Welcome back to the Fides Weekly Update. Read on to see which latest new stories our Researchers have been talking about this week.
1.) Dentons: Welcome to Italia!
Dentons announced on Monday that they have opened their first office in Italy, The Lawyer reported. 21 lawyers have been hired to join their new Milan office, including Federico Sutti, DLA Piper’s former Europe and Africa managing partner, who will become Dentons’ managing partner for Milan.
2.) The FCA and PRA clamp down on references
The FCA and PRA have set out proposals to implement mandatory regulatory references for candidates planning to apply for various senior management roles at FCA regulated firms. The proposals are a result of a recommendation provided by The Fair and Effective Markets Review in the hopes to strengthen accountability in banking and insurance. Norton Rose Fulbright provide the details.
3.) Standard Chartered axes 1,000 jobs
Reuters revealed Chief Executive Bill Winters plans to cut 1,000 jobs at Standard Chartered. This cull will comprise of some of the banks most senior staff and will allow the bank to reduce costs and increase its profitability within emerging markets.
4.) Round two of Libor trials
After Tom Hayes was convicted of rate-rigging in August, six further brokers are on trial for manipulating the benchmark interest rate. The BBC reported that they aided Hayes manipulate the rate linked to the Japanese yen, causing them to face a total of five counts for the conspiracy to defraud from the Serious Fraud Office.
5.) Ashurst dole out mandates ‘blind’
Ashurst have hired management consultant Dave Cook, who has begun trialling a new scheme in which the allocation of work to the firm’s corporate associates is handed out ‘blind’. The associates will receive mandates based on their previous work at the firm rather than their relationships with partners. The scheme aims to improve gender and social equality in the corporate department and ensure equal allocation of work between the sexes. The Lawyer reports.
Watch out for the next Fides Weekly Update!