National Front leader Marine Le Pen said French banks have refused to meet with her to discuss the possibility of financing her presidential campaign. All the other candidates have received funding from French banks, Le Pen said in an interview. “The fact that the banks won’t lend to us, playing a political role, poses a real problem for democracy,” she said. “It’s the banks who decide who can run and who can’t.”
Germany’s biggest bank launched a program late last year to monitor the online activity of university students to identify those who might be a good fit for the bank but would not apply through traditional channels such as on-campus recruitment drives. In the first two weeks of the initiative in late November, a special team at the bank identified 250 potential hires, who were then encouraged to take part in the bank’s UK graduate recruitment program.
Many investment banks continue to cling on to unprofitable businesses in the hope that things will improve. Despite unimaginable advances in IT and communications, they continue to employ tens of thousands of highly paid support staff in shiny offices in the heart of one of the most expensive cities in the world, and they duplicate billions of pounds on building their own IT systems that do the same thing as their arch rival across the road. Instead of focusing on how to preserve their existing business in the wake of Brexit, it’s perhaps time to think about how they could reinvent it.
Douglas Flint, the chairman of HSBC, says it is highly likely the bank will move in the region of 1,000 jobs to a base on continental Europe if Brexit negotiations fail to secure continuing passporting rights for the British financial sector. "Much of it would go to Paris because that’s where we’ve got the largest banking operation," he said.
A veteran legislator who wrote a law to curtail abusive stock-trading in Congress on Tuesday asked securities regulators to open an investigation into President-elect Donald Trump’s nominee to be secretary of Health and Human Services. The request to investigate Rep. Tom Price, a Georgia Republican, comes after WSJ reported last month that he made trades worth more than $300,000 in stocks of biomedical, pharmaceutical and health insurers while serving on the health subcommittee of the House Ways and Means Committee, sponsoring and advocating legislation that potentially could affect those companies’ stock.
Power is shifting in the market for junk-rated loans as non-banks take a bite out of Wall Street’s business. With trillions of dollars in capital hunting for fat yields in a low interest world, firms including KKR, Golub Capital Partners and Ares Capital Corp. can lend companies their own money to anchor a deal, and sell the rest of the debt the borrower is seeking to other investors. Banks, under pressure from regulators to take less risk with their own balance sheets, are struggling to compete.
Citigroup stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. A number of bank stock analysts have worked through broad tax proposals by Republicans and President-elect Donald Trump and estimate that a new tax law could increase Citigroup earnings per share only half as much as some rivals.
Porn Blocks In Iran Break The Internet Across The World (Independent)
Iran introduced blocks on pornography so aggressive that they broke the internet around the world. The country's censorship laws on adult websites are infamously stringent, and require access pornographic websites to be cut off. But last week the state internet provider did so not only for those in Iran but for people across the world – as far away as Russia and Hong Kong.