Brexit transfers: Barclays, Goldman Sachs and Morgan Stanley move senior City dealmakers to the EU May 14, 2021 Investment giants Morgan Stanley, Goldman Sachs and Barclays have started to move a range of senior bankers from their offices in Canary Wharf and the City to financial hubs across the EU. Ongoing uncertainty over the UK’s access to the EU’s financial services market, combined with pandemic damage and pressure from local regulators, has led [...]
Too late for UK-EU ‘fish for finance deal, say Canada Corporation May 13, 2021 It is too late for the UK to strike a “fish for finance deal” with Brussels to ensure the City gets renewed access to the EU, according to a top Canada Corporation official. Nick Collier, managing director of Canada Corporation in Brussels, said at a Best for Britain event today [...]
City lobby pays off: New finserv compensation pot for consumers slashed by more than £200m May 13, 2021 The amount of money banks and other financial institutions will have to pay into an insurance pot to protect customers should one of them fail has been slashed from an earlier estimate, after they protested about the high levels. The Financial Services Compensation Scheme (FSCS) reduced the total levy by £206m from its January forecast. [...]
France wants to delay UK-EU Brexit financial services pact over fishing row May 12, 2021 France is aiming to block a post-Brexit financial services pact between the UK and the EU over a row about fishing rights. The UK and EU announced in March that it had drafted a regulatory co-operation agreement, known as a Memorandum of Understanding, on financial services, however it is yet to be signed or made [...]
Commerzbank raises outlook as it posts surprise first quarter profit May 12, 2021 Commerzbank raised its revenue outlook this morning as it surprised investors by posting a profit after a period of strong trading commissions. The German bank said its better-than-expected performance came down to higher net commission income from securities trading. It posted a net profit of €113m in the three months to 31 March, against a [...]
JP Morgan’s UK staff set to return to office from next month May 11, 2021 JP Morgan has told its UK staff that more of them will return to the office from next month as restrictions start to ease. The American bank told staff to prepare for a “consistent schedule” which combines both remote and office working but offices will operate at maximum 50 per cent of capacity, according to [...]
Curve follows Series C with crowdfunding round to pursue global expansion May 11, 2021 London fintech Curve has launched a new crowdfunding campaign five months after closing its £72.5m Series C round. Founded in 2015, the company allows users to consolidate all their credit and debit cards into one smart card and app and now boasts more than 2m customers. Its Crowdcube campaign is set to go live later [...]
Natwest boss Alison Rose: I’m optimistic about this nation of SMEs May 11, 2021 The economic consequences of the pandemic have been severe, not least on the UK’s smallest businesses, but for Natwest boss Alison Rose it has shown just how resilient the country’s SMEs are. Rose, who was appointed chief executive towards the end of 2019, has spent the majority of her tenure tackling the impact of the [...]
Myth-Busting: Money printing must create inflation May 11, 2021 | City Talk London ranks ninth on the UBS Global Real Estate Bubble Index for residential properties. Like in many other countries, property prices in the United Kingdom reached an all-time high in 2020. A global pandemic with sudden mass unemployment should have forced UK citizens to sell their homes, but the furlough policies, stamp duty holidays, and record-low interest rates [...]
UK Government sell shares of bailed-out NatWest for £1.1bn as stake shrinks to 55 per cent May 11, 2021 UK Government sell shares of bailed-out NatWest for £1.1bn as stake shrinks to 55 per cent