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Brexit is no big deal say London's top bankers - Dotemirates

Brexit is no big deal say London's top bankers

An anti-Brexit demonstrator waves flags outside the Houses of Parliament, in London, Britain, September 10, 2018. Hannah McKay LONDON — Leading bankers sought to downplay the immediate impact of Brexit on London's role as the hub of the financial services industry in Europe and on jobs.Addressing lawmakers on the influential Treasury Select Committee, they said the industry has in recent years dealt with bigger issues than Britain's looming exit from the European Union. And looking ahead, too, they said developments surrounding digitization will be more important.James Bardrick, the head of Citi UK and CEO of Citigroup Global Markets, said London...


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Business News

16 minute 42 second

Married men earn far more than any other American group

It's good to be a married man in America. That's because married men significantly out-earn single men as well as both married and single women, according to new research from the St. Louis Fed. For women, marriage offers only a small wage benefit, which disappears once women enter their late 50s and 60s, the report found. Unmarried men and women, meanwhile, enjoy similar annual earnings -- although they take home far less than married men. Of course, the big question is of the chicken-and-egg variety. Do married men earn more because they tied the knot, or did they get married...
27 minute 10 second

Indians’ faith in economy falters

Hyderabad: In what could make things difficult for the Narendra Modi government, a significant number of Indians have reportedly lost confidence in the economy, as it faces a twin onslaught by appreciating dollar and crude oil. According to a survey done by Pew Research Center, 56 per cent of respondents thought the economy was doing well this year compared to 83 per cent in 2017 — that’s a steep fall of 27 per cent. Among 27 countries surveyed by Pew, India has seen the steepest fall in the confidence followed by Tunisia (a fall of 11 per cent) and South...
35 minute 5 second

Feds charge 3 men after busting $364 million Ponzi scheme

BALTIMORE - Three men are facing charges in what federal prosecutors describe as a $364 million Ponzi scheme that entrapped more than 400 victims nationwide.U.S. Attorney Robert Hur announced at a news conference Wednesday that 53-year-old Kevin Merrill of Towson, 54-year-old Jay Ledford of Westlake, Texas, and Las Vegas, and 28-year-old Cameron Jezierski of Fort Worth, Texas, have been arrested and charged with conspiracy, wire fraud, identity theft and money laundering.The indictment alleges that Merrill and Ledford invited people to buy so-called consumer debt portfolios and falsely represented that they'd profit from debt payments and flipping portfolios. Prosecutors say "proceeds"...

40 minute 57 second

New York's top lawyer says many crypto exchanges lack 'fairness, integrity and security' — and it could harm consumers

 New York state Attorney General Barbara D. UnderwoodAP Photo/Hans Pennink, File Crypto exchanges are at risk of market manipulation, a New York Attorney General report released on Tuesday warns. Three major crypto trading platforms — Binance, Gate.io, and Kraken — were referred to the New York Department of Financial Services for possibly operating illegally in New York. The report comes as US regulators are stepping up oversight of the nascent crypto market. The fledgling cryptocurrency trading market is vulnerable to market manipulation and failing to provide basic consumer protections, according to a new report released on Tuesday by the New...
43 minute 45 second

JPMorgan has weighed in on one of the biggest debates tearing apart Wall Street, and it’s 'like an 800 pound gorilla wading in’

JPMorgan CEO Jamie Dimon REUTERS/Gary Cameron JPMorgan recently submitted a letter to the SEC outlining its position on the so-called transaction fee pilot — a controversial proposal to shake up stock trading in the US.  The proposal is supported by startup stock exchange IEX but opposed by legacy exchanges like the New York Stock Exchange and Nasdaq.  It's the first time that a big bank is weighing in on one of the biggest fights tearing Wall Street apart. JPMorgan, which is listed on NYSE, is surprisingly not taking the exchange's side in the debate.  A Wall Street giant is getting...
48 minute 56 second

C-Suite exits and investor unrest: Citigroup is undergoing its most significant changes in half a decade

Citi is undergoing some of the most seismic changes under CEO Michael Corbat's tenure.Lucy Nicholson/Reuters Citigroup has undergone a slew of changes over the past five months, including the departures of senior executives and restructurings within their business lines.  In aggregate, these are some of the most seismic changes to take place at Citi since Michael Corbat took the reins as CEO in 2012.  The changes come amid investor frustration over the pace of Citi's progress, as well as the arrival of activist ValueAct Capital.  But the bank has downplayed the significance of the changes, or their connection to pressure...