, [...]
Stress tests to hit global banks March 29, 2015 BRITAIN’S biggest international banks will be put through their paces by the next Bank of England stress tests, which will be unveiled today. Standard Chartered, HSBC and Barclays are expected to be pushed hardest by the 2015 tests, which will check how well they would perform if an economic crunch was to hit emerging markets. [...]
Budget, oil rig count and Nigerian GDP: Here’s our world view March 26, 2015 Rising debt, capital outflows and falling commodity prices – we highlight the numbers that matter from around the globe NORTH AMERICA 268 the number of rigs drilling for shale gas in the week ending 6 March 2015, down from 1,606 in the summer of 2008. And yet US gas production has continued to rise. Baker [...]
Analysts: Bank levy could drive Standard Chartered abroad March 23, 2015 George Osborne’s major new hike in the bank levy could prompt Standard Chartered to leave the UK, analysts at JP Morgan said yesterday, as the tax puts it at a disadvantage against global rivals. Such a move – to a location such as Singapore or Hong Kong – could take two or more years and cost [...]