UK banks fined €1bn by EU for rigging foreign exchange market

European commission says decision shows ‘collusive behaviour will not be tolerated’Five banks including Barclays and Royal Bank of Scotland have been fined a total of more than €1bn (£875m) by the European Union for rigging the multi-trillion dollar fo…

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UK bankers on standby as City readies no-deal contingency plans

JP Morgan and Goldman Sachs poised to move staff to EU offices by 29 MarchHundreds of UK bankers at JP Morgan and dozens from Goldman Sachs are on standby for relocation to EU offices by 29 March, regardless of Parliament’s vote to delay Brexit.The exo…

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Banking sector cautiously backs May’s Brexit deal

Agreement is ‘workable’ but firms still expanding offices in Ireland and on continentBanks and other financial services companies have cautiously backed progress around the Brexit deal, though firms are pushing ahead with job moves and expansion in oth…

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Musicians in US receive just 12% of industry revenues, report finds

Citigroup analysis also points to rapid growth in consumer spending and rise in royaltiesMusicians in the US received just 12% of the revenues their music generated in 2017, according to a report, though that figure is an improvement on the 7% they rec…

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MPs call for crackdown on Russian oligarchs using City to avoid sanctions

Government urged to impose tough measures following controversial London flotation of Oleg Deripaska’s En+ groupLabour has called on ministers to toughen the scrutiny and regulation of City flotations as a matter or urgency following the controversial …

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Leading City firms begin to lay groundwork for London jobs exodus

Lloyd’s of London and Royal London set up subsidiaries outside of UK as JP Morgan and Citigroup explore relocation options

A growing number of leading City firms have revealed they are now laying the groundwork for an exodus of thousands of jobs from London after Britain’s vote to leave to EU.

Just a day after Theresa May formally triggered the process for Brexit it was confirmed that the insurers Lloyd’s of London and Royal London are setting up subsidiaries outside the UK, while the investment banks JP Morgan and Citigroup are actively exploring the relocation of key operations.

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Ex-UBS and Citigroup trader jailed over Libor seeks review of case

Tom Hayes, serving an 11-year sentence, claims he felt under pressure to admit guilt in order to avoid being extradited to US

The jailed City trader Tom Hayes is to submit his case to the Criminal Cases Review Commission (CCRC) in an effort to demonstrate his conviction for rigging the Libor interest rate is “unsafe”.

The move, which could be made as soon as Tuesday, comes after the former UBS and Citigroup employee failed in a previous attempt to have his conviction overturned, and was then blocked last year from appealing to the supreme court.

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Citigroup plans new operations away from London after Brexit

US bank in talks with Ireland, Italy, France, Spain, Germany and Netherlands in search for new European base once UK leaves EUCitigroup has set out 25 criteria to weigh up which financial centre in the European Union will house the new operation it exp…

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Citi and JP Morgan top regulators’ list of banks posing systemic risk

HSBC and Barclays move down Financial Stability Board’s rankings, meaning they are required to hold less capital

Two US banks – Citi and JP Morgan – have been designated as potentially posing the greatest risks to the global financial system in an annual ranking by regulators.

Citi has replaced HSBC and joined JP Morgan in the highest ranking issued by the Financial Stability Board (FSB), an international alliance of central bankers, policy makers and regulators that sorts 30 major banks into five categories.

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