Law firm partner to trek to Everest base camp

A PARTNER from one of Bolton’s biggest law firms is set to take on one of the most physical challenges in the world to raise money for Bolton Hospice where she is chairman.

Judith Bromley, partner in charge of the wills and probate department at Russell and Russell Solicitors, is heading to Nepal to complete a trek to Everest base camp.

Judith, and her fellow fundraiser Gabrielle MacDonald, will fly to Nepal to prepare for the 12 day trek on April 14.

Her mission is to raise funds to mark the 25th anniversary of Bolton Hospice, which has been providing free care for adults facing life-limiting illnesses since it opened its doors in 1992.

Starting her trek from the southern side of Everest, Judith will put her 12 months of training into practice to take on the epic 17,600 ft hike. From Kathmandu, she will take a short plane ride to Lukla to begin a two day walk to the village of Namche Bazaar where she will begin her altitude acclimatisation. From there, she will trek for another two days to reach Dingboche, stopping to acclimatise again before making a further two day hike which will take her to Everest base camp.

“I’ve walked for many years and have always enjoyed it, but there’s something about pushing yourself that really appeals to me”, said Judith. “I climbed Mount Kilimanjaro in aid of Bolton Hospice in 2015, which was such an amazing adventure it gave me an appetite to look for other challenges to help raise money. The walk to Everest base camp is going to be an experience of a lifetime and to be able to do it whilst raising funds for the Hospice is a fantastic opportunity.”

To contribute towards Judith’s quest, go to her just giving page at justgiving.com/fundraising/judith-bromley1.

Go to Source

UPDATE 2-Trump adviser from Wall St. backs U.S. bank breakup law

(Adds Breakingviews link)

WASHINGTON, April 6 (Reuters) – White House economic adviser Gary Cohn said he backed bringing back the Glass-Steagall Act, a Depression-era law that would revamp Wall Street banks by splitting their consumer-lending businesses from their investment arms.

The National Economic Council director, also a former Goldman Sachs president, expressed support to lawmakers for a banking system where firms would focus primarily on trading and underwriting securities or issuing loans.

Big banks have strongly opposed such a move that would fundamentally overhaul their business. Reinstating the law, which was repealed in 1999, has not attracted significant attention in Congress, but advocates in the White House and both parties now argue it would provide critical safeguards to prevent another financial crisis. Critics of that approach say it lacks nuance and would not have prevented the last financial meltdown.

The fact Cohn, widely viewed as one of Wall Street’s own, was willing to push that position spooked big banks’ representatives in Washington.

The White House confirmed Cohn’s remarks in a private meeting with lawmakers on Wednesday. A spokesperson said he was “simply discussing the President’s previously stated position” in favor of a “21st century Glass-Steagall.”

Cohn’s remarks were first reported by Bloomberg. https://bloom.bg/2nZK5n1

The Trump administration has indicated support for a return to Glass-Steagall. The White House has stuck by the idea since it was included in the Republican Party platform during the presidential campaign, and Treasury Secretary Steven Mnuchin expressed interest in a modernized version of the law.

When asked on Thursday when large financial institutions should begin to worry about Glass-Steagall becoming a reality, one industry representative said, “Right now.”

However, any legislation establishing such a firewall faces long odds in the current Congress. The heads of the House and Senate banking committees have indicated support for alternative approaches, and efforts to move Glass-Steagall legislation in prior years have garnered little support.

“A new Glass-Steagall would require legislation, and it simply isnt a priority issue in Congress,” wrote Ian Katz, a financial policy analyst for the research firm Capital Alpha Partners, in a note to clients.

In the meeting which was arranged by Senate Banking Committee Chairman Mike Crapo, Cohn was asked by Senator Elizabeth Warren about Glass-Steagall. Cohn responded favorably, noting that the Republican Party platform supports the idea, according to sources familiar with the meeting. The meeting included lawmakers from both parties and their staff.

Bringing back Glass Steagall would likely have a significant impact on banks like JPMorgan Chase & Co, Bank of America Corp and Citigroup that have large highly intertwined commercial lending and investment banking operations, say analysts.

It would impact Goldman Sachs Group Inc and Morgan Stanley to a lesser degree although, they would likely have to revert to being standalone investment banks and shed their deposit funding.

(Reporting by Pete Schroeder, Sarah N. Lynch and Olivia Oran; Editing by Chizu Nomiyama and Andrew Hay)

Go to Source

Fintech buying spree ahead? Banks on the prowl for fintech firms

Almost one in three banks and asset managers plan to buy a fintech firm in the next 18 months as firms prepare for an increasingly technology-focused future, a new survey showed.

Some 31 per cent of financial services firms surveyed have plans to buy another firm, while almost half said they were collaborating or partnering with innovative firms, according to the survey by law firm Simmons and Simmons.

More than 40 per cent of firms had set up internal business units to create a specific fintech product, with more than half investing in building their own systems in-house.

Read more: Here’s why fintech will make banks stronger

Banks and financial sector firms throughout their industries have woken up to the need to invest heavily in technology in front and back office operations.

Clients expect increasingly sophisticated digital offerings and services, while banks are making big bets on updating the underlying market infrastructure. JP Morgan revealed this week it spent $9.5bn (£7.6bn) on fintech during 2016.

However, hurdles to development remain. Regulatory risk stands as one of the main obstacles to absorbing a separate fintech firm, with 45 per cent citing it as one of the main concerns.

Read more: How banks are benefiting from fintech innovation

Meanwhile, cybersecurity is the most prominent risk for 71 per cent of firms surveyed – and particularly when opening up and integrating financial data to new firms.

Khasruz Zaman, M&A partner at Simmons & Simmons says: “Major financial institutions are increasingly looking at making fintech acquisitions as a way of accelerating the adoption of new technology and innovation in their businesses. We expect this to result in a significant increase in investment and M&A activity in the fintech sector over the coming years”.

“With this focus on acquisitions and investments, it is essential to adopt a streamlined process for executing transactions and to ensure that regulatory and reputational considerations – which could have an impact on the viability of a proposed transaction – are dealt with upfront.”

Go to Source

Trump adviser from Wall St. backs US bank breakup law

White House economic adviser Gary Cohn said he backed bringing back the Glass-Steagall Act, a Depression-era law that would revamp Wall Street banks by splitting their consumer-lending businesses from their investment arms.

The National Economic Council director, also a former Goldman Sachs president, expressed support to lawmakers for a banking system where firms would focus primarily on trading and underwriting securities or issuing loans.

Big banks have strongly opposed such a move that would fundamentally overhaul their business. Reinstating the law, which was repealed in 1999, has not attracted significant attention in Congress, but advocates in the White House and both parties now argue it would provide critical safeguards to prevent another financial crisis.

Critics of that approach say it lacks nuance and would not have prevented the last financial meltdown.

The fact Cohn, widely viewed as one of Wall Street’s own, was willing to push that position spooked big banks’ representatives in Washington.

The White House confirmed Cohn’s remarks in a private meeting with lawmakers on Wednesday. A spokesperson said he was “simply discussing the President’s previously stated position” in favor of a “21st century Glass-Steagall.”

Cohn’s remarks were first reported by Bloomberg.

The Trump administration has indicated support for a return to Glass-Steagall. The White House has stuck by the idea since it was included in the Republican Party platform during the presidential campaign, and Treasury Secretary Steven Mnuchin expressed interest in a modernized version of the law.

When asked on Thursday when large financial institutions should begin to worry about Glass-Steagall becoming a reality, one industry representative said, “Right now.”

However, any legislation establishing such a firewall faces long odds in the current Congress. The heads of the House and Senate banking committees have indicated support for alternative approaches, and efforts to move Glass-Steagall legislation in prior years have garnered little support.

“A new Glass-Steagall would require legislation, and it simply isn’t a priority issue in Congress,” wrote Ian Katz, a financial policy analyst for the research firm Capital Alpha Partners, in a note to clients.

In the meeting which was arranged by Senate Banking Committee Chairman Mike Crapo, Cohn was asked by Senator Elizabeth Warren about Glass-Steagall. Cohn responded favorably, noting that the Republican Party platform supports the idea, according to sources familiar with the meeting. The meeting included lawmakers from both parties and their staff.

Bringing back Glass Steagall would likely have a significant impact on banks like JPMorgan Chase & Co , Bank of America Corp  and Citigroup that have large highly intertwined commercial lending and investment banking operations, say analysts.

It would impact Goldman Sachs Group Inc and Morgan Stanley  to a lesser degree although, they would likely have to revert to being standalone investment banks and shed their deposit funding.

(Reporting by Pete Schroeder, Sarah N. Lynch and Olivia Oran; Editing by Chizu Nomiyama and Andrew Hay)

Go to Source

UPDATE 1-Trump adviser from Wall St. backs U.S. bank breakup law

(Updated to include White House confirmation of comments and additional sourcing)

WASHINGTON, April 6 (Reuters) – White House economic adviser Gary Cohn said he backed bringing back the Glass-Steagall Act, a Depression-era law that would revamp Wall Street banks by splitting their consumer-lending businesses from their investment arms.

The National Economic Council director, also a former Goldman Sachs president, expressed support to lawmakers for a banking system where firms would focus primarily on trading and underwriting securities or issuing loans.

Big banks have strongly opposed such a move that would fundamentally overhaul their business. Reinstating the law, which was repealed in 1999, has not attracted significant attention in Congress, but advocates in the White House and both parties now argue it would provide critical safeguards to prevent another financial crisis. Critics of that approach say it lacks nuance and would not have prevented the last financial meltdown.

The fact Cohn, widely viewed as one of Wall Street’s own, was willing to push that position spooked big banks’ representatives in Washington.

The White House confirmed Cohn’s remarks in a private meeting with lawmakers on Wednesday. A spokesperson said he was “simply discussing the President’s previously stated position” in favor of a “21st century Glass-Steagall.”

Cohn’s remarks were first reported by Bloomberg. https://bloom.bg/2nZK5n1

The Trump administration has indicated support for a return to Glass-Steagall. The White House has stuck by the idea since it was included in the Republican Party platform during the presidential campaign, and Treasury Secretary Steven Mnuchin expressed interest in a modernized version of the law.

When asked on Thursday when large financial institutions should begin to worry about Glass-Steagall becoming a reality, one industry representative said, “Right now.”

However, any legislation establishing such a firewall faces long odds in the current Congress. The heads of the House and Senate banking committees have indicated support for alternative approaches, and efforts to move Glass-Steagall legislation in prior years have garnered little support.

“A new Glass-Steagall would require legislation, and it simply isnt a priority issue in Congress,” wrote Ian Katz, a financial policy analyst for the research firm Capital Alpha Partners, in a note to clients.

In the meeting which was arranged by Senate Banking Committee Chairman Mike Crapo, Cohn was asked by Senator Elizabeth Warren about Glass-Steagall. Cohn responded favorably, noting that the Republican Party platform supports the idea, according to sources familiar with the meeting. The meeting included lawmakers from both parties and their staff.

Bringing back Glass Steagall would likely have a significant impact on banks like JPMorgan Chase & Co, Bank of America Corp and Citigroup that have large highly intertwined commercial lending and investment banking operations, say analysts.

It would impact Goldman Sachs Group Inc and Morgan Stanley to a lesser degree although, they would likely have to revert to being standalone investment banks and shed their deposit funding. (Reporting by Pete Schroeder, Sarah N. Lynch and Olivia Oran; Editing by Chizu Nomiyama and Andrew Hay)

Go to Source

New British law could be major boost in womens' fight to close gender pay gap

A new British law is coming into force that could provide a significant boost for those campaigning for more gender pay equality.

Thousands of UK employers are now obliged to record the figures for their workforce’s pay, showing the different pay rates for men and women. The government says the law is fair and could add billions to the economy. The first results must be published no later than next April.

Any employer with 250 staff or more will have to take part in the scheme, some 9000 companies employing more than 15 million people.

Currently British women earn on average 18.1% less than men doing the same work.

The hope is that by bringing the figures into the open companies will be pressured to make changes. A 2015 McKinsey report adds it is in their best interests as firms with equality and diversity are 15% more likely to have better results.

[embedded content]

However beyond the idea of equal pay is women getting any work at all, or getting positions of real power and influence. The few that do insist they will not be the last.

One woman who has reached the very top in her chosen field, Scottish First Minister Nicola Sturgeon, is convinced many others will follow her.

“When I took office as the first woman First Minister in Scotland, one of the things that really moved me at the time was the number of girls and women who contacted me to say how much it meant to them to see a woman in the most senior political role in the country, and that underlined for me the importance of two things: Firstly, the importance of making sure we have role models for girls to look to, but secondly underline the importance to me for women in positions of influence to genuinely lead by example,” she says.

Go to Source

Fastest 50 firms are quick off the blocks

The search is hotting up to find the region’s fastest growing privately-owned companies.

The Ward Hadaway Greater Manchester Fastest 50 2017 was launched last month and aims to identify and champion companies across Greater Manchester who have achieved the most impressive performances in growing their businesses.

Devised and organised by leading north law firm Ward Hadaway, and backed by Greater Manchester Business Week and the Manchester Evening News, the annual awards were started in 2014 and have already proved to be a resounding success.

Last month saw the start of the search to find the 2017 winners and compile the definitive list of the 50 privately-owned profit-making businesses which have seen the biggest annual growth rate in their turnover.

Independent researchers are currently in the middle of crunching the numbers to find the final 50, whose names will be published in A to Z format in Greater Manchester Business Week early next month.

Then on May 19 an awards ceremony will be held where honours will be handed out to the fastest-growing small, medium-sized and large businesses.

One of those three winners will then receive the ultimate accolade of being crowned Greater Manchester’s overall fastest growing business for 2017.

Paul Johnson, executive partner at Ward Hadaway’s Manchester office, said: “We are already well under way in the research process to compile the Ward Hadaway Greater Manchester Fastest 50 for 2017 and we are seeing some very interesting names in the initial reckoning.

“From what we have seen so far, I think we are in for a terrific Fastest 50 this year, which will demonstrate just how vibrant and healthy the region’s economy is and what a wide variety of successful businesses we have here.

“Previous Ward Hadaway Greater Manchester Fastest 50 Awards have shown the strength in depth, drive and determination to succeed, which make this such a great place to do business, and I think the 2017 edition will be no exception.

“We are looking forward to continuing the research process ready to reveal the final Fastest 50 for 2017 early next month.”

Ward Hadaway, which also has offices in Leeds and Newcastle, has itself enjoyed considerable growth in recent years.

The firm is one of the top 100 law practices in the UK and last year saw annual income rise by 7.2% to a record £35.8m.

Fastest 50 Greater Manchester logo

Jamie Martin, managing partner at Ward Hadaway, said: “As a firm, we have enjoyed considerable success in Greater Manchester, thanks to the backing of the region’s business community.

“As well as celebrating and championing business achievement, the Ward Hadaway Greater Manchester Fastest 50 is also a way for us as a firm to acknowledge the support we have received from the region and to demonstrate our continuing commitment to Greater Manchester and to growing our practice here.”

The Ward Hadaway Greater Manchester Fastest 50 is compiled by independent economic researchers using publicly available data from Companies House.

The data is then verified before the definitive Fastest 50 list is published in Greater Manchester Business Week.

Last year’s overall winners in the Ward Hadaway Greater Manchester Fastest 50 Awards were Manchester-based recruitment company Silven Recruitment, which also scooped the award for fastest growing small business.

Go to Source

White House’s Cohn backs return to Glass-Steagall law: report

Getty Images

White House economic adviser Gary Cohn

White House economic adviser Gary Cohn told lawmakers in a private meeting this week that he supports a policy to reshape Wall Street by returning to the Depression-era law separating commercial and investment banks, according to a report by Bloomberg News.

Cohn, an ex-Goldman Sachs Group investment banker, said he favored banking going back to the Glass-Steagall law that mandated firms, including Goldman

GS, +0.43%

 , focus on trading and underwriting securities, while companies such as Citigroup Inc

C, +0.50%

 focus on lending.

A return to Glass-Steagall was in the Republican party platform last year but analysts thought that the idea had lost favor among President Donald Trump’s top economic advisers.

After years of wrangling between investment and commercial banks, Glass Steagall was repealed in 1999, allowing Bank of America

BAC, +0.39%

  , Citigroup and J.P. Morgan & Co.

JPM, +0.34%

  expand into mega banks.

Read: Fed’s Tarullo says Volcker rule may be hurting trading

Brian Gardner, an analyst at Keefe, Bruyette & Woods, said he thought the odds were still against reinstatement of the law.

“We think congressional Republicans are unlikely to support reinstatement of the old law because they would view it as too high a price to pay for changes to Dodd-Frank,” he said.

Dodd-Frank, tightening banking laws, especially those impacting consumers, was enacted largely in reaction to the 2008-2009 financial crisis. The president, and some congressional Republicans, have regularly criticized the law.

Read: Trump Today: Dodd-Frank to get ‘major haircut,’ president says

Go to Source