Credit Suisse accused of limiting scope of probe into Nazi-linked accounts April 19, 2023 US senators have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts – including some open that were until just a few years ago. The US senate budget committee said an independent ombudsman initially brought in by the bank to oversee the probe was [...]
Morgan Stanley boss talks down banking crisis as deal-making slump hits profits April 19, 2023 Morgan Stanley’s chief executive James Gorman told analysts “we are not in a banking crisis” as he discussed the bank’s first quarter earnings. Gorman dismissed concerns that the US banking sector could face a widespread banking crisis, saying conditions were very different to 2008 and that the largest US banks were now part of the [...]
FCA: Brits saved almost £1bn after shake-up of overdraft rules according to City regulator April 19, 2023 People have collectively saved nearly £1 billion due to a shake-up of rules around overdrafts, according to calculations by the City regulator. The rules, introduced by the Financial Conduct Authority (FCA), reduced high fees for unarranged borrowing and swept away complex charging structures, which made it hard for people to compare borrowing costs. The £1 [...]
Credit card market ‘broken’ with as little as three per cent of customers switching, but could open banking provide a solution? April 19, 2023 The UK’s credit card market is “broken” with as few as three per cent of customers changing providers despite the hefty costs that consumers face, a new report shows. According to fintech firm Cardeo, the UK is the European country most reliant on credit card spending with 35 per cent of consumer credit in credit [...]
Post SVB reforms to UK banking regulation leaves sector divided April 19, 2023 Figures in the banking sector are divided over suggested reform to deposit protection, with regulators reported to be mulling raising the deposit insurance threshold in the wake of the collapse of Silicon Valley Bank (SVB) last month. According to a report from the Financial Times, regulators are considering updating the Financial Services Compensation Scheme (FSCS) [...]
Credit Suisse in High Court tomorrow: Bank sued over securities linked to 2008 crisis April 19, 2023 Credit Suisse is set to appear at the High Court in London on Thursday to defend itself against a $160m (£129m) claim over allegations the Swiss bank made “fraudulent misrepresentations” related to the sale of residential mortgage-backed securities. The claim, brought by Loreley Financing, a subsidiary of German bank IKB, argues it was misled by [...]
HSBC exaggerating costs of spinning off Asia unit, Ping An argues in rare rebuke April 18, 2023 Ping An, HSBC’s largest shareholder, has publicly criticised the bank ahead of its AGM as it confirmed it will back calls to restructure the lender. The Chinese insurer, which holds an eight per cent stake in the bank, has long argued in favour of spinning off HSBC’s Asian business, which generates the vast majority of [...]
‘Worst volatility is behind us’ after March’s mini-crisis, says Goldman’s David Solomon April 18, 2023 Goldman’s chair and chief executive David Solomon said the worst of March’s banking difficulties had passed, but stressed there were still dangers ahead. On an investor call following first quarter results, Solomon said “it appears the worst volatility is behind us thanks to prompt action from regulators.” Solomon said the quarter was “certainly volatile”, highlighting [...]
Goldman’s struggles continue as Bank of America boosted by higher interest rates April 18, 2023 Goldman Sachs’ struggles continued today after it reported a slowdown in its investment banking division, with overall revenues coming in below market expectations. Goldman Sachs’ revenue fell five per cent to $12.2bn, lower than market expectations, while its profit fell 18 per cent year-on-year to $3.1bn. Its investment banking revenue remained subdued amid the continued [...]
Ping An to vote for HSBC break-up at upcoming AGM – reports April 17, 2023 Ping An has thrown its weight behind proposals from investor Ken Lui to break up HSBC ahead of the bank’s Annual General Meeting (AGM) in early May, according to Reuters. The Chinese insurer will vote in favour of resolutions calling for the bank to lift its dividends and for it to provide regular updates on [...]