Why has an Enfield Barclays branch been given Grade 2 listed status? April 10, 2023 An “exuberant” Barclays branch in London, home to the world’s first automated teller machine (ATM), has been given heritage status as the number of ATMs around the country continues to decline. The bank branch, situated at 20 The Town, Enfield, was fitted with the world’s first ATM in 1967 by the actor and comedian [...]
Crisis-hit MJ Hudson offloads divisions to Apex – with suspended CFO leaving the business April 10, 2023 Asset management consultancy MJ Hudson, which has been embroiled in controversy for months after telling markets it no longer had confidence in its own accounts, has sold some of its divisions to the Bermuda-HQed financial services giant Apex. The deal was communicated to staff at the back end of last week, with a fractious all-hands [...]
IMF and World Bank meetings: What will central bankers and finance chiefs be talking about? April 10, 2023 The International Monetary Fund (IMF) and World Bank are meeting in Washington this week for their Spring meeting with the stability of the banking sector high up the agenda. Finance ministers and central bankers from around the world will come together with much to discuss, particularly after the collapse of Silicon Valley Bank sent shockwaves [...]
US economy adds 236,000 jobs in March as Fed rate hikes help cool labour market April 7, 2023 The US added 236,000 new jobs in March, the latest sign that the labour market is beginning to cool as the US Federal Reserve (Fed) continues to hike interest rates. The number of new jobs fell below the number added in February and the average monthly gain of 334,000 recorded in the last six months, [...]
Sluggish progress on open banking regulation has left consumers ‘at risk’ April 7, 2023 Sluggish progress on open banking regulation has left consumers “unduly at risk” and regulators need to urgently ramp up protection measures, a group of experts has warned. Open banking, which was rolled out by regulators in 2017 to force high street lenders to open customers’ data to trusted third-party firms, has been consistently touted by [...]
Is it over now? Where next for the banking crisis in Europe April 7, 2023 Is that it? After a few weeks of exhilarating volatility, European banking stocks have settled into a more reliable pattern. It seems dramatic regulatory interventions have stemmed the possibility of immediate financial difficulties. The question now is whether the events of the past few weeks are symptoms of wider financial problems which will be brought [...]
JPMorgan’s dealmaking flurry being scrutinized by US regulator – reports April 7, 2023 JPMorgan Chase is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter. The Office of the Comptroller of the Currency (OCC) in the U.S. scheduled a specific audit of JPMorgan’s deal making after the bank [...]
Analysis: After the Silicon Valley Bank collapse, is it time for tighter liquidity rules? April 7, 2023 Experts have suggested that the global banking system needs tighter liquidity rules after the largest bank run in history felled Silicon Valley Bank (SVB) last month. The impact of mobile banking, new technologies and social media means it is easier than ever to move money around. More than $42bn flowed out of SVB in just [...]
Barclays shareholders urged to vote against excessive executive pay package after ex-CFO cost bank millions April 6, 2023 Glass Lewis has recommended that Barclays’ shareholders vote against a pay plan for its executive team, citing excessive pay for its former finance chief who was in charge when a trading blunder ended up costing the bank hundreds of millions. While Barclays docked £1m from the pay of its top executives in February, proxy advisor [...]
US regulators call in Blackrock to sell stricken Silicon Valley Bank and Signature portfolios April 6, 2023 US regulator the Federal Deposit Insurance Corporation (FDIC) has called in investment giant BlackRock to sell the securities portfolios of Signature Bank and Silicon Valley Bank after their collapse last month.