We are much clearer about HSBC’s future this morning after interim chief executive Noel Quinn unveiled the bank’s widely anticipated restructuring plan. Gone are the global ambitions and with it tens of thousands of jobs. HSBC will become a smaller, Asia-focused, commercial and retail lender. The investment bank will shrink significantly and resources in Read more…
ESMA asked the FCA to ensure that ICE Futures Europe and the London Metal Exchange fully comply with the bloc’s market transparency rules for commodity derivatives. It is a sensitive time for Britain as it embarks on talks with the bloc over a future trade deal. Britain is seeking future Read more…
The FCA has launched its probe into authorised corporate directors (ACDs) on the back of the Woodford scandal. Wealth Manager revealed in November that the body was understood to have paid visits to a number of ACDs as part of the investigation, though it declined to comment at the time. The FT reported that Smith Read more…
It’s reported that residential property developer Blackmore has missed a third interest payment deadline on its minibond, raising fears about the safety of more than 2,000 investors’ money. The company, which is understood to have raised more than £25 million from the retail market for the unregulated investment, again failed Read more…
Boutique research providers’ business models are coming under increasing pressure two years on from the introduction of EU markets rules, in what an industry association describes as an “existential threat” to the sector. Mifid II, which forced asset managers to split the cost of investment research from that of trading Read more…
So has the great global deregulation race begun? Maybe not so much a race and more a gentle walk, however there are some subtle signs of a move in this direction. Last week threw up four pieces of evidence that the US and Europe are poised to compete to ease Read more…
The FCA is using special powers to ban the marketing to retail investors of unregulated mini bonds, which lay behind a scandal that left 11,600 customers at risk of losing their savings. The FCA said in a statement on Tuesday that it was intervening to ban the products’ promotion from Read more…
The FCA has called on Brussels to offer more equivalence permits to smooth potential disruption to markets if the UK leaves the EU without a deal. At an event hosted by Bloomberg in London on Monday, Andrew Bailey called on his counterparts to guarantee that investors and banks will have Read more…
Hedge funds have taken record short positions in the debt and equity of Aston Martin, betting that the luxury carmaker will continue to struggle after one of the most disastrous stock market debuts of recent years. The carmaker has given investors a rough ride since it floated in October, with Read more…
Barclays cut the amount it set aside for bonuses by 23 per cent in the first half of the year as chief executive Jes Staley exerts a tighter grip on pay in a push to hit the bank’s profitability target. The UK-based bank put £456m towards bonuses in the first Read more…