Reckless: JPMorgan boss ‘regrets’ saying bank will outlast Chinese Communist Party

JP Morgan boss Jamie Dimon has apologised after saying his Wall Street bank would outlast China’s Communist Party. The comments, made at a US event, sparked anger in China, with experts warning they could jeopardise the bank’s ambitions in the country. Mr Dimon said: “I regret and should not have made that comment,” in a statement issued on Wednesday. He added he was only to trying to “emphasise the strength” of the bank. Academics suggested the quick apology was aimed at containing the fallout. In August, JP Morgan won approval to become the first full foreign owner of a securities … Continue reading Reckless: JPMorgan boss ‘regrets’ saying bank will outlast Chinese Communist Party

Bank introduces four-day work week without cutting in pay

The online bank Atom Bank has introduced a four-day work week for its 430 staff without cutting their pay. Employees now work 34 hours over four days and get Monday or Friday off, when previously they clocked up 37.5 hours across the whole week. Boss Mark Mullen told the BBC it was inspired by the pandemic and would help improve wellbeing and retain staff. However, employees will have to work longer hours on the days that they are in. “Before Covid-19, the conventional wisdom was you had to commute in, sit at a desk all day and repeat that process … Continue reading Bank introduces four-day work week without cutting in pay

Barclays boss Jes Staley steps down over Epstein inquiry

Barclays chief executive Jes Staley has stepped down following an investigation into how he described his relationship with sex offender Jeffrey Epstein. The UK financial watchdog and the Bank of England have been investigating Mr Staley’s links to the dead financier. Barclays said it had been made aware of the conclusions of that probe on Friday and that Mr Staley would contest them. The bank said it and Mr Staley decided he should stand down but Barclays said it was “disappointed at this outcome”. A statement from Barclays said: “It should be noted that the investigation makes no findings that … Continue reading Barclays boss Jes Staley steps down over Epstein inquiry

HSBC reports 76% jump in third-quarter profit, plans $2 billion share buyback

HSBC building in the Canary Wharf district of London, U.K. HSBC said Monday its third-quarter reported pre-tax profit jumped 75.8% from a year to $5.4 billion in the third quarter, handily beating expectations. The bank said it released cash that was previously set aside in anticipation of bad loans, and that contributed to the improved earnings. HSBC added that all regions it operates in were profitable in the quarter. “We believe that the lows of recent quarters are behind us,” Noel Quinn, HSBC’s group chief executive, said in a statement accompanying the earnings release. Meanwhile, reported revenue for the third … Continue reading HSBC reports 76% jump in third-quarter profit, plans $2 billion share buyback

Expensive Tuna: Credit Suisse to pay $475 million to resolve Mozambican scandal charges

Credit Suisse Group AG will pay about $475 million to American and British authorities to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York, U.S. and UK agencies said on Tuesday. The settlement with the U.S. Securities and Exchange Commission (SEC), the Justice Department and Britain’s Financial Conduct Authority (FCA) is the latest blow for the scandal-plagued Swiss bank and was announced just minutes before Switzerland’s financial regulator reprimanded it for a long-running corporate espionage saga. The U.S. and British charges stem from nearly … Continue reading Expensive Tuna: Credit Suisse to pay $475 million to resolve Mozambican scandal charges

Dubai company ‘offer’ Barcelona €1.5bn to clear debt

A company from Dubai are reported to have offered to buy Barcelona’s debt for a whopping €1.5bn (£1.3bn), which could allow the Catalan giants more flexibility in upcoming transfer windows.FC Barcelona President, Joan Laporta Barcelona’s financial woes are no secret. They find themselves in over €1.3bn worth of debt which left them unable to re-sign Lionel Messi and has also forced them negotiate wage cuts with some of their top players to try and stop haemorrhaging money. There’s a long way to go before Barcelona can repay that debt, but their prayers may have been answered by a company from Dubai who … Continue reading Dubai company ‘offer’ Barcelona €1.5bn to clear debt

Bitcoin price jumps as El Salvador prepares to adopt the cryptocurrency as legal tender

President of El Salvador Nayib Bukele El Salvador is about to become the first country in the world to adopt bitcoin as legal tender. President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels. The price per bitcoin was last about $52,486, up 1.5% in the last 24 hours, according to Coinbase. From Tuesday, bitcoin will be used as legal tender in El Salvador alongside the US dollar. Bukele tweeted that the country’s … Continue reading Bitcoin price jumps as El Salvador prepares to adopt the cryptocurrency as legal tender

Goldman Sachs mandates vaccines for US staff and visitors

Goldman Sachs has made it compulsory for its staff to be fully vaccinated against coronavirus in order to work in its US offices. The investment bank said from 7 September all employees, along with clients and visitors, would need to be doubled jabbed to enter its buildings. Goldman said it would also introduce mandatory once-a-week testing from the same date for staff. Workers who are not fully vaccinated will be expected to work from home. Goldman told the BBC the policy was being introduced in the US, where workers returned the office in July, and not at its sites around … Continue reading Goldman Sachs mandates vaccines for US staff and visitors

Mastercard to end magnetic strip on cards

Mastercard is to stop issuing cards with a magnetic strip. By 2033, none of its debit or credit cards will have a strip, with banks in many regions including Europe able to issue the strip-less cards from 2024. The UK moved to chip-and-pin for all card payments in 2006, but in the US, some magnetic strip systems are still in use. Mastercard says chip-and-pin and new biometric cards that use fingerprints, offer greater security. The firm claims to be the first payment network to phase out the technology. A spokesperson told the BBC the level of global acceptance of chip-and-pin was … Continue reading Mastercard to end magnetic strip on cards

Fiscal Tragedy: Barcelona president Joan Laporta reveals club debt stands at £1.15bn

Barcelona president Joan Laporta has revealed the Spanish club is 1.35bn euros (£1.15bn) in debt, describing the situation as “very worrying”. The club’s wage bill currently accounts for 103% of total income. Laporta blames predecessor Josep Maria Bartomeu for the debt, accusing him of leaving a “terrible inheritance”. Extending Lionel Messi’s contract would have made the wage bill accountable for 110% of revenue, which La Liga refused to accept. Messi announced an emotional exit from the Nou Camp last week and signed for Paris Saint-Germain on a two-year contract. “Our salaries represent 103% of the club’s total income, that’s 20-25% more … Continue reading Fiscal Tragedy: Barcelona president Joan Laporta reveals club debt stands at £1.15bn

A billionaire banking dynasty is fighting over the patriarch’s will

A son of the late Joseph Safra, one of the world’s richest bankers who died in December at age 82, said he intends to challenge his disinheritance from his father’s will in a court proceeding in Switzerland.Joseph Safra Alberto Safra on Thursday asked a court in New York to let him pursue evidence in the U.S. for his challenge. He said his father, who had Parkinson’s disease when he died, lacked the mental acuity to execute three new wills in November and December 2019. “Mr. Safra was under no condition at that time to voluntarily and knowingly make changes to … Continue reading A billionaire banking dynasty is fighting over the patriarch’s will

Goldman Sachs raises banker pay after 95-hour week complaint

Goldman Sachs has increased its salaries for younger bankers following complaints of long working hours. It is understood that first-year investment bank analysts globally will get a pay rise this year to $110,000 (£80,000) from a previous $86,000. As first reported in the Financial Times, the pay increase does not include bonuses. Basic pay will rise to $125,000 in the second year. It comes as a top banker criticised recruits for being “entitled”. Xavier Rolet, who ran the London Stock Exchange for eight years, said the younger generation of bankers should stop complaining about long working hours or find another … Continue reading Goldman Sachs raises banker pay after 95-hour week complaint