Tom Saunders
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Articles by Tom Saunders
Don't let AI manage your money, warns JP Morgan boss
Savers are exposing themselves to major financial risks by allowing AI bots to manage their money, the boss of JP Morgan has warned. Jamie Dimon, the Wall Street chief executive, said the growing use of autonomous agents to help people with their finances was a problem if the bots got things wrong. Mr Dimon said customers could end up being liable for mistakes made by any agent acting on their behalf. “If people are using them, they should understand the risk,” he said.
Don't let AI manage your money, warns JP Morgan boss
Savers are exposing themselves to major financial risks by allowing AI bots to manage their money, the boss of JP Morgan has warned. Jamie Dimon, the Wall Street chief executive, said the growing use of autonomous agents to help people with their finances was a problem if the bots got things wrong. Mr Dimon said customers could end up being liable for mistakes made by any agent acting on their behalf. “If people are using them, they should understand the risk,” he said.
HSBC embraces bigger bonuses as bankers pushed to take more risks Original
HSBC is increasing bonuses for its bankers to revive a more swashbuckling culture in the City of London. It is the latest lender to tie pay more closely to performance after the Bank of England removed a bonus cap, a move expected to encourage bankers to take on more risk. "We are updating our approach to remuneration to support a high-performance culture focused on delivering the best outcomes for our customers and all our stakeholders," an HSBC boss told staff in an internal memo.
Wall Street threatens to be the biggest winner from Healey’s Budget
Attracting US investment is a good thing, but the bosses of both JP Morgan and Citi have warned they would curb activity here if taxes go against them, signalling the risks of relying too heavily on overseas banks. Higher taxes on British lenders also risk ceding further ground to a growing crop of US shadow banks.
BT rival accuses bosses of cashing in on TalkTalk rescue
A rival bidder for TalkTalk has accused BT executives of profiting from a rescue deal for the ailing broadband provider Opus Broadband, which had been bidding for TalkTalk's 1.5 million retail customers, suggested BT bosses could benefit from higher bonuses after securing a dramatic last-ditch deal to buy the company out of administration. This year, BT introduced a new incentive linking directors' bonuses to the telecoms giant's share of the UK retail market for both mobile and broadband.
Festival giant takes on more debt after pro-Palestine boycotts
One of Europe's biggest music-festival organisers has seen its losses and debts climb after being hit by a series of pro-Palestine boycotts. Superstruct, which organises UK festivals including Field Day, Cross the Tracks and Boiler Room, raised €109m (£92.7m) in extra debt in the year to December 2025, bringing its total borrowings to €392.5m. Losses rose from €77.6m to €111.3m, accounts showed.
TalkTalk lenders threaten to sue over potential BT takeover
TalkTalk's lenders are considering legal action if BT is given approval to mount a rescue deal for the struggling broadband business. Lenders have warned of a significant risk of lengthy legal proceedings if the former state monopoly swoops on TalkTalk. Ares Management is TalkTalk's biggest lender. BT has mounted an eleventh-hour attempt to take control of TalkTalk, which is scrambling to stave off a looming insolvency.
TalkTalk lenders threaten to sue over potential BT takeover Original
TalkTalk's lenders are considering legal action if BT is given approval to mount a rescue deal for the struggling broadband business. Lenders have warned of a significant risk of lengthy legal proceedings if the former state monopoly swoops on TalkTalk. Ares Management is TalkTalk's biggest lender. BT has mounted an eleventh-hour attempt to take control of TalkTalk, which is scrambling to stave off a looming insolvency.
National security alert as TalkTalk risks insolvency within days
Whitehall is on high alert because of the threat that TalkTalk, the broadband provider, may go into administration within days and open up a national security vulnerability. Security officials responsible for Britain's most critical infrastructure are in close daily contact with senior civil servants and telecoms regulators as they seek to ensure that TalkTalk is able to keep operating in the event of an insolvency.
AI wants to be your personal banker, but there’s a catch
It was hardly surprising that Niccolò Gloazzo was an early adopter of AI. As a start-up founder, it was second nature for the young tech entrepreneur to deploy the tech tool for all manner of business tasks. But last year he took the plunge and started using it for tasks closer to home, namely his personal finances. Gloazzo aimed to build an AI-powered financial consultant for himself that could outperform most human advisers.
Octopus adds further block on withdrawals from inheritance tax scheme Original
Thousands of pensioners have been hit with a further block on withdrawing their cash from Octopus's inheritance tax scheme. The fund, which has 18,000 customers and is known as the Octopus Inheritance Tax Service (OITS), has been frozen to redemptions since early July, meaning savers have been banned from getting their money back. Octopus was supposed to have reopened the fund either this week or next.
Barclays staff demand travel costs to cover work commute Original
Thousands of Barclays staff are calling on the bank cover their costs of travelling to work. The demand has been made in response to the lender ordering some workers back to the office at least three days a week, triggering a revolt from unionised staff. Unite, the union that represents 80pc of Barclays' 45,000-strong workforce in the UK, said the bank must make a one-off payment to affected staff to help compensate for an increase in travel costs.
Barclays staff demand travel costs to cover work commute
Thousands of Barclays staff are calling on the bank to cover their costs of travelling to work. The demand has been made in response to the lender ordering some workers back to the office at least three days a week, triggering a revolt from unionised staff. Unite, the union that represents 80pc of Barclays’ 45,000-strong workforce in the UK, said the bank must make a one-off payment to affected staff to help compensate for an increase in travel costs.
AI threatens £700bn exodus from Britain’s biggest banks
British banks' profits are at risk from AI bots moving customers' cash out of zero-interest current accounts in search of better returns. Savers could shift up to £700bn out of accounts that offer little or no returns and into savings products on the advice of AI chatbots, according to consultants at McKinsey. Bank profits have soared in recent years as they benefit from the hundreds of billions of pounds held in customers' current accounts by lending money out at a higher rate.
AI threatens £700bn exodus from Britain’s biggest banks
British banks’ profits are at risk from AI bots moving customers’ cash out of zero-interest current accounts in search of better returns. Savers could shift up to £700bn out of accounts that offer little or no returns and into savings products on the advice of AI chatbots, according to consultants at McKinsey. Bank profits have soared in recent years as they benefit from the hundreds of billions of pounds held in customers’ current accounts by lending money out at a higher rate.
Billionaire Brexiteer Crispin Odey’s fall from grace
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Investors dump British stocks amid budget speculation
British investors sold £600m from UK stock funds last month amid speculation about John Healey's first Budget Share funds suffered overall net outflows of £315m during August, according to data from Calastone, the global fund network, marking the fourth consecutive month of net selling. The worst affected were UK equity funds, which experienced outflows of £601m. European funds were sold down by £145m. Investors instead turned to cash and bonds.
Investors dump British stocks amid budget speculation
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Investors dump British stocks amid Budget speculation
John Healey, the Chancellor, has failed to rule out Budget tax rises - Betty Laura Zapata/AFP via Getty Images British investors sold £600m from UK stock funds last month amid speculation about John Healey’s first Budget. Share funds suffered overall net outflows of £315m during August, according to data from Calastone, the global fund network, marking the fourth consecutive month of net selling. The worst affected were UK equity funds, which experienced outflows of £601m.
London Stock Exchange turns to crypto in push to revive market Original
The London Stock Exchange (LSE) is turning to the technology behind cryptocurrencies in an attempt to revive the ailing market. The LSE has unveiled a partnership with Payward, the owner of the crypto firm Kraken, to launch tokenised stocks on its own exchange. The tokens will be listed on the company's new round-the-clock service LSE 24, which will allow overnight trading on weekdays.
Wall Street is buying up British pensions
Since coming to power, Labour has regularly browbeaten the UK pensions industry with its “Buy British” mantra Initiatives such as the Mansion House accord, which encourages funds to invest at least 5pc of their assets into the UK, and a push to merge public sector schemes have made pensions more political than ever.
The 'tax on the City' fuelling the stock market's collapse
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The 'tax on the City' fuelling the stock market's collapse
When US hedge fund Elliott Management moved to buy a stake in BP last year, there was more to the purchase than met the eye. On the face of it, the fund had acquired about 800,000 of BP's publicly traded shares for £3.8bn. But on closer look, it emerged that Elliott had in fact bought only about 100 BP shares, worth a measly £360. How had Elliott managed to acquire £3.8bn of BP and spend just £360?
Octopus used pensioners’ cash to fund its struggling investments
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Octopus used pensioners’ cash to fund its struggling investments
Thousands of pensioners who put money into an inheritance tax scheme run by Octopus Group bankrolled failed hospitals and care homes also owned by the group. Octopus Inheritance Tax Service (OITS), a subsidiary of Octopus Group, raised money from 18,000 pensioners with the promise of lowering their inheritance tax bills by investing in businesses to qualify for relief. OITS customers were sold shares in Fern Trading, which owns about 300 energy, property and telecoms companies.
Britain’s legal industry plagued by £2.2bn of dark money
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Britain’s legal industry plagued by £2.2bn of dark money
Britain's legal industry is being plagued by billions of pounds of dark money after a surge in cases funded by anonymous groups, a new report claims. Increasing numbers of cases at the High Court are being bankrolled by third-party litigation funding, which means UK judges are unable to know the identity of claimants' backers, a study from Civitas said.
AI lending rules loosened despite bubble fears Original
AI data centres will be exempt from strict financial crisis-era lending rules despite fears regarding the sector's debt-fuelled spending. The US Securities and Exchange Commission (SEC) has loosened rules for some data centre owners to issue so-called "asset-backed securities" (ABS), a complex type of debt which contributed to the 2007-08 crash. Owners will no longer have to comply with certain disclosure and risk rules, the SEC said, making it easier for data centre owners to borrow money.
Bank tax raid would hurt Britain, Wall Street chief warns Burnham
A fresh tax raid on banks would hurt Britain, the boss of one of Wall Street's biggest banks has warned Andy Burnham. Jane Fraser, the Scottish-born chief executive of Citigroup investment bank, said that any increase in taxes risked making the UK a prohibitively expensive place to do business. “Money moves with its feet,” she said during a visit to London, pointing out that “even Frankfurt and Paris are lower” when it comes to taxes for banks. “It makes it a tougher decision.
End Labour tax raid to halt BP’s North Sea exit, Scottish leaders urge
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End Labour tax raid to halt BP’s North Sea exit, Scottish leaders urge Original
John Swinney held an emergency meeting with senior energy bosses to discuss the fallout from BP's plan to exit the North Sea - Jeff J Mitchell/PA Labour must scrap an oil and gas windfall tax to stop BP quitting the North Sea, the Scottish government has said. John Swinney, the first minister, called on Monday for Andy Burnham to scrap the tax – known as the Energy Profit Levy (EPL) – which has been blamed for BP's decision to exit the region after 60 years.
The great betrayal of the London stock market
In the late 1930s, Tate & Lyle chose to float on the London Stock Exchange (LSE) to reap the benefits of Britain's recovering economy. It was a sign of the stock market's importance and ushered in decades of growth as the LSE became the engine room of British capitalism. But all that came to a shuddering halt last Tuesday. Shareholders in Tate & Lyle voted to approve a £2.7bn takeover by a US rival , ending its 90-year stock market residency.
Lloyds Bank launches £2bn AI cost-cutting drive
Britain's biggest lender has revealed plans to cut its costs by £2bn using AI. Lloyds Bank outlined a new four-year programme to boost efficiency by “realising AI value” which it claimed would “drive a productivity step change”. The new strategy came as Lloyds announced pre-tax profits of £4.3bn for the first half of 2026, marking a 23pc increase on the same period last year.
AI isn’t boosting productivity, says Barclays Original
AI does not appear to be boosting productivity, analysts at Barclays have said. Evidence that adopting the technology makes workers more productive is "unconvincing", the bank's experts said in a note sent to clients on Tuesday. Barclays found little to suggest that US industries that had embraced AI had seen larger improvements to productivity growth relative to where they were before the release of the technology.
JP Morgan boss warns Burnham against bank tax
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JP Morgan boss warns Burnham against bank tax
Tom Saunders The boss of JP Morgan warned Andy Burnham against launching a tax raid on banks as he urged the new Prime Minister to focus on growth. Jamie Dimon said there would be “adverse consequences” if Mr Burnham targeted lenders with fresh windfall taxes to help fund his spending plans. He said: “It would be one more negative on that bucket of things you got to think about. “I always thought it was wrong. We're a great citizen [in the UK]. We hire people there. We want to be bigger there.
Billionaire Irish brothers in £40bn swoop for PayPal
Tom Saunders The Irish billionaire Collison brothers have launched a $53bn (£40bn) takeover bid for payments business PayPal. Stripe, the payments giant founded by John and Patrick Collison, made the swoop for its US rival in a joint bid with private equity group Advent International. The bid is reportedly backed by $50bn in bank financing and, at $60.50 a share, is a roughly 28pc premium to PayPal's closing price on Tuesday.
Billionaire Irish brothers in £40bn swoop for PayPal
Brothers John (R) and Patrick Collison founded Stripe in 2010, and have secured tens of billions of dollars in backing - David Paul Morris/Bloomberg The Irish billionaire Collison brothers have launched a $53bn (£40bn) takeover bid for payments business PayPal. Stripe, the payments giant founded by John and Patrick Collison, made the swoop for its US rival in a joint bid with private equity group Advent International.
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