• RT @RyanJamesWeeks: A shorter trading day is still a long way off, despite broad support Link via @FinancialNews
    Financial News Fri 05 Jun 2020 16:15

    Markets may be in favour of shortening the trading day in Europe, but key hurdles must be cleared before the proposals can be put into action, according to stock exchange operators and trade groups.

    The plan looks unlikely to happen unless there are further talks with the trading industry and relevant regulators on key topics such as the Covid-19 crisis, and quantitative studies of the impact on liquidity. Perhaps, most importantly, discussions need to thrash out what a harmonised approach across exchange operators in Europe...

  • Revolut has seen another key executive depart as high levels of turnover in the digital bank’s senior ranks persist. @RyanJamesWeeks reports: Link
    Financial News Fri 05 Jun 2020 16:15

    Revolut has seen another key executive depart as high levels of turnover in the digital bank’s senior ranks persist.

    Hannes Graah, vice president of growth, is set to leave the start-up after joining last year, according to a person familiar with the matter.

    Graah, a former global head of new markets at the music streaming service Spotify,...

  • RT @shrutitripathi6: "Worrying sign", said Nicky Morgan Link
    Financial News Fri 05 Jun 2020 15:35

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

  • Before communicating, a company should do some internal soul searching, PR professionals say. Via @berengeresim: Link
    Financial News Fri 05 Jun 2020 15:25

    “Don’t make any more excuses. Don’t think this doesn’t affect you. Don’t sit back and be silent.”

    The white words flash across a black screen. A sombre piano plays in the background. Alongside the tweet, Nike says: “Let’s all be part of the change.”

    The killing of a 46-year-old black man, George Floyd, pinned beneath three police officers...

  • RT @PennySukhraj: FCA plans to ban charges on pension transfer advice from October - Financial News Link via @FinancialN…
    Financial News Fri 05 Jun 2020 15:25

    The Financial Conduct Authority is to ban charges for advice on pension transfers and conversions, in a bid to reduce conflicts of interest and protect consumers’ lifetime pension incomes.

    The UK regulator published its new policy statement on pension transfer advice on 5 June, focusing on consumers who switch from defined benefit pensions to defined contribution schemes for more flexible access to their money.

    Between...

  • RT @davidricketts: Link strikes deal for Woodford fund’s healthcare assets - Financial News Link via @FinancialNews
    Financial News Fri 05 Jun 2020 15:20

    A large portion of the remaining assets in Neil Woodford’s defunct flagship fund have been sold to a US-based investor for £224m — a year after savers were barred from making withdrawals.

    Link Fund Solutions, the administrator overseeing the sale of remaining assets in Woodford’s Equity Income fund, said on 5 June that it had struck a deal with Acacia Research Corporation to offload its holdings in up to 19 healthcare companies.

    These...

  • A total of 56 companies, including British Airways, Burberry and Rolls-Royce, borrowed £16.2bn through the Bank of England's coronavirus funding scheme in the three months to June 3, according to data released by the UK central bank. Link
    Financial News Fri 05 Jun 2020 15:20

    A total of 56 companies, including British Airways, Burberry and Rolls-Royce, borrowed £16.2bn through the Bank of England's coronavirus funding scheme in the three months to June 3, according to data released by the UK central bank.

    The Bank of England on June 4 published for the first time a list of the companies that have borrowed money through its Covid Corporate Financing Facility, which was set up on March 17.

    The scheme...

  • RT @guerreraf72: @GoldmanSachs is moving back into its London offices (well, some staff are). @paultclarke for @FinancialNews : https://t.c…
    Financial News Fri 05 Jun 2020 15:20
  • A large portion of the remaining assets in Neil Woodford’s defunct flagship fund have been sold to a US-based investor for £224m — a year after savers were barred from making withdrawals. @davidricketts reports: Link
    Financial News Fri 05 Jun 2020 15:20

    A large portion of the remaining assets in Neil Woodford’s defunct flagship fund have been sold to a US-based investor for £224m — a year after savers were barred from making withdrawals.

    Link Fund Solutions, the administrator overseeing the sale of remaining assets in Woodford’s Equity Income fund, said on 5 June that it had struck a deal with Acacia Research Corporation to offload its holdings in up to 19 healthcare companies.

    These...

  • Independent investment bank Jefferies continues to expand its European investment bank with a senior dealmaker hire from BNP Paribas. Link
    Financial News Fri 05 Jun 2020 14:45

    Independent investment bank Jefferies continues to expand its European investment bank with a senior dealmaker hire from BNP Paribas.

    The firm is targeting more transactions in the fashion and luxury goods in the region by taking on Muriel Petit in the newly-created role of head of consumer products for Europe, the Middle East and Africa, according to a person familiar with the matter.

    She will...

  • The Europe’s chief negotiator has said the European Union’s “door is still open” to extend Brexit talks by up to two years, as he warns there has been “no significant areas of progress” in the latest round of talks. Link
    Financial News Fri 05 Jun 2020 14:45

    The Europe’s chief negotiator has said the European Union’s “door is still open” to extend Brexit talks by up to two years, as he warns there has been “no significant areas of progress” in the latest round of talks.

    Michel Barnier told the press today, after the close of the fourth round of virtual talks between the UK and EU on their relationship post-Brexit, that time was running out for the two sides to break the deadlock.

    “I...

  • Goldman Sachs will start moving London staff back to the office from 15 June, the latest move by a large investment bank to bring staff back to the office as the coronavirus infection rates begin to decline in the UK. Link
    Financial News Fri 05 Jun 2020 14:45

    Goldman Sachs will start moving London staff back to the office from 15 June, the latest move by a large investment bank to bring staff back to the office as the coronavirus infection rates begin to decline in the UK.

    Employees of the US banking giant will start a "gradual and careful return to office", a memo sent today by the head of its international business, Richard Gnodde, said. Goldman is likely to follow the phased approach it took in Asia, where around 25% of employees returned in the initial phase, according to a person familiar with the matter.

  • Before communicating, a company should do some internal soul searching, PR professionals say. @berengeresim reports: Link
    Financial News Fri 05 Jun 2020 13:00

    “Don’t make any more excuses. Don’t think this doesn’t affect you. Don’t sit back and be silent.”

    The white words flash across a black screen. A sombre piano plays in the background. Alongside the tweet, Nike says: “Let’s all be part of the change.”

    The killing of a 46-year-old black man, George Floyd, pinned beneath three police officers...

  • RT @berengeresim: I spoke to PRs and crisis comms experts on how companies should - and shouldn't - be communicating on the Black Lives Mat…
    Financial News Fri 05 Jun 2020 12:50
  • City figures and political heavyweights have slammed HSBC and Standard Chartered for their stance on controversial new national security laws in Hong Kong, saying it was a “worrying sign” the banks were more committed to Asia than their home country. Link
    Financial News Fri 05 Jun 2020 08:30

    Senior City figures and political heavyweights have slammed UK lenders HSBC and Standard Chartered for their stance on controversial new national security laws in Hong Kong, saying it was a “worrying sign” the banks were more committed to Asia than their home country.

    Both banks have come out in favour of Beijing on the new rules, which critics have said threaten the freedom of Hong Kong. HSBC and Standard Chartered both make a large proportion of their revenues in Asia — despite being headquartered in the UK, which has criticised the security laws — and City leaders have said the banks were simply avoiding ruffling feathers in the region.

  • An 800-pound gorilla of index exchange traded funds has just taken a seat at the increasingly crowded active management table. Via @barronsonline: Link
    Financial News Fri 05 Jun 2020 08:30

    An 800-pound gorilla of index exchange traded funds has just taken a seat at the increasingly crowded active management table.

    BlackRock, the parent of iShares, which has more than $1tn in ETFs, filed for four actively managed ETFs — three transparent and one non-transparent — with the Securities and Exchange Commission on 3 June after the market closed.

    On...

  • A former trader at Bank of New York Mellon who alerted authorities to the bank’s pattern of overcharging big clients on currency trades was awarded a $50m whistleblower payment on 4 June. Via @WSJ: Link
    Financial News Fri 05 Jun 2020 08:25

    A former trader at Bank of New York Mellon who alerted authorities to the bank’s pattern of overcharging big clients on currency trades was awarded a $50m whistleblower payment on 4 June.

    The award, the largest of its type made by the Securities and Exchange Commission, comes more than a decade after the trader, Grant Wilson, began assisting authorities with the currency trading investigations, according to a person familiar with the matter. The bank paid $714m in fines and other compensation in 2015 to resolve allegations...

  • Stress levels, fear of redundancy and concerns about work-life balance are ramping up across financial services, and one of the Big Four accounting firms is trying to tackle this head-on by using artificial intelligence and psychological analysis. Link
    Financial News Fri 05 Jun 2020 08:25

    Stress levels, fear of redundancy and concerns about balancing work, childcare and self-care are ramping up across financial services, and one of the Big Four accounting firms is trying to tackle this head-on by using the latest developments in artificial intelligence and psychological analysis.

    PwC UK has rolled out an AI wristband to its staff that monitors the wearer’s pulse, sleep and exercise patterns, and how they recover from heightened anxiety levels. Its aim is to understand how they are coping with stress during the...

  • RT @shrutitripathi6: HSBC and Standard Chartered slammed for Hong Kong stance - Financial News Link via @FinancialNews
    Financial News Fri 05 Jun 2020 08:25

    Senior City figures and political heavyweights have slammed UK lenders HSBC and Standard Chartered for their stance on controversial new national security laws in Hong Kong, saying it was a “worrying sign” the banks were more committed to Asia than their home country.

    Both banks have come out in favour of Beijing on the new rules, which critics have said threaten the freedom of Hong Kong. HSBC and Standard Chartered both make a large proportion of their revenues in Asia — despite being headquartered in the UK, which has criticised the security laws — and City leaders have said the banks were simply avoiding ruffling feathers in the region.

  • RT @davidricketts: Europe’s small funds shine after virus sparked worst investor exodus on record - Financial News Link
    Financial News Thu 04 Jun 2020 15:54

    A cohort of small fund groups overseeing just a fraction of the assets managed by their larger rivals have joined the ranks of the best-selling firms.

    Asset managers have endured a brutal few months since the onset of the global Covid-19 pandemic, with outflows in March the worst on record for UK and European funds with investors pulling billions from products. 

    Data...

  • RT @RyanJamesWeeks: Actions speak louder than words, activists tell finance execs Link via @FinancialNews
    Financial News Thu 04 Jun 2020 15:39

    A trio of diversity campaigners in the UK have urged business leaders to put their money where their mouth is by taking practical steps to tackle racial inequality.

    The killing of George Floyd, Ahmaud Arbery and Breonna Taylor, and the subsequent protests that have swept through the US have drawn an impassioned response from companies and their executives, with many promising to increase their efforts to combat racism.

    Larry...

  • RT @PennySukhraj: Actions speak louder than words, activists tell finance execs - Financial News Link via @FinancialNews
    Financial News Thu 04 Jun 2020 13:39

    A trio of diversity campaigners in the UK have urged business leaders to put their money where their mouth is by taking practical steps to tackle racial inequality.

    The killing of George Floyd, Ahmaud Arbery and Breonna Taylor, and the subsequent protests that have swept through the US have drawn an impassioned response from companies and their executives, with many promising to increase their efforts to combat racism.

    Larry...

  • Wall Street firm Evercore Partners will pay junior bankers not to work Link via @WSJ
    Financial News Thu 04 Jun 2020 13:39

    Evercore Partners Inc. is offering to pay incoming junior bankers up to $25,000 to delay starting their jobs during the coronavirus pandemic, according to external recruiters, a move that hasn’t been seen on Wall Street since the last financial crisis.

    Recent college graduates who were due to start at Evercore later this summer will get $15,000 if they defer their start date until January and $25,000 if they wait until next summer to join, said recruiters who are in touch with incoming employees. A spokesman for Evercore declined...

  • Actions speak louder than words, activists tell finance execs Link
    Financial News Thu 04 Jun 2020 13:34

    A trio of diversity campaigners in the UK have urged business leaders to put their money where their mouth is by taking practical steps to tackle racial inequality.

    The killing of George Floyd, Ahmaud Arbery and Breonna Taylor, and the subsequent protests that have swept through the US have drawn an impassioned response from companies and their executives, with many promising to increase their efforts to combat racism.

    Larry...

  • RT @PennySukhraj: Citi names new compliance chief in leadership overhaul - Financial News Link via @FinancialNews
    Financial News Thu 04 Jun 2020 13:14

    Citigroup has installed a new chief compliance officer and hired an industry veteran for a newly-created role, in the latest leadership changes at the US bank.

    It has named Mary McNiff, currently chief executive of Citibank N.A, as chief compliance officer, replacing company veteran Mark Carawan, who is retiring.

    Citi CEO Mike Corbat, who sent...

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