There is a long and curious practice in US elections of ‘walking around money’. These are legal funds distributed to party officials to assist in getting the vote out.

Most famously it was used by John F Kennedy’s West Virginia primary campaign in 1960 when the candidate’s wealthy father Joe arranged for suitcases of cash to be delivered to voters in one of the poorest states.

HSBC has announced a major organisational shake-up in efforts to make the banking giant 'simpler, more dynamic and agile'.

The lender plans to operate as four business units - the UK, Hong Kong, corporate and institutional banking, and international wealth and premier banking - while effectively separating its western and eastern business.

Susannah Streeter, head of money and markets, Hargreaves Lansdown:

‘The new CEO Georges Elhedery has moved swiftly to put his own corporate stamp on HSBC, with a restructuring drive which focuses on elevating the growth levers in the business.

'Second quarter revenues got a significant boost from the fees generated in its wealth business, so creating a new division to focus on high and ultra net worth accounts is aimed at capitalising on further potential that this area of the business promises.

'HSBC is long been on an Asian pivot, but it’s not gone far enough for a section of the investor base, who have wanted to see the business spin out its Asian operations.

'This has been repeatedly rebuffed, and with Mr Eldhedery maintaining that the bank’s strategic priorities remain unchanged, splitting its operations into Eastern markets and Western markets division does not seem to indicate that a hiving off is on the cards.

'Instead, cost-cutting is a big driver of these changes, with fresh efficiencies likely through the simplification of its geographical structures and the merger of its commercial and institutional banking operations. Pam Kaur is likely to be seen as a safe pair of hands as the new Group CFO, given she’s been at the bank for more than a decade in numerous financial leadership roles.

'Shareholder reaction to these moves has been muted, with a shift in focus on wealth management largely expected, and the restructure of the senior management team not ruffling any feathers. Given the bank’s big Asia focus, China’s economy is still a concern.

'There are ongoing challenges in in the Chinese commercial real estate market, and although management has indicated the worst has come and gone, concerns are still lingering about how far the planned stimulus form authorities will really move the dial on sentiment.'

Mulberry has rejected a second takeover bid from retail giant Frasers, dismissing the offer as 'untenable' after pushback from a major investor.

But Challice Limited, which owns 56.4 per cent of Mulberry shares, said shortly after the bid it would refuse to sell to Frasers.

Precious metal prices stormed higher yesterday as investors flocked to ‘safe’ places to store their money amid uncertainty over the US election and tensions in the Middle East.

Gold hit a record high of $2,740 an ounce and silver topped $34 an ounce for the first time since 2012. Gold has risen more than 30 per cent this year, while silver is up 43 per cent.

The boss of St James’s Place has warned against a tax raid on pensions that could handicap UK investment.

Mark FitzPatrick’s warning came amid growing evidence of panicked savers pulling out cash ahead of next week’s Budget.

The City watchdog is grilling social media personalities in a clampdown on illegal promotions of financial service products.

The Financial Conduct Authority (FCA) said 20 social media influencers – dubbed ‘finfluencers’ – are being interviewed under caution.

Interest rates will fall to 2.75 per cent over the course of the coming year in a boost for millions of borrowers, Goldman Sachs has predicted.

Economists at the Wall Street giant believe the Bank of England will cut more sharply than suggested by market pricing, which points to rates falling to 3.5 per cent.

Rachel Reeves has been urged to make it easier for small businesses to sell abroad in what could be a boost of nearly £10billion for Britain.

Business lobby group Walpole – which represents hundreds of luxury firms including Burberry and Aston Martin – wants an incentive introduced to encourage UK firms to export.

Chief executive Helen Brocklebank wrote to the Chancellor this month, saying companies need aid to help with ‘the first few costly years of operation in a new market’.

Mulberry has rejected a second takeover proposal from Mike Ashley's Frasers Group, dismissing the group's latest offer as 'untenable'.

Frasers raised its proposal to 150p per Mulberry share on 11 October, valuing the luxury brand, best known for its handbags, at £111million.

Mulberry's biggest shareholder, Challice Limited, the vehicle of Singapore-based property tycoon Ong Beng Seng and his wife Christina which owns 56.4 per cent, said two dayy later it would not support Frasers' proposal.

Under UK takeover rules, Frasers, which owns 37 per cnet of Mulberry, has until 28 October to make a firm offer or walk away.

Shares in Mulberry closed Monday at 125p.

HSBC has unveiled an overhaul of its global structure as new boss Georges Elhedery looks to reduce costs and home in on the bank's leading divisions.

The bank said it was merging its commercial and institutional banking operations, and creating a new international wealth and premier banking division.

It was also simplifographic structuying its gere with the creation of 'Eastern markets', which incorporates Asia and the Middle East, and 'Western markets', comprising of the UK, Europe and Americas.

HSBC also announced the appointment of Pam Kaur as its new chief financial officer, having joined the bank more than a decade ago.

Elhedery said: 'The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the Group. The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged.

'Our home markets of the UK and Hong Kong, together with our corporate and institutional banking as well as our wealth and Premier banking businesses, are the core strengths of HSBC.

'By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.

'This is how we will fast forward our plans to execute our strategy, unleash the full potential of the bank and ensure our talented colleagues can thrive, and deliver best in class products and service excellence, for our customers.'

Lindsay James, investment strategist at Quilter Investors:

'The UK’s finances are stretched close to breaking point, as public sector net debt excluding public sector banks estimated at 98.5 per cent of GDP at the end of September 2024.

'This is an uptick of 4 per cent compared to the same time last year. The last time such levels were seen was in the 1960s, when the Labour Chancellor of the day was ultimately forced into a policy of tax increases and spending reductions.

'Although Rachel Reeves has promised that the UK will not see a return to austerity, a series of tax increases in one form or another are all but guaranteed at next week’s budget.

'The Chancellor has warned the UK public that there is a very large fiscal ‘black hole’ to be filled and has repeatedly indicated that difficult decisions will be necessary.

'The Labour government will want to avoid a repeat of the negative reactions from financial markets in recent years to unfunded tax cuts and spending plans, so the Chancellor will need to be transparent when announcing any changes and the anticipated costs.

'The mood has been bleak in the lead up to the budget, and while it remains to be seen how the market will react to any announcements, there are still some positives for the UK economy.

'For the first time in more than three years inflation is now well below the Bank of England’s 2% target. The economy finally grew in August following two months of stagnation, and while higher interest rates have begun to take a toll on the labour market, there are still signs of progress.

'With all that considered, the Bank of England is expected to continue on its ‘slow and steady’ path with the potential for another 0.25% cut at its next monetary policy meeting, which could help to lift consumer confidence and provide a much needed boost to the economy.'

UK government borrowing hit £16.6billion last month, well ahead of Office for Budget Responsibility projections of £15.1billion and marking the third highest borrowing figures for September on record.

However, the reading was below City forecasts of £17.5billion for the month.