UBS cautious on economic outlook despite 137 per cent jump in profit January 26, 2021 The world’s largest wealth manager has reported a net income of $1.71bn in the fourth-quarter of 2020, a 137 per cent leap on the previous year. The Swiss bank praised its own performance in a results statement released this morning but warned of the challenges facing the world in the economic recovery from Covid-19. All [...]
Top official warns of ‘disturbing’ amount of Russian money laundering in UK January 25, 2021 One of the UK’s top officials in monitoring economic crime has today warned about the “disturbing” prevalence of Russian money laundering in London, claiming up to half of all money laundered from the country is done through the UK. Graeme Biggar, director general of the National Economic Crime Centre, told MPs today that it was [...]
UK sustainable finance bond issuance climbs to £10bn in 2020 January 25, 2021 UK sustainable finance bond issuance hit a record of £10bn in proceeds last year, raising double of what was raised in a far less turbulent 2019, Refinitiv data found. The UK ranked sixth in Europe and ninth in the world for sustainable finance issuance, achieving multiple record highs thanks to sovereigns, multilaterals and banks pushing [...]
Deutsche Bank probes mis-selling of investment banking products January 25, 2021 An internal probe has begun in relation to Deutsche Bank’s engagement with clients after allegations of mis-selling investment banking products. The Financial Times reported that the German lender was investigating whether its staff mis-sold products to clients and conspired with these companies to share profits. The investigation into the breach of EU rules was triggered [...]
Innovation is why London is ahead of New York, Hong Kong and Frankfurt as world’s financial capital January 25, 2021 Innovation is why London is ahead of New York, Hong Kong and Frankfurt as a world's financial capital
Banks claw back fraudulent bounce back loans January 24, 2021 High street banks are scrambling to claw back emergency coronavirus loans linked to suspected fraud. Banks including HSBC, Barclays, Natwest and Lloyds are among those that have started to freeze accounts over fears that government-backed bounce back loans have been obtained fraudulently. They have reclaimed up to £50,000 from customers, according to the Mail on [...]
HSBC exec ‘protected’ from alleged sex assault claim through Chinese Communist Party membership January 24, 2021 A parliamentary committee is investigating allegations that an HSBC executive was protected from sexual assault claims by being a member of the ruling Chinese Communist Party. The explosive claims are reportedly contained in a dossier that is being compiled for a Foreign Affairs Committee report into HSBC’s role in Beijing’s freedom of speech crackdown in [...]
Morgan Stanley boss James Gorman pockets $33m pay packet January 23, 2021 Morgan Stanley will pay chief executive James Gorman $33m (£24m) as the US investment bank hailed a “record year” in 2020. The bumper pay packet is a 22 per cent increase on Gorman’s $27m remuneration in 2019, according to a regulatory filing published yesterday. Morgan Stanley directors said the decision was based on the firm’s [...]
Bank of England revamps stress test to address virus fallout January 21, 2021 The Bank of England announced on Wednesday that it is tweaking stress tests in the UK banking sector to include fallout from the coronavirus pandemic. The BoE has set out a worst-case scenario for the economy which it will test British lenders against. The 2021 stress test will use periods when the economy is growing [...]
Covid-19 volatility boosts profits at investment bank Morgan Stanley, echoing rival Goldman Sachs January 20, 2021 Covid-19 volatility boosts profits at investment bank Morgan Stanley