Brexit: EU finserv groups call for extension to City clearing house access September 16, 2021 A trio of major lobby groups for Europe’s financial services sector have called on Brussels to extend the EU’s access to London clearing houses amid warnings of financial instability. The groups wrote to the European Commission today, warning “there is a significant risk of market disruption for EU clearing members and their clients” if the [...]
Credit Suisse may bow out of leading Olam’s food London listing September 13, 2021 Credit Suisse may reportedly bow out of leading Olam’s food ingredients listing in London, after turning down a loan request. The beleaguered Swiss bank chose not to take part in loan facilities Olam raised in August, Bloomberg first reported, citing people familiar with the matter. Credit Suisse was joined by Citigroup and JPMorgan Chase & [...]
Bank of England warns banks over poor regulatory reporting September 11, 2021 Some banks and building societies are not providing enough reliable information for regulators to properly identify threats to the financial system, the Bank of England (BoE) wrote in a letter to CEOs published yesterday. Financial firms are required to report data on areas including assets, capital and operations to the BoE who use the information [...]
Shortage of credit for SMEs preventing UK from ‘levelling up’ September 8, 2021 A critical shortage of lending to Britain’s small businesses is preventing the UK from “levelling up”, according to a report published by a group of cross-party MPs today. The All-Party Parliamentary Group has warned that a lack of trust between banks and businesses has choked the supply of credit to SMEs in the UK. Theodora [...]
European banks nowhere near ready for ECB climate stress test September 8, 2021 European banks are nowhere near ready for the looming European Central Bank climate stress test, according to new figures. A survey of 20 major European banks shows there is universal agreement among lenders that they are not prepared for the ECB’s climate stress test. The ECB has voiced its concern over European banks’ lack of [...]
Deutsche Bank regains ability to sponsor Hong Kong IPOs with new hires September 2, 2021 Deutsche Bank AG has won back its ability to sponsor IPOs in Hong Kong after it temporarily lost the right in June when two employees left without replacements lined up, according to Bloomberg who first reported the news. The German bank hired three new senior staff and added Derek Chung, Ian Long and Albert Chang [...]
Bucking the trend: Revolut sets no vaccination requirement for US staff September 1, 2021 Bucking the Wall Street trend, Revolut will not require its US staff to be vaccinated in order to get into the office. The US boss of the tech darling told Financial News Revolut had chosen not to make vaccination against Covid-19 a requirement of returning to work in its offices in New York, San Francisco [...]
Analysts: China’s tech crackdown could backfire as it may hamper economy August 31, 2021 Analysts caution China’s economic growth could slow down if Beijing continues to target private enterprises that power the country’s economic success. Beijing’s sweeping regulatory crackdowns have spread like wildfire across sectors, ranging from technology and internet algorithms to online gaming and tutoring. Ross Terrill, a research associate at Harvard’s Fairbank Centre for Chinese Studies, told [...]
Exclusive: Finance teams go remote as in-house may become a thing of the past August 31, 2021 With more than 75 per cent of adults now fully vaccinated, many employers are calling for a return to the office. However, the UK labour market has seen employees revising their expectations and demand a stronger work-life balance following three strict lockdowns that were defined by remote working. Moreover, the landscape of business management and finance [...]
FTSE lender Non-Standard Finance’s chief executive departs August 31, 2021 British lender Non-Standard Finance (NSF) has announced that its CEO John van Kuffeler will today step down, with Jono Gillespie, the company’s CFO, succeeding him. The chairman of NSF, Charles Gregson, said the leadership change was a “long-planned” decision which was “agreed with John Van Kuffeler” in light of the company’s pending recapitalisation and meetings [...]