Banking
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Police crack down on illegal crypto mine in West Midlands raid
Police investigating what they thought was a cannabis farm instead uncovered a major cryptocurrency mining operation, which was illegally siphoning…
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Bitcoin is ‘impossible to shut down’, says Ark’s Cathie Wood
It is “impossible [for regulators] to shut [bitcoin] down” and regulators will become “a little more friendly over time” towards…
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Mortgage rates drop back below 3% — here’s how much Americans could save by refinancing
Benchmark mortgage rates again dropped below 3%, giving Americans yet another opportunity to refinance, and lock in historically low financing.…
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Jefferies fast-tracks junior bankers amid burnout and battle for talent
US investment bank Jefferies is promoting its juniors faster, in line with some of its Wall Street rivals, as the…
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Zopa tells staff to ‘work from wherever’ for the rest of 2021
Fintech lender Zopa has told its employees they can work from “wherever they choose” until the end of this year,…
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Wall Street banks get prosecutor requests for information about Archegos
Federal prosecutors in New York have requested information about Archegos Capital Management from banks across Wall Street, according to people…
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HSBC plans exit from US retail market
HSBC will stop serving mass-market individual customers and smaller businesses in the US, exiting the bulk of a retail business…
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US banking chiefs grilled over pay gap between execs and employees
WASHINGTON — The chief executives of the six largest US banks drew fire from both Republicans and Democrats at a…
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Nvidia sales hit a record again amid chip shortage, and the earnings outlook suggests more on the way
Nvidia Corp. broke several quarterly sales records and forecast revenue growth as much as $1 billion above Wall Street estimates…
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Bitcoin no longer ‘fringe asset’ — stock-market volatility rises after crypto’s ‘extreme’ moves, study says
Like it or not, stock-market traders need to keep an eye on bitcoin prices or risk getting whipsawed when the…
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Archegos wipes off $6bn from top banks’ stock trading units in first quarter
The implosion of family office Archegos Capital wiped off more than $6bn from the world’s largest investment banks’ equities business,…
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US banking chiefs to urge need for controls in cryptocurrency sector
The chief executives of major US banks including Citigroup and Bank of America have expressed their caution about cryptocurrencies in written…
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GAM joins rush to Asia growth with new Singapore office
GAM, the Swiss asset manager, has opened an office in Singapore, joining a growing list of foreign asset managers that…
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Watchdog orders crypto app Luno to halt ‘misleading’ London bus and Tube ads
The Advertising Standards Authority has ruled that advertisements for cryptocurrency exchange service Luno took advantage of consumers’ lack of experience. The…
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How to find your lost 401(k) and other retirement accounts
Between job changes, growing families, maybe even cross-country moves, losing access or forgetting about a retirement account is completely plausible.…
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Fed’s Evans says recent strong inflation readings are not the start of persistent move higher
The recent strong U.S. inflation readings are not the start of a steady move higher in consumer prices, Chicago Fed…
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Goldman Sachs scores deal to target Chinese wealth market
Goldman Sachs Asset Management is to establish a wealth management joint venture in China, making it the latest foreign investment…
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Crypto prices rebound as Musk mulls eco-friendly bitcoin mining
Tesla, MicroStrategy, Galaxy Digital and a number of other crypto-exposed businesses have joined forces to promote sustainable bitcoin mining, helping…
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UK should leverage Brexit to lead global crypto rules, says City lobby
Brexit poses a “valuable opportunity” for UK policymakers to get ahead of global rivals in regulating cryptoassets, according to a…
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Fed paying close attention to China digital yuan, Brainard says
The Federal Reserve is paying close attention to China’s progress in developing a digital currency, especially its use in international…
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Hedge funds look to ramp up crypto exposure as institutional interest grows
Nearly nine in 10 hedge funds are looking to up their investments in cryptocurrency before the end of the year,…
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Trainee brokers can no longer make cold calls at BofA’s Merrill Lynch
Bank of America’s Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an…
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HSBC has no plans to get into crypto, boss Noel Quinn says
HSBC is staying away from the cryptocurrency trading game, despite a number of its rivals planning to enter the space.…
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Here’s why bitcoin dipped — and what crypto bulls think about it
Bitcoin took a beating over the weekend as China stepped up its curbs on cryptocurrency trading, falling almost 50% from…
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Elon Musk Has Become Bitcoin’s Biggest Influencer, Like It or Not
The Tesla chief executive’s often-cryptic messages have sent bitcoin’s price on a roller-coaster ride this year. Prices soared nearly 20%…
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Tom Hayes to join corporate intelligence agency
Convicted Libor rigger Tom Hayes has joined corporate intelligence agency Red Mist. Hayes, who is awaiting a decision from the…
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Citigroup lays out plans for staff return to Canary Wharf
Citigroup will up the number of staff coming into its Canary Wharf headquarters from 21 June, on the back of…
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Why companies like crypto platform Coinbase are issuing a torrent of convertible bonds
Companies issued a torrent of convertible bonds since the pandemic hit, even before Coinbase Global Inc. brought out its own…
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Trading Places: UBS and Deutsche make waves
UBS hired a senior Credit Suisse dealmaker to bolster its new unit aimed at increasing collaboration between its wealth management and…
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Bitcoin’s value ‘entirely based on wishful thinking’, says Deutsche Bank
The value of bitcoin is “entirely based on wishful thinking”, Deutsche Bank has said in a note to clients, adding…
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Fed will launch a broad discussion of a digital dollar this summer, Powell says
The Federal Reserve will ramp up its exploration of a digital dollar later this summer, Federal Reserve Chairman Jerome Powell…
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Deutsche Bank poaches from Credit Suisse for new ECM chief
Deutsche Bank has poached a senior dealmaker from Credit Suisse to lead its equity capital markets business in Europe, as…
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Bond trading ‘cartel’ lands Nomura, UBS and UniCredit with €371m fine
A raft of investment banks have been hit with multimillion euro fines after the EU Commission found traders had operated…
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Investec pushes investment bank into Europe with Capitalmind stake
Mid-market focused investment bank Investec is expanding its dealmaking capabilities into continental Europe with a stake in boutique advisory firm…
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Former Deutsche Bank GC joins law firm Ashurst
Law firm Ashust has hired Deutsche Bank’s former general counsel Florian Drinhausen as a partner in its corporate team in Frankfurt.…
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How crypto bulls including Cathie Wood, Mark Cuban, and Elon Musk reacted to the flash crash
The value of bitcoin and most cryptocurrencies crashed on 19 May as the volume of investors piling in or rushing…
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Fidelity International, JPMorgan scramble to vaccinate India staff as nation reels from Covid
Fidelity International, the $706bn asset manager, is offering to pay for Covid vaccines for its more than 3,000 staff based…
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Citigroup names Pakcan as new emerging markets chief
Citigroup has named Ebru Pakcan as head of its emerging markets business in Europe, another step in its goal to having…
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Goldman Sachs takes $20m stake in London fintech ComplyAdvantage
Goldman Sachs has invested $20m in a London-based firm which uses artificial intelligence to track financial crime across networks for…
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UBS promotes Hutchings to lead private capital business in Europe
UBS has promoted a senior dealmaker to head up its private capital business in Europe. The Swiss bank has named Jason…
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Meet the top contenders for Jamie Dimon’s throne at JPMorgan
JPMorgan has fired the starting gun on a fresh race for Jamie Dimon’s successor as CEO with a leadership shake-up…
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Andrea Orcel slashes claim against Santander ahead of Madrid court hearing
Andrea Orcel has sharply reduced his claims against Banco Santander in relation to the Spanish bank’s decision to withdraw his…
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Bitcoin’s chances of topping $100k tumble as crypto bulls flee
The likelihood of bitcoin reaching $100,000 before the end of 2021 has narrowed on the back of a mass sell-off…
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UBS hires Credit Suisse’s Botteri for new financing unit
UBS has hired a senior Credit Suisse dealmaker to bolster its new unit aimed at increasing collaboration between its wealth…
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Litigation funder LCM backs £250m Carillion claim against KPMG
Litigation funder Litigation Capital Management has agreed to back a £250m claim against KPMG from creditors of collapsed outsourcer Carillion. LCM will…
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Deutsche Bank shakes up top of UK investment bank with Barclays hire
Deutsche Bank has shaken up the senior ranks of its UK investment bank, poaching a senior dealmaker from Barclays as…
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Bitcoin tanks below $40,000 mark as Tesla gains erased
The price of bitcoin has fallen almost 16% in the last 24 hours, as the largest cryptocurrency’s meteoric 2021 run…
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Summers says Fed officials only need to ‘walk outside’ to know they’ve got it wrong on jobs and easy policy
Former Treasury Secretary Larry Summers on Tuesday continued his criticism of the Federal Reserve’s easy policy stance, saying officials only…
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Banks promise billions to address effects of racial inequity
In an effort stemming from the murder of George Floyd and at the behest of a Connecticut state official, a…
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‘It’s going to be the Roaring ’20s’: City venues brace for return of revelling bankers
Soren Jessen, the boss of City restaurant 1 Lombard, speaks with the confidence befitting of his former profession — a banker. “We…
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