Yahoo Finance FTSE 100 Live: Silicon Valley Bank UK insolvency amid US collapse, blue-chip shares lowest since January
The UK economy grew by a better-than-expected 0.3% in January, figures from the Office for National Statistics showed today, but shares were down amid questions about the future of Silicon Valley Bank.
The improvement from December’s 0.5% decline was driven by 0.5% growth in the services sector, whereas the construction and manufacturing sectors both declined.
Meanwhile, the FTSE 100 index is more than 1% lower today as traders react to last night’s bank-led slump on Wall Street.
FTSE 100 Live Friday
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GDP outlook boosted by robust start to year
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‘We can’t make payroll’: scores of London tech firms in cash crisis amid Silicon Valley Bank collapse
18:20 , Simon Hunt
The UK startup ecosystem is under intense strain today after the collapse of Silicon Valley Bank has prevented scores of startups from accessing the cash to pay staff.
The Bank of England today announced the UK arm of Silicon Valley Bank was set to enter insolvency after the demise of its US parent yesterday afternoon.
The Bank said eligible depositors would only be paid out up to the protected limit of £85,000 or up to £170,000 for joint accounts, under the Financial Services Compensation Scheme, with the rest of the assets owned by SVB to be distributed by liquidators in due course.
The move means many tech firms with large deposits with SVB may be frozen out of their accounts, leaving them without access to the cash needed to fund employee payrolls.
Bank of England set to place Silicon Valley Bank UK into insolvency
00:59 , Daniel O'Boyle
The Bank of England aims to place Silicon Valley Bank UK into insolvency, hours after the bank’s US arm collapsed.
The US arm of the bank collapsed on Friday, having been shut down by California regulators.
However, the bank aimed to reassure UK customers that their funds were safe, noting that Silicon Valley Bank UK was a standalone independent banking institution and that its funds were ring-fenced from the wider group’s operations.
Some clients, though, remained concerned about holding their funds in Silicon Valley Bank UK, with a number of tech firms pouring cash that was once held by SVB into Revolut, Wise and other London fintechs instead.
Tech firms pour cash into Revolut and Wise amid Silicon Valley Bank demise
Friday 10 March 2023 18:29 , Simon Hunt
UK tech firms are pouring cash into Revolut, Wise and other London fintechs after scrambling to withdraw funds from Silicon Valley Bank amid fears they may lose access to their deposits, the Standard has learned.
Revolut said inbound volumes from Silicon Valley Bank were a staggering 16.6 times higher than normal yesterday, while today’s transfers could be higher still.
Silicon Valley Bank was today closed by California regulators after tech firms race to pull cash from the business. But the firm said its UK arm was ring-fenced from the parent and its other subsidiaries.
Number of US banking shares slip further after SVB collapse, but top banks rebound
Friday 10 March 2023 17:39 , Daniel O'Boyle
Shares in a number of US banks have declined further today, after a fall yesterday, amid the collapse of Silicon Valley Bank.
Shares in both Signature Bank and First Republic Bank are down more than 20%, while wealth management giant Charles Schwab’s shares slid almost 8%. Shares in Goldman Sachs were down by 2.6%.
However, some of the country’s biggest banks recovered, with shares in JPMorgan Chase, Bank of America and Citi all up.
Silicon Valley Bank collapses and enters receivership after tech firms pull funds
Friday 10 March 2023 17:11 , Simon Hunt
Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation after tech firms scrambled to withdraw funds from the business.
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023, the FDIC said.
In a statement the FDIC said: “As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.
“At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.”
FTSE 100 closes at lowest level since January
Friday 10 March 2023 16:38 , Daniel O'Boyle
The FTSE 100 closed at 7736 today, the lowest end-of-day figure since 25 January.
Shares plunged this morning, triggered by a collapse in US banking shares yesterday amid questions about Silicon Valley Bank, and failed to recover much of the losses as the day went on.
While the closing figure was the lowest in more than a month, the index of blue-chip companies narrowly avoided a two-month low thanks to a minor rally in the final hour of trading. At its lowest point, the index hit 7711.04.
Ocado was the biggest faller of the day, with shares down another 6.3%. Its shares have now falled by 37.5% in a little over a month.
Miners Endeavour and Fresnillo broke with the trend, as the only two companies on the index to see shares rise by more than 1%.
US stocks fail to recover from SVB-led decline
Friday 10 March 2023 16:12 , Daniel O'Boyle
US stocks have failed to recover from yesterday’s decline, with major indices trading around the levels they closed at yesterday.
The S&P 500 is down 0.1% to 3912.4, while the Dow Jones is up by 0.1% to 32291. The tech-focused Nasdaq composite is down 0.2% to 11312.
US shares slid yesterday after Silicon Valley Bank announced a $1.8 billion loss, prompting tech firms to scramble to withdraw their funds from the bank that has helped to fund a number of top tech startups.
SVB reassures UK customers it’s a standalone entity
Friday 10 March 2023 14:58 , Simon Hunt
Silicon Valley Bank sought to reassures UK clients todaty, confirming to clients, partners and external stakeholders its financial position as a standalone independent banking institution that is regulated and governed by the PRA in the UK.
The UK arm of SVB became a full-scale subsidiary in September last year. SVB UK is ring-fenced from the parent and its other subsidiaries, the company said.
There are growing fears among London-based fintechs are at risk from the company’s instability, with reports some tech firms have been unable to withdraw funds. Silicon Valley Bank has committed funds to scores of top London-based firms including fintech business Wise and property directory Zoopla.
Erin Platts, CEO and Head of EMEA, said “As a reminder, Silicon Valley Bank UK is a standalone entity with its own balance sheet and governance structure. SVB has supported investors and innovators for 40 years and we have been so humbled with the consistent drum of support coming from our UK investor and founder community in last few days. We appreciate that this is a concerning time for our clients so we are working tirelessly to support them and give more context.”
SVB shares halted amid rush to withdraw funds
Friday 10 March 2023 14:40 , Simon Hunt
Trading of shares in Silicon Valley Bank were halted as markets opened on Wall Street today as investors reeled at reports tech firms were scrambling to remove funds from the company.
The California-based bank yesterday said it was selling down securities to meet withdrawals and launched a $2.25 billion stock and convertible bond offering to shore up its balance sheet. The announcement sent its stock tumbling 60% last night. Its shares were down a further 63% in pre-market trading.
The news sent shockwaves around the banking sector, wiping tens of billions of dollars from the market caps of top US banks. The developments caused a similar flight from risk in the UK, with HSBC and Barclays the biggest casualties as their shares slumped 5% - off 32.4p to 588.7p and 8.1p to 155.4p.
Scores of venture capital investors, including billionaire PayPal founder Peter Thiel, have advised tech founders to withdraw funds as a matter of urgency in order to reduce their exposure to the risk of the bank’s demise. Others have warned against the repercussions of quick withdrawals.
Ava Labs President John Wu told Bloomberg: “This is a classic bank run, and when the bank run starts you don’t want to be the last guy there.”
Pound above $1.20 again
Friday 10 March 2023 14:16 , Daniel O'Boyle
The pound has risen by more than 1% and now buys slightly more than $1.20, following yet another month of stronger-than-expected US jobs figures.
The pound fell below $1.20 last month and his a new low for the year this week at £1.18 after Federal Reserve chair Jerome Powell suggested the Fed would raise rates higher than it had previously expected.
However, after a strong morning for the pound after GDP figures were announced, US jobs data this afternoon prompted a fall in the dollar against all major currencies.
The annus horribilis for City fund managers
Friday 10 March 2023 14:07 , Daniel O'Boyle
Last year is widely regarded as one of the worst years for investment returns. The classic 60/40 portfolio in which 60% is invested in stocks and 40% in bonds, recorded its worst year since 1937. Active fund managers generally had a poor year particularly in Europe where S&P Global recently found just 11% outperformed over the last year (US funds did much better).
With much of the world’s asset management industry located in London, SCM Direct decided to analyse the main share class of the Investment Management (IA) denominated UK based retail funds, comparing their performance against their benchmark. A huge data exercise - though not compared to the size of Matt Hancock’s WhatsApp messages it would appear.
More fed rate hikes could be on the cards after another strong US jobs report
Friday 10 March 2023 13:47 , Daniel O'Boyle
The US job market still isn’t showing many signs of slowing, as the country added another 311,000 jobs in February.
While the total was down from January’s surprising 517,000, it was still ahead of expectations.
The news may encourage the Federal Reserve to raise interest rates higher again.
“Investors will interpret today’s strong jobs report as a sign that the Fed is likely to continue to tighten monetary policy in the months ahead,” Richard Flynn, managing director at Charles Schwab UK, said. “Over the past year, the Fed has been raising interest rates in order to control inflation.
“Yet this strategy risks reducing demand substantially, creating both a weaker growth rate and weaker labour market. To some extent, officials want to see this weakening occur. Until jobs reports reflect reduced demand within the economy, officials are likely to decide that the inflation rate is running hot and needs to be cooled further.”
Baby food maker Ella’s Kitchen cooks up 18% revenue rise
Friday 10 March 2023 13:41 , Joanna Hodgson
Ella’s Kitchen has boosted its market share in the baby food sector and notched up sales growth despite challenging conditions, newly filed accounts show.
The company makes organic meals for infants such as lamb tagine and cottage pie, as well as puddings.
Chief executive Mark Cuddigan said: “Against the backdrop of economic uncertainty, the Ella’s Kitchen team has once again delivered a set of outstanding results.”
Construction work slips to 11-month low despite wider GDP growth
Friday 10 March 2023 11:27 , Daniel O'Boyle
The construction sector had its worst month in almost a year, as “economic uncertainty” and bad weather led to the biggest drop in new projects since the covid-19 pandemic hit.
The decline came despite GDP figures showing the UK economy as a whole grew by a better-than-expected 0.3% in January, and comes days after a survey revealed contractors were struggling to fill 2023 order books.
Construction output dropped by 1.7% in January, its biggest decline since June, while the total value of building work came to £14.84 billion, the lowest since February 2022.
New project output fell by 4%, the sharpest decrease since Covid-19 put work on hold in March 2020, with new infrastructure especially hard-hit.
London mortgage holders more exposed as FCA calls on lenders to provide support
Friday 10 March 2023 11:09 , Michael Hunter
The main City watchdog called today for mortgage lenders to do more to help struggling borrowers as it warned that hundreds of thousands of households were on the brink of financial difficulty, with stretched finances more likely in London and the south east.
The Financial Conduct Authority said over 350,000 more mortgage holders could face difficulties in keeping up with payments by the end of June as it issued new data on the UK mortgage market. That is in addition to the 200,000 people already in “payment shortfall”.
With house prices higher in the capital and the surrounding areas, Londoners are more likely to have to reduce spending or use savings to meet their mortgage commitments. Borrowers aged between 18 and 34 are also probably more exposed.
The FCA said it “expects firms to support borrowers in financial difficulty,” and has guidance om measure including “extending the term of their mortgage or making reduced monthly payments for a temporary period.”
Lenders supported over 2 million customers over the last year, via budgeting tools, access to debt advice, and tailored mortgage forbearance.
City Comment
Friday 10 March 2023 11:08 , Simon English
The week started with moans that London is losing out on the latest tech boom. That its financial markets are dowdy and unappealing.
By today, investors were calling for a government bailout of at least one US tech giant — the Silicon Valley Bank— in order to prevent another banking crisis.
Inbetween, supposed tech darling WANdisco went from hero to zero in about 24 hours.
When it said it would seek a US stock market listing this was seen as yet another sign of London losing to New York. Then it revealed it had uncovered “significant, sophisticated and potentially fraudulent irregularities” that puts its entire future in doubt.
New York is welcome to it.
Over in Silicon Valley, a place we’re supposed to be jealously in awe of, Silicon Valley Bank shares plunged 60% as investors suddenly decided to withdraw money.
In fear and panic, America’s top banks including JP Morgan, the world’s biggest lender, lost $50 billion in market value.
That’s what we’re supposed to be copying by loosening our regulations?
Every time the City chases the latest fad two things happen. First, it doesn’t work. Second, that it didn’t work turns out to be a great relief.
London’s stricter rules for firms listing on the stock market are a good thing, a strength. We have them for a reason and they mostly serve us well. It would be better if London saw itself as a club with strong entry requirements rather than a cold caller trying to sell timeshares to reluctant investors.
The City has been the leading centre of finance for centuries. Others will come and go.
Transport giant FirstGroup on track to beat profit guidance
Friday 10 March 2023 11:08 , Daniel O'Boyle
South Western Rail, GWR and Avanti owner FirstGroup expects to beat its profit guidance for 2022-23, thanks mostly to an increase in bus passengers.
The transport giant said that First Bus passenger volumes have increased to 83% of 2020 equivalent levels, partially resulted from the £2 bus fare cap scheme introduced in England in January 2023.
As a result, the group said its profit for the year will now beat previous expectations of £137.4 million.
“I am pleased by the Group’s progress in the second half of our 2023 financial year, which has been driven by increased passenger volumes and improved operational performance in bus and stronger than anticipated demand for our open access operations in rail,” CEO Graham Sutherland said.
CMA ramps up Google probe by combining two investigations into one
Friday 10 March 2023 11:03 , Simon Hunt
The UK competition watchdog has ramped up its probe into Google by combining two separate investigations over alleged anticompetitive practices into one.
A probe into whether Google might have abused a dominant position through its conduct in advertising tech, launched in May last year, is to be merged into another into its practices in header bidding -- the process of auctioning on advertising exchanges.
In a statement the CMA said: “Due to the interrelationship of the facts and conduct in the 2 investigations, the CMA has taken the decision to combine them.”
Banking stocks reel as FTSE 100 slides 2%
Friday 10 March 2023 10:25 , Graeme Evans
London banking stocks have fallen by as much as 5% and the FTSE 100 index is down 2% after tech lender Silicon Valley Bank sparked heavy selling on Wall Street last night.
The S&P 500 banking index slumped 6.6% and the top four US lenders together lost more than $50 billion as the California-based bank highlighted the strain from continued higher interest rates and elevated levels of cash burn among its customers.
It sold down securities to meet withdrawals and launched a $2.25 billion stock and convertible bond offering to shore up its balance sheet, moves that prompted a 60% slide for its shares last night.
The developments caused a similar flight from risk in the UK, with HSBC and Barclays the biggest casualties as their shares slumped 5% - off 32.4p to 588.7p and 8.1p to 155.4p.
UBS Global Wealth Management said the events reinforced its cautious stance on US financials due to concerns over funding costs. However it does not see it as a systematic issue, with no stress evident in interbank funding markets.
UBS added: “The knee-jerk reaction in the market to this risk event looks overdone, in our view. But rising costs of deposits and possible deposit withdrawals are likely to pressure sector earnings.”
Other stocks sharply lower today included Lloyds Banking Group with a fall of 1.8p to 49.65p, while Prudential gave up 4% or 53.5p to 1226p. Only five defensive-focused stocks made the risers board as the FTSE 100 index retreated 150.43 points to 7729.55.
The FTSE 250 index also tumbled 2%, down 387.63 points to 19,305.27, led by tech investor Molten Ventures as the Cazoo and Trustpilot backer slumped 12% or 45p to 322p.
FirstGroup shares bucked the trend, rising 1.8p to 107.9p, after lifting profits guidance on the back of a strong recovery in bus passenger numbers.
BP boss awarded £10m pay deal
Friday 10 March 2023 09:55 , Graeme Evans
Further signs emerged today of big oil bosses cashing in on the surge in energy prices after the CEO of BP was awarded over £10 million in pay.
Bernard Looney’s remuneration is 172 times the median pay at the company, its annual report showed. It comprised a salary of £1.4 million, a short-term bonus of £2.4 million and a long-term award of £6 million.
Looney, who has been CEO since July 2020, has racked up 8.7 million shares, options and share interests since taking on the job, which are worth a combined £47.7 million at today’s prices if they are all awarded in due course.
It comes just a day after Shell came under fire after it revealed its outgoing CEO Ben van Beurden was in line for a payout of up to £21 million.
BP said the bonus “is based on performance against annual measures and targets set at the start of the year” and reflects “the unique characteristics of the energy sector”.
Billionaires weigh in on Silicon Valley Bank crisis as tech firms scramble to withdraw funds
Friday 10 March 2023 09:31 , Simon Hunt
The tech world’s best-known billionaire investors have weighed in on the crisis at Silicon Valley Bank amid reports tech firms are scrambling to withdraw funds from the business.
Peter Thiel, co-founder of Palantir and PayPal, has reportedly advised business to withdraw their money from SVB at the earliest opportunity, despite the bank urging calm.
Billionaire CEO of Pershing Square, Bill Ackman, has called for a government bailout of the firm, warning its collapse could “destroy an important long-term driver of the economy.”
The failure of @SVB_Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash. If private capital can’t provide a solution, a highly dilutive gov’t preferred bailout should be considered.
— Bill Ackman (@BillAckman) March 10, 2023
Shares in Silicon Valley Bank crashed 60% yesterday amid reports the firm was struggling through a cash crisis. SVB launched a stock offering of around $2 billion to strengthen its balance sheet.
GDP outlook boosted by robust start to year
Friday 10 March 2023 09:00 , Graeme Evans
One-off factors continue to make reading the UK economy difficult, with today’s growth rate of 0.3% in January offset by areas of weakness such as in construction after a fall of 1.7%.
The overall performance, however, means there’s an increased chance that UK growth could come in flat or only slightly negative in the first quarter.
ING economist James Smith said: “That means there’s a growing possibility that the UK avoids a technical recession altogether – although it’s a fairly moot point, given that even if it does happen, the depth of a recession would probably only be in the order of a few tenths of a percentage point.”
Amigo short of friends as lender says it hasn’t raised enough equity
Friday 10 March 2023 08:58 , Simon Hunt
Shares in Amigo Loans fell another 5% this morning after the beleaguered lender said it had been unable to raise enough capital to begin trading under a scheme agreed with the financial regulator.
The firm said it had indications of interest in equity capital subscriptions to fund £21 million, substantially short of the £45 million it needed.
In a statement Amigo said: “In the light of the indications of interest received and investor feedback, Amigo is exploring modifying its business plan to reduce working capital requirements by up to £3m; and whether a potential new scheme, to eliminate the £15m capital commitment to Scheme creditors, is likely to succeed.”
Last month the Financial Conduct Authority said it let Amigo off a £73 million fine for failing to carry out proper affordability checks on customers, because the regulator didn’t think it would have enough money to pay the fine.
Shares in AIM-listed Versarien plummet as CEO exits
Friday 10 March 2023 08:33 , Daniel O'Boyle
Shares in Versarien, which makes high-tech sportswear among other materials, have plummeted by more than 40% as its CEO exits one month after announcing delays in its path to getting its products on the market.
Neill Ricketts resigned as Versarien’s boss, having led the business since 2011.
A further leadership shake-up could be on the way, as the Versarien board added that they are also “considering the appropriate longer-term management structure of the company”.
Last month, the business announced delays in the timeline for commercialisation of its products.
Once trading at 187p, Versarien shares now trade at 2.35p, after a 40% fall today.
Friday 10 March 2023 08:13 , Graeme Evans
London’s FTSE 100 index is 1.4% or 109.87 points lower at 7770.11 as traders react to last night’s bank-led sell-off on Wall Street.
The US slide, which saw the likes of Bank of America and Wells Fargo lose 6% of their value, came after Silicon Valley Bank announced a major share sale to shore up its finances. The California-based company funds a large number of major fintechs in the US and UK.
UK lenders were lower in early trading, with Lloyds Banking Group down 4% or 2p to 49.4p and NatWest off 5% or 13.4p to 279.9p.
Other stocks under pressure today included British Airways owner IAG, which fell 5p to 148.3p, and Rolls-Royce as the engine maker’s recent rally came to a halt with a decline of 5.6p to 152.5p.
Recruiting veteran Robert Walters retires
Friday 10 March 2023 07:58 , Daniel O'Boyle
Recruitment sector veteran Robert Walters has retired after 38 years in charge of the business that carries his name.
He founded the Robert Walters business - which recruits staff for top City roles - in 1985, growing it to a business that exceeded £1 billion in revenue last year, as announced in its results published today.
Walters will leave the business on 27 April, to be replaced by Toby Fowlston, who currently heads up the company’s recruitment operations in both the UK and Asia Pacific.
“It's been an honour and privilege to have led the Group over the last 38 years, but the Group wouldn't be what it is today without the dedication and commitment of all our employees past and present and I would like to take this opportunity to thank each and every one of them for their contribution,” Walter said.
“To have such a worthy successor in place in Toby - who has been with the Group since joining as a consultant in 1999 - is a true testament to the Group's ability to grow our future leaders from within and is hopefully an inspiration to all our employees across the globe.”
FTSE 100 set for big fall after Wall Street volatility
Friday 10 March 2023 07:45 , Graeme Evans
The FTSE 100 index is expected to open more than 1% lower today as traders react to last night’s slump for Wall Street banking stocks.
The US sell-off came after SVB Financial, a major Silicon Valley-focused lender, launched a stock offering of around $2 billion to strengthen its balance sheet.
The move led to jitters across the sector as shares in Bank of America, JP Morgan Chase and Wells Fargo fell by more than 5%.
Uncertainty over the interest rates outlook added of this afternoon’s monthly non-farm payrolls report also fuelled the risk averse session as the S&P 500 index slumped almost 2%.
The FTSE 100 index lost 0.6% yesterday and is forecast by IG to open 111.3 points or 1.4% lower at 7768 this morning.
Berkeley says house prices ‘firm’ but ‘volatility in market’ means it will keep ‘cautious approach'
Friday 10 March 2023 07:34 , Michael Hunter
Berkeley, the London-focused housebuider, has said house prices stayed ‘firm’ and above the levels in its business plan, in the aftermath of September’s mini-Budget, reflecting the “underlying demand” for quality homes in the capital and the south east.
In a trading update that covered November last year to the end of February, Berkeley said trading was in line with its guidance issued in December, which identified a sales drop of a quarter since the end of September.
The builder of the Broadway East development in Bethnal Green and Camden Goods Yard added that overall pricing from November “remained firm and “above business plan levels” and pointed to “early signs” of moderating building cost inflation.
“Whilst the prevailing volatility in the market persists, Berkeley will continue to match supply to demand, adopting a cautious approach to releasing new phases to the market as we focus on the quality of our forward sales,” it said.
GDP up by 0.3% in January
Friday 10 March 2023 07:17 , Daniel O'Boyle
The UK economy grew by a 0.3% in January, according to the Office for National Statistics, exceeding City expectations.
ONS Director of Economic Statistics Darren Morgan said the return of school and Premier League football were among the factors contributing to the growth.
“The economy partially bounced back from the large fall seen in December,” he said. “Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth.
“The main drivers of January’s growth were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month. Postal services also partially recovered from the effects of December’s strikes.
However, the construction sector did not perform so well.
“These were somewhat offset by a notable drop in construction with a slowdown in infrastructure projects and housebuilding having another poor month, partly due to heavy rainfall,” Morgan said.
Silicon Valley Bank shares crash amid reports of cash crisis
Friday 10 March 2023 07:10 , Simon Hunt
Shares in Silicon Valley Bank tumbled over 60% yesterday amid reports the firm was struggling through a severe cash crisis.
SVB launched a stock offering of around $2 billion to strengthen its balance sheet amid reports a number of firms were scrambling to take funds out of the bank.
California-based SVB funds a large number of major fintechs both in the US and the UK, with reports fintech leaders are rushing to chat with their investors over how to navigate the situation.
Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank, said: “The collapse of Silvergate Capital and a severe rout in SVB stock plunged the banking sector into darkness yesterday.
“ While Silvergate Capital’s fall was mainly crypto-related and didn’t spur worries for the rest of the banking sector, SVB’s plunge fueled fears that the rest of the banks could also experience similar issues. “
Recap: Yesterday’s top stories
Friday 10 March 2023 06:52 , Simon Hunt
Good morning. Here’s a look at our top stories from yesterday:
Panic at WANdisco as tech firm discovers fraud and asks London Stock Exchange to suspend trading of its shares.
London fintech Railsr has agreed a sale to a consortium of investors in a bid to stave off collapse.
The former boss of Barclays, Jes Staley, is to be sued by JP Morgan over his ties to Jeffrey Epstein.
Shell has come under fire after it was revealed its outgoing CEO was in line for a payout of up to £21 million
