financial news this week
- Finance
1 year in: Our new Center for Sustainable Development takes stock
What a difference a year can make. After generating more than 130 public products within in its first 365 days—research…
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New FCA chair cannot be ‘another conflicted City insider’, Sunak told
Chancellor Rishi Sunak has been told he must appoint a “very different kind of chair” to run the Financial Conduct…
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Artificial intelligence trader dumps Facebook and bets big on oil
An asset manager whose stocks are picked by artificial intelligence dumped shares in Facebook this month, as it made massive bets on…
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Bosses call lawyers over FCA’s ‘drastic’ threat to visit bankers’ homes
City lawyers are questioning the legal basis of the Financial Conduct Authority’s threat to inspect finance executives’ home offices to…
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HSBC hires Pandit to head up sustainable bonds in Europe
HSBC has hired a new head of sustainable bonds for Europe and the Americas, as large investment banks increasingly jostle…
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How a New Orleans community land trust is providing permanently affordable housing and supporting Black entrepreneurs
The “Rebirth of 1800 St. Bernard” took place last year on a chilly December day by New Orleans standards. Attendees…
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Judge orders Lanistar to cough up unpaid salaries to former staff
An employment tribunal has awarded thousands of pounds in payments to former staff at Lanistar who were not paid salaries…
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Stocks Hit a Record as Investors See Progress Toward a Spending Deal
Wall Street likes what it’s hearing from Washington lately. The S&P 500 inched to a new high on Thursday, continuing…
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Finance bosses warn of more job moves as Brexit exodus ‘picks back up’
Around half of senior finance executives polled by Big Four accountancy EY expected Brexit to drive more jobs out of…
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WeWork set to trade publicly via Spac, two years after its IPO imploded
The shared-office company WeWork is set to trade publicly Thursday, 21 October, capping a journey to a listing that included…
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Trump plans Spac for social media firm
Former President Donald Trump unveiled a new digital-media venture 20 October and said it would go public by merging with a…
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Why it’s cannabis stocks’ time to shine
Alasdair Haynes is chief executive of Aquis Exchange The City is seeing a flurry of activity around the research, development,…
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Zopa gains unicorn status as SoftBank leads $300m funding round
British digital bank Zopa is now a billion-dollar company, gaining the coveted unicorn title after raising $300m from major Japanese technology…
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Peer rivalry drives youngsters to crypto and meme-stock craze
Youngsters are flocking to high-risk markets like cryptocurrencies because they see investing as a competition with their peers, new research suggests. Three…
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Bitcoin hit a record high and could go further still, analyst says
Bitcoin has risen above $66,000, recording a record high on 20 October, after ProShares Bitcoin Strategy ETF, the first bitcoin-linked…
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Goldman Sachs teams up with American Express to take on transaction banking rivals
Goldman Sachs has teamed up with American Express for a technology upgrade to its nascent transaction banking business, as the…
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Paul Tudor Jones says inflation could be worse than feared, biggest threat to markets and society
Paul Tudor Jones Michael Nagle | Bloomberg | Getty Images Billionaire hedge fund manager Paul Tudor Jones believes that inflation is here…
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Ex-FCA staff fear talent drain amid bonus cuts
Former staffers at the Financial Conduct Authority said more people could leave the regulator as it undergoes a major project to transform its culture.…
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Bundesbank president Jens Weidmann to leave before term in office ends
FRANKFURT—German Bundesbank President Jens Weidmann, a prominent critic of the European Central Bank’s easy-money policies as a member of the…
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Credit Suisse admits it defrauded investors to settle Mozambique charges
Credit Suisse Group AG agreed to pay $475m and forgive $200m Mozambique owes to investors in coordinated settlements with US and European…
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Audit regulator puts questions to firms on bullying, sexual harassment
The audit regulator is asking firms how many of their senior staff have been involved in complaints ranging from bullying…
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Ex-Goldman trader who jumped to crypto says Wall Street is catching on
Making the jump from Wall Street to bitcoin is easier said than done in 2021, but Kraken’s Juthica Chou took…
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Hungover City traders’ Friday bacon sandwich run among WFH casualties
The bacon sandwich run is a City of London ritual for hungover traders who stumble into the office late on…
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How a City fund manager’s idea to hire 100 Black interns spread to Goldman, Google and TikTok
Ami Ophelia-Brown submitted over 300 job applications during her final year at the University of Northampton, from where she graduated…
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Apollo sets $1tn asset target as battle with Blackstone heats up
Apollo Global Management said it expects its assets under management to double to about $1tn by 2026, setting up a race…
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Ex-Linklaters managing partner Gideon Moore on life after the Magic Circle
When Linklaters managing partner Gideon Moore recorded a video to the firm announcing his departure earlier this year, he ended by…
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The City is losing talent over menopause — time to end the stigma, culture of silence
A report into the impacts of menopause on the City is urging greater support of women, and an end to…
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Funding Fight Threatens Plan to Pump Billions Into Affordable Housing
A few years ago she was told that a voucher was about to become available, but that fell through, and…
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Mortgage originations will drop 33% in 2022 as interest rates rise, according to industry forecast
A worker carries lumber as he builds a new home in Petaluma, California. Getty Images Rising interest rates will result…
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HSBC execs become ‘Dragons’ in quest for ideas in Europe
HSBC is launching a ‘Dragon’s Den’-style competition for staff within its European investment bank to pitch new ideas for bolstering…
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Convicted Libor rigger Tom Hayes has appeal decision delayed again
The Criminal Cases Review Commission has again postponed the date at which it will decide whether to refer convicted Libor rigger…
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FCA chair Charles Randell resigns in shock move amid staff morale crisis
The chair of the Financial Conduct Authority has resigned, amid a period of turmoil at the UK’s markets regulator. Charles…
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Fund management chiefs say tech will drive change as pressure builds on ESG
Technology will be a key driver of change in the asset management industry over the coming years, according to senior executives,…
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Goldman gets approval for full ownership of key unit in China
Chinese regulators approved Goldman Sachs Group’s application to take full ownership of a key local unit, another step in China’s gradual opening…
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China’s Economy Continues to Slow, Rattled by Real Estate and Energy
BEIJING — Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased…
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Biden’s Plans Raise Questions About What U.S. Can or Cannot Afford to Do
WASHINGTON — As lawmakers debate how much to spend on President Biden’s sprawling domestic agenda, they are really arguing about…
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Jobless claims fall below 300,000 for the first time since the pandemic began
Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor…
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Conservative MP dies after stabbing at Essex constituency meeting
An attacker fatally stabbed a British lawmaker during a meeting Friday with constituents outside London. David Amess, a member of…
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If not now, when? Canadian firms should unleash $150 billion cash pile to spur economic growth
Breadcrumb Trail Links News FP Economy ‘This cash level is something that we haven’t seen in a generation’ Author of…
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Coinbase calls for a crypto regulator in full policy blueprint
WASHINGTON — The largest US cryptocurrency exchange wants Congress to block the Securities and Exchange Commission from overseeing the nascent…
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FCA staff slam bosses in leaked internal chats: ‘I’ve never worked in such an unhappy place’
Staff at the Financial Conduct Authority have blasted their bosses for decimating morale in a tense internal discussion on the watchdog’s plans…
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Morgan Stanley M&A fees nearly quadruple as deal bankers post record quarter
Morgan Stanley nearly quadrupled fees from M&A in the third quarter as the dealmaking boom pushed the Wall Street bank…
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Rising Rents Are Fueling Inflation, Posing Trouble for the Fed
The recovery in the New York area as a whole has been uneven as some families have moved to the…
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Former Canadian central banker pushes Cornwall Consensus after Washington Consensus dies
Breadcrumb Trail Links News FP Economy Governments ‘need to focus on shaping markets, as opposed to reacting to problems that…
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With only 194,000 jobs added, September’s jobs report disappoints
The Bureau of Labor Statistics’ September jobs report, released last week, showed a decrease of 0.4 percentage points in the…
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Freshfields introduces paid leave for pregnancy loss
Freshfields Bruckhaus Deringer has introduced a paid leave policy for UK staff and their partners who have been affected by…
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A roadmap to developing inclusive regional economic indicators
In 2020, Brookings Metro ran an Inclusive Economic Indicators Lab to help three regions—Indianapolis, Memphis, and Orlando—develop compelling and influential…
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Dechert’s Smridhi Gulati on why City lawyers need more female role models
In the latest in our series of profiles with leading lawyers in the City, Dechert corporate partner Smridhi Gulati discusses how she…
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Abrdn’s new CEO fights to stem investor flight: ‘The market is yet to be convinced’
Stephen Bird, the former Citigroup executive who replaced Keith Skeoch as CEO of Standard Life Aberdeen in September 2020, has…
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Ex-Jefferies, Octopus GC looks to shake up legal panel at Reach
The new general counsel of Daily Mirror and Daily Express-owner Reach has launched a review of the company’s legal advisers.…
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