A Legacy of Difference Making August 24, 2023 | Sponsored We were basically running insurance companies,” the likable Barry Gale tells Morning Wire of his career before joining Aon. Gale was at a Big Four consultancy firm, working on restructuring and insolvency. “But without the front-end, bringing in new clients.” He and his colleagues soon found out that winding up insurance firms was notably more [...]
Financial crime fines fall 88 per cent globally – but agencies aren’t about to go easy on wrongdoers August 24, 2023 The total value of fines handed out to banks and financial services firms for financial crime violations slumped in the first half of this year, according to new data. But experts argued regulators aren’t going easy on wrongdoers. According to data from compliance firm Fenergo, regulators worldwide issued 97 financial crime-related fines in the first [...]
‘Don’t be a TWaT’: Goldman orders staff to ‘work in the office five days a week’ August 23, 2023 Goldman Sachs has reminded its employees to come into the office five days a week as banks continue the fight to get staff back into the office. The Wall Street giant led the way in demanding that employees come back into work after the pandemic. Boss David Solomon has previously described homeworking as an aberration. [...]
UK pay deals cool for first time in 2023, easing pressure on BoE August 23, 2023 Pay deals awarded by British employers cooled for the first time this year in the quarter to July, which may calm the worries of Bank of England officials who fear wage growth is feeding inflation, a survey showed on Wednesday. Median basic pay deals in the three months to the end of July fell to [...]
Morgan Stanley fined for traders’ WhatsApp messages in sign of things to come for banks August 23, 2023 The use of WhatsApp messages across the City has brought its first fine
Most challenger banks admit to only ‘occasional’ sanctions screening August 23, 2023 More than half of challenger banks have admitted to only performing occasional sanctions checks, according to a recent survey. Only a quarter of the challenger banks it surveyed said they always perform the appropriate screening processes. A total of 54 per cent of challenger banks admitted to performing checks regarding sanctions or politically exposed persons [...]
XTX Markets billionaire founder almost doubles his wealth in a year August 22, 2023 Alex Gerko, founder of XTX Markets, has nearly doubled his net worth in just one year, according to the latest Bloomberg Billionaires Index. The 43-year-old, who launched the London-based proprietary trading and market-making business in 2015, is now worth £8.5bn following a bumper year for the business. In June, it was reported that revenue from [...]
S&P downgrades multiple US banks citing ‘tough’ operating conditions August 22, 2023 S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody’s, warning that funding risks and weaker profitability will likely test the sector’s credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It [...]
Arbuthnot appoints ex-Treasury minister Angela Knight as non-exec in boardroom shuffle August 22, 2023 Angela Knight, former chief executive of the British Bankers’ Association and an ex-Treasury Minister, has been appointed to the board of Arbuthnot Banking Group. Knight will join as a non-executive director from the beginning of September. She was a Conservative member of parliament between from 1992 to 1997, serving as economic secretary to the Treasury [...]
Former Bank governor Carney called in to head Bloomberg board August 22, 2023 Bloomberg has called in former Bank of England governor Mark Carney to chair a new board of directors in a slew of senior promotions.