Bankers

City bosses say move would be economically disastrous, but union leaders urge likely new PM to ignore ‘vested interests’Battle lines are being drawn between City bosses and trade unions over a possible tax raid on UK banks to help fund Andy Burnham’s package for struggling households this winter.While bankers have warned the move would be “economic suicide”, union leaders have said Britain cannot afford to be “held hostage” by City lobbyists, given growing pressures to find money for defence and cost of living support. Continue reading...

• The Bank for International Settlements (BIS) issued a warning in its Annual Economic Report on June 28, 2026, regarding the financial risks associated with the AI boom. • Central bankers are specifically concerned about a "quiet shift" in how major AI companies are financing the construction and operation of massive data centers. • The watchdog warns that these funding methods could create systemic financial instability if the expected returns on AI investments fail to materialize.

• Central bankers are warning of a potential global financial crisis driven by a rapid expansion and an unsustainable "bubble" in the artificial intelligence sector. • Experts suggest that current updates to Large Language Models (LLMs) are providing diminishing marginal returns that do not justify their current market valuations. • This trend may trigger a significant shift in capital, with liquidity flowing out of AI and into alternative markets such as Bitcoin and other cryptocurrencies.

• Central bankers have warned that the current AI boom could trigger a global financial crash if "excessive" investments in the technology are reversed. • The report highlights risky financial cycles where chipmakers, such as Nvidia, provide loans to AI developers like OpenAI to purchase their own microchips. • This interdependence creates a potential systemic risk, as a failure in AI monetization could lead to a cascade of defaults across the tech sector.

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Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubs HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under chief executive Georges Elhedery.Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet. Continue reading...

Company says tool to compare self-reported hours with computer estimates is for ‘awareness, not enforcement’Business live – latest updatesJP Morgan Chase has started to compare the hours junior investment bankers claim to have worked against logs on its IT system.The US bank said it would begin issuing reports to junior bankers that compare computer-generated estimates of their work weeks against their self-reported time sheets as part of a pilot scheme. Continue reading...