Tulip Under Pressure

Tulip Under Pressure

UK City minister, Tulip Siddiqui, is coming under increasing pressure to explain her source of wealth or resign. The media is focusing on her two-bedroom flat in Kings Cross and how it was acquired as well as a mansion she rents in Hampstead. Siddiqui’s aunt, Sheikh Hasina and her Awami League Party were recently deposed in Bangladesh. They have since been accused of siphoning funds from the country’s banking system. As City minister, Siddiqui is responsible for the UK’s anti-corruption measures.

Concerns About US Audit Hour Disclosures

There is increasing pressure to ditch proposed new rules concerning audit disclosures. The rules, which have been approved by the Public Accounting Oversight Standards Board, will require audit firms to disclose the number of hours worked by auditors and the hours of training and years of experience of the audit teams. The rules still need to be approved by the Securities and Exchange Commission. There really is an obsession with quantity versus quality.

Banks Withdraw from Climate Alliance

Bank of America and Citigroup have joined Wells Fargo and Goldman Sachs in deciding to withdraw from the Net Zero Climate Alliance. This follows pressure from Republican politicians to move away from limiting lending to fossil fuel producers. Citi has stressed that it will continue to lend to emerging market producers of climate friendly technologies.

Record Trading Revenues

Banks are on course to beat records in terms of training revenues. It is estimated that $225 billion will be achieved, the highest figure since 2010. This number has been driven by volatility ahead of the US general election, an increase in capital markets activity and related derivative trades and increased securitization sales.