HSBC to wind down New Zealand wealth and personal banking arm as pivot to Asia picks up pace June 13, 2023 HSBC will be winding down its wealth and personal banking businesses in New Zealand as it continues its withdrawal from various markets around the world. In a statement the bank said “it has become clear that we can no longer justify investing into this business given the changing operating requirements in the market and scalability [...]
Banks ditch sustainability as economic headwinds slows progress June 13, 2023 SUSTAINABILITY is falling down the list of priorities for many UK banks, after a new study found the number of banks stating sustainability was a key part of their business strategy had plummeted by 40 per cent in a year. Only 60 per cent of banking leaders in the UK say sustainability is an important [...]
London Tech Week: Sunak and Hunt’s charm offensive was no light touch June 12, 2023 Charlie Conchie, City A.M. investment editor, reflects on day one of London Tech Week. What’s a growth mindset and how can I get one? Solving the UK’s tech investment gap is not just tweaking rules and regulation, Chancellor Jeremy Hunt said yesterday, but also “looking at our mindset”. “That’s something I think we need everyone’s [...]
Oaknorth boss: Immigration barriers are threatening the UK’s fintech sector June 12, 2023 A lack of talent is threatening to choke off growth in UK fintech and ministers must do more to open up borders to workers, the boss of digital lender Oaknorth said today.
London trial: Ukraine’s bank accuses former owners of ‘fraud on epic scale’ and money laundering June 12, 2023 Ukraine’s biggest bank has accused two former owners of “fraud on an epic scale” covered up by “money laundering on a vast scale” at a High Court trial in London. JSC Commercial Bank Privatbank says former owners Igor Kolomoisky and Gennadiy Bogolyubov misappropriated more than £1.5 billion (nearly two billion US dollars). A judge began [...]
JPMorgan agrees to settle with Epstein victim in class action suit June 12, 2023 JPMorgan agreed in principle to settle a class action lawsuit with a victim of Jeffrey Epstein, the bank said in a statement Monday. The settlement resolves one claim against the largest U.S. bank in a proposed class action by women who say Epstein abused them, and by the government of the U.S. Virgin Islands, where Epstein [...]
UBS completes Credit Suisse takeover while imposing ‘red lines’ on its ex bankers June 12, 2023 UBS confirmed the acquisition of Credit Suisse on Monday as reports suggest Credit Suisse bankers will face tight restrictions on their activity. In an open letter published in the NZZ newspaper, UBS confirmed that “we have finalised the legal takeover of Credit Suisse.” Chief executive Sergio Ermotti and chair Colm Kelleher said “this is the [...]
HSBC launches ‘Innovation Banking’ division housing SVB’s former UK arm June 12, 2023 HSBC has revealed it will launch a new global “Innovation Banking” division today centred on the former UK arm of Silicon Valley Bank (SVB), which it rescued from collapse in March. SVB UK was snapped up for £1 in an eleventh hour deal by HSBC in March after being brought down by a run on [...]
Ex-Barclays boss: Banks must adapt or face ‘slow decline’ under pressure from tech firms June 12, 2023 Ex-Barclays boss Antony Jenkins has warned established banks that they could be in a “world of very slow decline” if they failed to adapt to new technologies. Speaking to City A.M., Jenkins said “this industry is really on the brink of having to undergo radical transformation if it’s going to remain relevant to its customers.” [...]
Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]