LONDON, Sept 23 (Reuters) – Britain will scrap a cap on banker bonuses, its new finance minister said on Friday, pledging an ambitious deregulation of London’s financial industry to boost growth, but sparking fury from critics for helping the rich in an economic downturn. The cap limits bonuses to twice a banker’s basic salary, with […]
WASHINGTON (Reuters) – The heads of the nation’s largest banks faced pointed criticism on Thursday from Republicans complaining the firms are inappropriately taking liberal stances on social and cultural issues. Senator Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to stop “embracing a liberal ESG agenda that harms America,” as chief […]
WASHINGTON – The CEOs of the nation’s biggest banks appeared in front of Congress Wednesday and gave a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing. JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and other chief executives said the U.S. consumer is in good shape but faces threats […]
The Bank of England has raised interest rates from 1.75% to 2.25% – the highest level for 14 years – and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September but it now believes it will shrink by 0.1%. It is […]
The Bank of England raised interest rates by 0.5 percentage points on Thursday, holding out the prospect of a further big increase in November, as central banks across the world seek to bring inflation under control. The rise, to 2.25 per cent, the UK’s highest level since 2008, came as central banks around the world […]