HSBC: City market’s top firm turns to Asia and Middle East HSBC is setting its sights on Asia and the Middle East for further growth prospects after wielding the axe at parts of its European operations. A top boss at Britain’s most valuable bank – and top FTSE100 company by market cap – said both regions have “an enormous amount of capital” which was a significant [...]
FTSE bosses should be paid like top footballers, says ICAP founder Investing Bosses of London-listed firms should be paid like the best footballers without facing a backlash, Michael Spencer has argued. The founder of brokerage ICAP and former Conservative party Treasurer said that to attract top talent to run major companies, the UK needed to tackle the “political hot potato” of FTSE bosses’ pay. “We don’t mind [...]
HSBC plots $3bn cost savings in new chief’s restructuring Banking HSBC is reportedly hoping to realise at least $3bn of cost savings as part of its biggest restructuring in a decade under new chief executive Georges Elhedery. Europe’s biggest lender aims to complete its revamp by next June, Bloomberg News reported. The overhaul will see the London-based lender reorganise into four new divisions and split [...]
Former HSBC banker to lead Australian lender ANZ December 9, 2024 Australian bank ANZ has appointed former HSBC banker Nuno Matos as its next chief executive after he missed out on the same position at the London-based lender this summer. Matos is set to join the Melbourne-based bank in July 2025 and replace Shayne Elliott, who is retiring from ANZ after nine years at the helm. [...]
OakNorth boss says ‘wealth creators’ leaving UK over tax hikes December 9, 2024 The co-founder and chief executive of challenger bank OakNorth has warned that “wealth creators” are fleeing the UK over tax hikes as he accused the new government of falling short on entrepreneurship. Rishi Khosla, whose start-up bank has lent more than £10bn to businesses since launching in 2015, told City AM that “even when you [...]
New HSBC boss continues leadership reshuffle with more executives to depart December 5, 2024 HSBC has announced the departure of several senior executives in the latest leadership reshuffle overseen by its new chief executive. Georges Elhedery, who succeeded Noel Quinn in September, said the changes will help Europe’s biggest bank “better focus on the businesses where we have clear competitive advantage”. They are part of a sweeping restructuring of [...]
UK takes down multibillion-dollar Russian crypto laundering network December 4, 2024 The UK’s National Crime Agency (NCA) has smashed a multibillion-dollar Russian money laundering scheme which operated in Britain and had ties to the Kremlin. Investigators said on Wednesday that uncovering the Russian-speaking network, run out of London, Moscow and Dubai, marked the NCAs biggest money laundering case for a decade. The investigation was given the [...]
Lloyds boss says motor finance scandal poses threat to UK economy December 4, 2024 The chief executive of Lloyds Banking Group has warned that controversy over now-banned motor finance deals poses a threat to the UK economy. Speaking at the Financial Times’ Global Banking Summit on Wednesday, Charlie Nunn said a shock court ruling in October over ‘secret’ car loan commissions “creates an investability problem” for Britain’s wider consumer [...]
Barclays, Natwest and Revolut: Top bankers chew the fat at City summit December 3, 2024 Executives, investors and even royalty turned out for the first day of Financial Times’ annual Global Banking Summit in London on Tuesday.
Barclays boss insists Budget has been a ‘success’ despite gloomy forecasts December 3, 2024 The chief executive of Barclays has said Rachel Reeves’s tax-raising Budget has been a “success” so far, arguing it will likely boost economic growth in the longer term despite a raft of gloomy forecasts. Speaking at the Financial Times’ Global Banking Summit on Tuesday, CS “Venkat” Venkatakrishnan said markets for government debt suggested the Autumn [...]