Debt soared at the banknotes-to-passports printer just as bonuses rocketed and business fell De La Rue warns its future is in ‘significant doubt’At De La Rue’s shareholder meeting in June, 48% of votes were cast against the banknote printer’s remunerat…Read more
Regulator says US bank’s oversight and governance ‘fell below expected standards’The Bank of England has fined the US bank Citigroup a record £44m for submitting incomplete and inaccurate regulatory information to the Bank between 2014 and 2018.The Ban…Read more
Wall Street bank advises investors to sell shares in tour operatorThomas Cook’s shares plunged by more than a third on Friday, their biggest drop since the firm nearly collapsed in 2011, after a high-profile City analyst said the company could go bust….Read more
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…Read more
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…Read more
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…Read more
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…Read more
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 …Read more
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.Read more
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.Read more