Lloyds AGM hit by flexible working protests after telling staff to come back to the office May 18, 2023 Lloyds’ annual general meeting (AGM) was hit by protests about its flexible working policies and its fossil fuel financing, but all motions ended up passing with massive majorities. Speaking at the bank’s AGM in Edinburgh on Thursday, representatives from Unite argued that trialled changes to its hybrid working policies disadvantaged women, carers and working parents. [...]
Crisis over? Pacwest and Western Alliance rise again as investors bet worst is over May 18, 2023 Investors are increasingly hopeful that the crisis which has engulfed US regional banks over the past couple of months is coming to an end. Some of the banks which have been worst affected by fears of a broader banking crisis in the wake of the collapse of Silicon Valley Bank (SVB) and First Republic have [...]
Rising interest rates sees mortgage arrears tick up as repossessions jump May 18, 2023 The number of households falling into arrears continued increasing in the first quarter as rising interest rates continued to hit borrowers. According to figures from industry body UK Finance, arrears picked up in the first quarter with mortgages in arrears of more than 2.5 per cent reaching 76,630. This was a two per cent increase [...]
Credit Suisse AT1 bondholders force Swiss regulator to publish wipeout decree May 18, 2023 Bondholders burnt by the wipeout of Credit Suisse’s AT1 bonds have secured a small victory after forcing Switzerland’s financial watchdog to reveal the justification for its decision. When UBS acquired Credit Suisse, holders of Credit Suisse’s AT1 bonds were controversially wiped out on the orders of Finma, the Swiss financial markets regulator. An AT1 bond [...]
Deutsche Bank to pay $75m to settle lawsuit by Jeffrey Epstein accusers May 18, 2023 Deutsche Bank has agreed to pay $75m to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking. The accord resolves claims in a proposed class action in Manhattan federal court by Epstein’s accusers, and was confirmed by their [...]
Bumper UK growth pushes Investec upwards despite volatile global markets May 18, 2023 Investec’s profit climbed in 2023 thanks to rising interest rates but the bank also saw its funds under management slip amid a volatile environment. Investec’s adjusted operating profit rose 21.6 per cent to £835.9m reflecting growth in both of Investec’s main markets. In the UK, profit rose by over 30 per cent while in South [...]
Why risk culture could be a competitive advantage for your business May 18, 2023 The recent turmoil in the banking sector has underlined the importance of risk culture as a fundamental component of business resilience. The failures of Credit Suisse, First Republic and other banks are a stark reminder of why we must incorporate risk into governance and strategy. All too often, risk management is associated with compliance and [...]
After being fined, banks move to ban Whatsapp – but many worry it won’t work May 18, 2023 An increasing number of banks and financial services firms have banned their staff from using encrypted messaging apps such as Whatsapp for work purposes after regulators hit banks with hefty fines for failing to stamp out the practice. A survey by tech firm Global Relay found that 59 per cent of respondents, which included some [...]
Bosses of failed US banks say it was nothing to do with them May 17, 2023 The bosses of the three US banks that collapsed over the last few months have blamed a range of factors for their collapse – but not bad management. The heads of First Republic, Silicon Valley Bank (SVB) and Signature Bank all appeared in front of the Congressional committees over the last few days as lawmakers [...]
Thierry d’Argent becomes SocGen’s top banker in London May 17, 2023 Societe Generale’s London head has been promoted and will be replaced by the aptly named Thierry d’Argent. The new boss, d’Argent, has been named SocGen group country head for the UK and Ireland and chief executive of the bank’s London branch. d’Argent began his career in 1988 at Oliver Wyman. He then joined Barings and [...]