Financial Services
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Square posts upbeat profits while also announcing $29 billion deal for Afterpay
Square Inc.’s surprise release of its quarterly earnings report Sunday was its second-biggest news of the night, behind the announcement…
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View: The Fed’s actions are speaking louder than its words
Even before it was revealed that US inflation had surged to 5.4% in June, concerns had been rising that the US…
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Goldman Sachs hikes junior banker pay to $110,000 as salary battle sweeps Wall Street
Goldman Sachs is raising salaries for junior bankers, following the vast majority of its main rivals as Wall Street’s focus on burnout…
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Top Credit Suisse investor backs board after scathing Archegos report
One of the largest shareholders in Credit Suisse has their reaffirmed support for senior executives at the Swiss lender, despite…
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Dow futures climb nearly 200 points to kick off August trade
U.S. stock futures advanced on Monday, as investors eyed progress on an infrastructure bill, merger activity and a sign that…
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Schroders CEO says he won’t chase M&A at any cost: ‘Culture is hard to get right’
The chief executive of Schroders says he’s not prepared to compromise on culture in order to strike a transformative fund…
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Square bags $29bn deal for Afterpay as fintechs fight banks in payments sector
Square has agreed to acquire Afterpay in an all-stock deal worth around $29bn, illustrating how financial technology companies are seeking scale to challenge…
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Should office returners be paid more? Goldman Sachs looks at the future of hybrid working
Firms could end up hiking pay for employees who have to come into the office every day, according to a Goldman…
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Fidelity pledges 45% of board roles to be held by women by 2024
Fidelity International pledged to bolster the number of women in senior roles across its business over the next three years…
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2-year and 10-year Treasurys in July book largest monthly yield drop since March of 2020
Treasury yields ended lower on Friday, with the 2- and 10-year rates notching their biggest one-month drops in over a…
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Binance rolls back European derivatives business
Binance, the world’s largest cryptocurrency exchange, will cease offering futures and derivatives products to investors in some European countries amid…
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Damning Archegos report slams ‘lackadaisical’ attitude to risk at Credit Suisse
Credit Suisse’s $5.5bn loss from the collapse of family office Archegos Capital was down to a “fundamental failure of management”…
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Lazard CEO Jacobs set for 12 star dealmaker hires amid record second quarter
Lazard is continuing to hire senior dealmakers amid an M&A boom that has pushed the independent investment bank to a record…
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Credit Suisse M&A fees slide by 34% amid dealmaker exodus
Credit Suisse’s M&A revenues tumbled by 34% in the second quarter as the Swiss bank battled to stem an exodus…
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Trading Places: Credit Suisse nabs Goldman risk boss; Barclays’ overhaul rages on
As Credit Suisse continues to reel from scandal, the bank tapped a Goldman Sachs executive as its next chief risk…
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Credit Suisse made deep cuts to risk team ahead of Archegos collapse
Credit Suisse had just a single senior risk manager in its US prime services division last year as the bank…
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Bank of America hires Goldman’s Malhotra in leverage finance leadership role
Bank of America re-hired a senior Goldman Sachs dealmaker to lead its leveraged finance origination business in Europe. Uday Malhotra…
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NatWest Swung to 2Q Pretax Profit, Resumes Dividend, to Launch GBP750 Mln Share Buyback — Update
By Sabela Ojea NatWest Group PLC on Friday reported a swing to a pretax profit ahead of market views for…
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BNP Paribas equities trading revenues double as push continues
BNP Paribas’ ongoing push into equities trading led to a record quarter for the unit, but its investment bank revenues still…
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Investors call for vote on companies’ climate change plans
A group of more than 50 asset managers is calling for companies to disclose details of their progress on tackling…
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Robinhood suffers stock price dip after hyped IPO
Robinhood, the trading app synonymous with hot stocks, got a cold reception from investors in its own stock-market debut. The investing…
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Gold rallies to a more than 6-week high after Fed policy update and weaker-than-expected U.S. economic data
Gold futures rallied on Thursday, buoyed by weaker-than-expected U.S. economic data, even as the Federal Reserve indicated Wednesday that the…
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Robinhood set to receive a lukewarm reception on Wall Street
Robinhood Markets Inc., which has disrupted Wall Street with its no-fee trading app, is set to receive a rather lukewarm…
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Treasury yields’ gains fade after U.S. GDP report, jobless claims
U.S. Treasury yields gave up some of their earlier rise on Thursday as fixed-income investors weighed a report on second-quarter…
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U.S. stock futures edge higher ahead of GDP report, Robinhood debut
A previous version incorrectly identified the housing-market indicator due for release. It’s pending-home sales. U.S. stock futures edged higher Thursday…
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Jupiter’s Bonham Carter on why he’s sceptical about Spacs
City fund management veteran Edward Bonham Carter has called into question the investor benefits of so-called special purpose acquisition companies,…
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View: Why quashing Tom Hayes’ Libor conviction could spell a new era for the City
Tom Hayes stands within a whisker of rewriting his role in one of the biggest scandals to grip financial markets…
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Robinhood prices IPO at bottom of range on tepid demand
Robinhood priced its initial public offering at $38 a share, at the low end of expectations, after the popular trading…
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Barclays unveils new M&A leaders in Europe as shake-up continues
Barclays named new leaders of its European mergers and acquisitions team in Europe, the latest shake-up at the UK lender’s…
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Barclays dealmakers post record quarter despite sharp fall in fixed income trading
Barclays investment bankers posted a record quarter despite a 40% slump in fixed income trading revenues as fees surged during…
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Ex-Lanistar staff allege bullying, sexism, and a ‘loser’s table’ for missing targets
Staff at celebrity-promoted fintech startup Lanistar were routinely sexually harassed and bullied over the past year, according to the accounts…
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Hire ‘poor, hungry kids’ instead of ‘entitled’ grads to solve banker talent crisis, Xavier Rolet says
Investment banks should hire “poor, hungry” graduates if they want to stave off a crisis among junior bankers, which are rebelling…
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Robinhood prices IPO at bottom of range, valuing trading app at $26.7 billion
Robinhood Markets Inc. priced its initial public offering at the bottom of its expected range Wednesday night, which still values…
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Morgan Stanley hikes junior banker salaries to $100,000
Morgan Stanley has raised base salaries for entry-level bankers to $100,000, leaving Goldman Sachs as the last remaining Wall Street bank…
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Can Robinhood thread the needle for a winning IPO?
Initial public offerings can be a little bit like politics: a decent outcome may be when everyone is only a…
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Treasury yields edge up as investors ready for Fed’s policy update
U.S. Treasury yields climbed modestly on Wednesday as investors await the most recent statement from the Federal Reserve, which could…
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Deutsche Bank doubles M&A fees as it sidesteps fixed income trading slump
Deutsche Bank dodged the second quarter fixed income trading slump, with revenues shrinking by 11% as fees from mergers and…
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‘Queen’s bank’ Coutts in bid to boost ethical credentials
The Queen’s bank is the latest lender to join the push towards ethical finance. Coutts has secured B Corp status,…
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Abrdn boss on why flexible working is here to stay: ‘We’ve proved remote work on a large scale can be effective’
The City is slowly stirring back to life, with the lifting of Covid restrictions in England on 19 July prompting…
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Why Amazon’s crypto bet isn’t about bitcoin — it’s about banks
Though blockchain has long been on its agenda, Amazon’s entry into digital currencies as the world’s largest online retailer has…
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Credit Suisse set to issue report on Archegos errors
Credit Suisse is likely to publish an investigation as soon as Thursday into the breakdown that led to massive losses from…
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Barclays 2Q Pretax Profit Rose Above Views, Pre-Pandemic Levels — Update
By Sabela Ojea Barclays PLC on Wednesday reported a significant rise in pretax profit for the second quarter, surpassing market…
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Nasdaq leads drop in stocks ahead of tech earnings, as major indexes pull back from records
U.S. stocks closed lower Tuesday, after a five day rally to record highs for the main indexes, ahead of quarterly…
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Feds sell one-of-a-kind Wu-Tang Clan album forfeited by ‘Pharma Bro’ Martin Shkreli
A one-of-a-kind Wu-Tang Clan album that had been owned by jailed pharmaceutical executive Martin Shkreli has been sold by the…
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Barclays names new capital markets leaders in latest shake-up
Barclays promoted a swathe of senior capital markets bankers as the UK lender continues to reshape the top of its…
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The collapse of Archegos shows how important it is to understand data
Extreme liquidity, combined with high levels of market volatility and high-tech valuations, can make a lethal cocktail. The collapse of…
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Standard Chartered scraps academic bar in bid to attract diverse apprentice pool
Standard Chartered is offering a route into a front line investment banking job for those from lower socioeconomic backgrounds by scrapping…
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Credit Suisse hires Goldman Sachs executive Wildermuth as new chief risk officer
Credit Suisse has tapped a Goldman Sachs executive as its next chief risk officer as the Swiss bank continues to…
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Revealed: The best-performing ESG funds you’ve never heard of
Asset managers are scrambling to launch funds to tap into growing investor demand for sustainable investments. At the same time,…
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Bankers now face compliance crackdown over Covid rule breaches
Compliance rules have always been a headache for City workers. During the pandemic, they are becoming a nightmare. Texts about…
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