The world’s richest 1% are on course to control as much as two-thirds of the world’s wealth by 2030, according to a shocking analysis that has lead to a cross-party call for action.
The world’s largest futures exchange, CME Group, has agreed to buy Michael Spencer’s Nex Group in a £3.9bn deal that will net the former Tory party treasurer £670m.
Life may have just got more exciting for the bosses of Barclays – and not in a good way. Last week the bank revealed that Edward Bramson – a US-based investor who admits that some people would describe him as “pond scum” – had notched up a 5.2% shareholding, making him Barclays’ fourth-biggest investor. The disclosure was required once Bramson passed the 5% mark.
Lloyd’s of London slumped to a £2bn loss last year, its first in six years, as the insurance market was hit by a series of major hurricanes and earthquakes.
The race to succeed Lloyd Blankfein as the chief executive of Goldman Sachs has narrowed to one candidate after the surprise departure of one of the US investment bank’s top executives.
The Bank of England has warned that bitcoin faces a regulatory crackdown, warning that “inherently risky” cryptocurrencies are failing to fulfil their most basic function as money.
Three-quarters of the staff and nearly all the senior managers at Royal Bank of Scotland’s new division, which supports struggling businesses, previously worked at its controversial Global Restructuring Group, which has been accused of pushing firms into bankruptcy.
Men working for Barclays’ international division got paid bonuses that were more than double those of their female colleagues last year, with far fewer women occupying senior roles.
Royal Bank of Scotland has agreed a $4.9bn (£3.6bn) penalty with the US Department of Justice to end an investigation into sales of financial products in the run-up to the financial crisis, clearing the way for the UK government to sell its 71% stake in the bank.
Climate change protesters have disrupted Barclays’ annual shareholder meeting on Tuesday and were forcibly removed during an often fractious event, where the chief executive, Jes Staley, was accused of being “irrevocably tarnished” by his attempt to unmask a whistleblower.
The National Crime Agency is launching a fresh probe into a multimillion-pound banking fraud at HBOS to decide if there should be a new, full-blown criminal investigation.