Stablecoins need ‘high quality’ backing to meet BoE’s standards, Cunliffe warns April 17, 2023 Stablecoins could improve efficiency in the payments sector but will need to be backed by “high quality and liquid assets” to meet the Bank of England’s regulatory standards, deputy governor Jon Cunliffe said today. In a wide ranging speech on the state of the payments sector, Cunliffe detailed the Bank’s work to ensure new forms [...]
Open banking boost as regulators vow to support innovation and consumer protection April 17, 2023 Regulators have set out their plans for the next stage of open banking as they hope to push innovation and competition in the banking sector. Under proposals announced today, a new long-term regulatory framework will be established to secure the “existing achievements” of open banking and “unlock its future potential”. The FCA’s Sheldon Mills and [...]
Influential shareholder group backs re-election of Barclays board despite concerns over ex CEO Staley April 17, 2023 Institutional Shareholder Services (ISS) recommended Barclays shareholders re-elect all of its board members, but admitted that “questions may be posed” over the board’s decision to back disgraced ex-CEO Jes Staley between 2019-2021. ISS argued that it was too soon to make a judgement on the board’s actions regarding Jes Staley, suggesting that investors wait for [...]
Barclays follows Citi, Goldman and Morgan Stanley in cutting 100 investment bank jobs despite rate hike profits April 17, 2023 Barclays will follow Citi, Goldman Sachs and Morgan Stanley in cutting more than 100 investment banking jobs, according to Sky News’ Mark Kleinman. The London-based bank is set to axe the jobs following the industry slowdown in deals and IPOs. The layoffs will be spread across multiple countries and across divisions in the bank, it was [...]
Ashmore: AUM flatline as asset manager takes hit from ‘stresses in banking system’ April 17, 2023 Ashmore has said the assets under management were broadly stable in the most recent quarter despite high interest rates and ongoing market turbulence. The London-listed asset manager reported a total increase of funds under management of just one per cent for the quarter ending on March 31 on Monday, to a total of £46.4bn ($57.7bn.) [...]
Banks reduce support for North Sea oil firms as windfall tax becomes embedded April 17, 2023 Banks are slashing their support for North Sea oil and gas firms as the windfall tax begins to impact financing deals for future projects.
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Britain still at risk of ‘mild recession’ despite better than feared start to year, Lloyds Bank chief predicts April 16, 2023 Britain could still suffer “a mild recession” despite the economy performing much better than experts warned at the turn of the year, the head of Lloyds Bank, the country’s largest mortgage lender, has said. Charlie Nunn, chief executive of Lloyds Bank, told The Sunday Times that there is a “more positive outlook” about the UK [...]
Federal Reserve green lights UBS-Credit Suisse deal in US April 15, 2023 The Federal Reserve's Board of Governors on Friday said it has approved UBS Group AG's acquisition of the U.S. subsidiaries of Credit Suisse, clearing another major hurdle for the completion of the Swiss-brokered rescue deal.
HSBC’s exit from French retail market set to face delays as ‘unexpected interest rate rises’ force Cerberus to find more cash April 14, 2023 HSBC’s exit from the French retail market has been thrown into doubt after Cerberus Capital said it will need to stump up more cash to fund the transaction as a result of rising interest rates. In a statement today, HSBC said “unexpected interest rate rises” have forced Cerberus to significantly increase the amount of capital [...]