Why Greensill’s collapse could spell calamity for Gupta’s steel empire March 12, 2021 Australian financier Lex Greensill’s financial empire has collapsed just a year after seeking a $7bn valuation. On Monday Greensill Capital filed for administration and it risks taking Sanjeev Gupta’s steel empire down with it. What went wrong for the banker and the steel magnate and how will its demise affect thousands of British steel jobs? [...]
GFG Alliance in talks with Greensill’s administrators over ‘standstill’ deal March 12, 2021 Sanjeev Gupta’s GFG Alliance is in negotiations with Grant Thornton, the administrators of collapsed Greensill Capital, over a “standstill agreement” between the two parties. It comes after court filings submitted earlier this week revealed that GFG, Greensill’s biggest client, had begun to default on repayments to the boutique bank. It has been reported that Gupta [...]
Natwest winds down online lending platform Esme March 12, 2021 Natwest’s foray into the fintech world has come to an abrupt end with the closure of its standalone SME lending platform Esme Loans. Esme launched in 2017 offering loans between £5,000 and £150,000 for small business customers. The terms were usually between between one and five years and backed by personal guarantees. Now the platform [...]
Diversity blow: UK banks lost 10,000 women in 2020 March 12, 2021 The number of women at the UK’s five biggest lenders shrank by three per cent during 2020, according to new Bloomberg data. Men saw a decline of around 2.1 per cent as banks pushed ahead with long-planned cuts and navigated the Covid-19 crisis. At NatWest, roles filled by women fell by nine per cent compared [...]
Deutsche Bank boosts CEO pay by 46 per cent following return to profit March 12, 2021 Deutsche Bank raised CEO Christian Sewing’s pay by 46 per cent to $8.8m in 2020 as the bank revelled in profit after years of losses. Bonuses for the entire bank were up 29 per cent as it rewarded its senior staff for a pandemic-related trading boom. Some were less impressed with the rise, as call [...]
Barclays must pay £33m legal bill for Amanda Staveley court case March 11, 2021 Barclays will have to pay £33m in legal bills despite winning its case against Amanda Staveley over how bank bosses negotiated investment deals during the financial crash. In the High Court today Judge David Waksman said he made “no order as to costs”, so both sides will pay their own bills. According to court documents, [...]
Citigroup offers London staff Covid tests as part of back-to-office plan March 11, 2021 Citigroup offers London staff Covid tests as part of back-to-office plan
Credit Suisse execs ‘overruled’ risk managers on Greensill loan March 11, 2021 Senior Credit Suisse executives reportedly approved a $160m loan to beleaguered finance firm Greensill Capital despite concerns raised by the bank’s risk managers. London-based risk managers at the Swiss bank rejected the loan before chief risk and compliance officer Lara Warner signed off on the loan in October, according to the Financial Times. “There is [...]
Atom Bank valuation set to halve after latest fundraising round March 11, 2021 The valuation of digital lender Atom Bank could halve as it closes its latest fundraising round. Atom announced its £40m fundraising last month claiming it would put it “on the path to profitability in the near term”. But the challenger bank is now close to concluding a round at 60p-a-share, just under half the price [...]
HSBC concedes to investor pressure over climate change March 11, 2021 HSBC has given in to investor pressure by tabling plans to phase out its financing of coal power by 2040, staving off backlash over the bank not being aligned with its climate ‘ambitions’. The bankin giant said today it will retire from funding both coal-fired power and thermal coal mining across the EU by 2030, and [...]