Kalyeena Makortoff
Kalyeena Makortoff
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Greensill made scramble for cash months before collapse, US court filings claim

Greensill made scramble for cash months before collapse, US court filings claim

Moves came as lender was trying to convince investors it was worthy of multibillion-dollar stock market debut, documents allege Banking correspondentMon 26 Apr 2021 07.00 EDTLast modified on Mon 26 Apr 2021 13.58 EDTAt the turn of the new year, just weeks after Capital was trying to convince investors it was worthy of a multibillion-dollar stock market debut, US court filings show its executives were engaging in “increasingly frantic conduct” as they scrambled for cash.Among them was Greensill’s vice-chairman, Roland Hartley-Urquhart, who court documents claim was chasing a large borrower...

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Kalyeena Makortoff
Apr 26
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Group of junior bankers at Goldman Sachs claim 'inhumane' work conditions

Group of junior bankers at Goldman Sachs claim 'inhumane' work conditions

First-year US analysts complete internal survey, describing ‘sleep deprivation’ and workplace ‘abuse’ Banking correspondentThu 18 Mar 2021 13.07 EDTLast modified on Thu 18 Mar 2021 17.31 EDTJunior bankers at say they are facing “inhumane” conditions at the investment bank, including 100-hour work weeks and “abuse” from colleagues which has severely affected their mental health.The responses from the poll participants – 13 investment banking analysts in the US – have shed light on the gruelling demands on first-year analysts, a cohort that features some of the brightest recruits hired...

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Kalyeena Makortoff
Mar 18
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Yorkshire Building Society first to bring back 95% mortgages

Yorkshire Building Society first to bring back 95% mortgages

Riskier product not available for newbuild houses or flats and follows budget offer to back part of the loans Banking correspondentMon 15 Mar 2021 20.01 EDTYorkshire Building Society will become the first lender to relaunch 95% mortgages in the mainstream market, nearly a year after the pandemic into withdrawing low-deposit home loans.However, the deal will only be available to first-time buyers and the society will apply strict conditions on lending, including ruling out flats and new-build homes.The recent budget brought news of a to encourage banks and building societies back into the...

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Kalyeena Makortoff
Mar 16
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HSBC tables company vote on phasing out financing of coal

HSBC tables company vote on phasing out financing of coal

Bank’s vote, binding if approved by 75% of shareholders, follows investor pressure to cut clients’ loans Wed 10 Mar 2021 23.00 ESTHSBC has bowed to investor pressure by ramping up its climate commitments and tabling a shareholder vote on plans to phase out coal financing by 2040.Fifteen pension and investment funds, led by the campaign group ShareAction, have agreed to ahead of HSBC’s annual general meeting on 28 May.The investor group – which included Europe’s largest asset manager, Amundi, and Man Group, one of the world’s biggest publicly-listed hedge funds – put pressure on the bank...

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Kalyeena Makortoff
Mar 11
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KPMG chair steps aside after telling staff to 'stop moaning' about pandemic

KPMG chair steps aside after telling staff to 'stop moaning' about pandemic

Bill Michael also advised staff in online meeting not to ‘play the victim card’ amid lockdowns Banking correspondentWed 10 Feb 2021 15.18 ESTLast modified on Wed 10 Feb 2021 16.14 ESTKPMG has confirmed that its chairman is stepping aside after the accounting giant launched an investigation into controversial comments he made to staff in a virtual meeting this week.Bill Michael, who took over as chairman in 2017, told staff on Monday to and the impact of lockdown on people’s lives, adding that they should stop “playing the victim card”.The online meeting was attended by around a third of the...

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Kalyeena Makortoff
Feb 10
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Black staff at Lloyds are paid 20% less than their peers, bank reveals

Black staff at Lloyds are paid 20% less than their peers, bank reveals

has revealed that its black staff are being paid nearly 20% less than their colleagues, as it became the first major UK bank to disclose its black pay gap.Britain’s biggest high street lender said the earnings gap was due to a lack of black staff in senior positions that come with larger salaries and bigger bonuses. Figures released as part of its wider race action plan showed the median pay gap between black staff and their colleagues was 19.7%, while the bonus gap stood at 37.6%.Black employees make up 1.5% of Lloyds staff, but only hold 0.6% of the top jobs at Lloyds. The bank pledged in...

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Kalyeena Makortoff
Dec 11
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Goldman Sachs reaches $2.9bn deal to settle US-led 1MDB inquiry

Goldman Sachs reaches $2.9bn deal to settle US-led 1MDB inquiry

Goldman Sachs has agreed to pay $2.9bn (£2.2bn) to settle a US-led investigation into its role in the .The settlement is expected to draw a line under a years-long saga that has cast a shadow over one of the most recognisable names on Wall Street. Goldman Sachs’ division also agreed to plead guilty to violating foreign bribery laws linked to the alleged looting of the country’s sovereign wealth fund, 1MDB.The settlement, which covers criminal fines, penalties and disgorgement, was part of a coordinated agreement between the bank and the US Department of Justice (DoJ) along with regulators...

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Kalyeena Makortoff
Oct 22
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Make climate risk reports mandatory for 480 FTSE firms, say investors

Make climate risk reports mandatory for 480 FTSE firms, say investors

An influential group of investors is urging UK regulators to make climate risk reporting mandatory for nearly 500 FTSE-listed firms.The Investment Association (IA), which represents 250 members with £8.5tn in assets, has thrown its weight behind calls for compulsory environmental disclosures, amid concerns that listed companies are not being transparent about how climate risks are influencing the way they invest and spend.While the number of FTSE 100 companies claiming they have implemented the (TCFD) framework has more than doubled in the past year, to 77, the IA said just 53% had...

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Kalyeena Makortoff
Oct 19
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Top asset owners commit to big carbon emissions cuts

Top asset owners commit to big carbon emissions cuts

Thirty of the world’s largest asset owners, with portfolios worth a combined $5tn (£3.8tn), have committed to cutting the carbon emissions linked to companies they invest in by up to 29% within the next four years.Members of the UN-backed Net-Zero Asset Owner Alliance – which includes Aviva, the Church of England and the $400bn US fund CalPERS – will each set decarbonisation targets for 2025 as part of wider efforts to align their portfolios with the and achieve net-zero emissions by 2050.Members will slash emissions linked to their portfolio companies by between 16% and 29%, compared with...

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Kalyeena Makortoff
Oct 13
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Credit Suisse apologises over black janitor act at chairman's party

Credit Suisse apologises over black janitor act at chairman's party

Bank’s former chief executive reportedly walked out of room during act at party last year Banking correspondentMon 5 Oct 2020 15.24 EDTLast modified on Mon 5 Oct 2020 16.01 EDTA leading investment bank has apologised for “any offence caused” after it was reported that its black former chief executive left his chairman’s birthday party when a black performer dressed as a janitor danced on stage.The New York Times that Tidjane Thiam, who ran Credit Suisse between 2015 and February this year, walked out of the room during the act at Urs Rohner’s 6oth birthday celebration.The Studio 54-themed...

theguardian.com
Kalyeena Makortoff
Oct 5
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