Sector News - October 2013

Sector News - October 2013

Banking and Financial Services

Workplace stress is growing problem, reveals survey

The most recent annual absence survey carried out by the Chartered Institute of Personnel and Development / Simplyhealth has identified stress in the workplace as a growing problem just days after Barclays announced its head of global compliance, Sir Hector Sants, will take a leave of absence from the bank after being diagnosed with exhaustion and stress. Sir Hector is the second high-profile banking executive to be signed off work with the condition in recent years, after Lloyds Banking group’s chief Antonio Horta-Osario took a three-month break in 2011.

JP Morgan to settle charges in Whale trading scandal

JP Morgan Chase has agreed with the Commodity Futures Trading Commission (CFTC) to pay $100m to settle charges relating to the bank’s ‘London Whale’ trading scandal in which it recklessly used so-called manipulative devices, according to media reports. The latest fine follows last month’s pay-out of $920m in penalties to four US and British regulators to resolve the biggest civil probes of the bank’s $6.2bn

London set to become renminbi hub following groundbreaking deal

City institutions will be able to invest directly into Chinese stocks and bonds from London and Chinese investment banks are to be allowed to set up branches in Britain following a groundbreaking deal with Beijing that promises to make the City the world’s biggest renminbi trading hub outside of China. The deal will make London the first overseas territory from which investment can be made directly into China. Investors will have the right to buy up to RNB80bn (£8bn) of stocks, bonds and money market instruments. Currently all deals must be routed through Hong Kong.

Construction and Property

China to invest millions in Manchester’s airport city

Beijing Engineering Construction Group (BCEG) has agreed to pump millions of pounds into the £800m development of Manchester’s Airport City as part of a joint venture with Manchester Airports Group (MAG), UK construction group Carillion and the Greater Manchester Pension Fund. The development is expected

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