Sir Win Bischoff ‘was a giant of our industry’ JP Morgan chief Jamie Dimon says after City grandee dies aged 81 April 26, 2023 Heartfelt tributes have been paid to City grandee Sir Win Bischoff who has died at the age of 81 following a short illness. The German-born banking boss who had top roles at Schroders, chair of Lloyds Banking Group and Citigroup, as well as JP Morgan, enjoyed a 50-year career in both the City and Wall [...]
Standard Chartered profit rises 21 per cent but confirms “no contact” with suitor First Abu Dhabi Bank April 26, 2023 Standard Chartered beat expectations in the first quarter as rising interest rates once again boosted the bank but it confirmed there had been not contact with First Abu Dhabi Bank. The emerging markets-focused lender reported a pretax profit of $1.8bn, rising 25 per cent year on year and beating market expectations of a $1.4bn profit. [...]
Analysis: UBS begins tricky task of integrating Credit Suisse April 25, 2023 While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
Fresh fears for First Republic as shares plummet after losing over $100bn in deposit outflows April 25, 2023 Shares in embattled lender First Republic slumped nearly 30 per cent today after it reported last night that it had lost around $100bn in deposits in the first quarter. The massive deposit flight represented more than half of its pre-crisis total and exceeded analyst expectations, raising fears that the bank is not yet out of [...]
Credit Suisse and Silicon Valley Bank collapses flood City with idled talent April 25, 2023 Credit Suisse and Silicon Valley Bank’s failures have flooded the City with idled bankers looking for new work, a new report out today reveals. Over 4,000 more workers in the UK’s financial services sector were looking for a new gig in the first three months of this year, according to recruiter Morgan McKinley. Available financial [...]
Bank of England’s Huw Pill: Brits ‘need to accept’ they’re poorer April 25, 2023 Bank of England's chief wonk says Brits need to accept they're poorer - or risk stoking further price hikes
Hunt for next Natwest chair begins as Howard Davies says he will step down by July 2024 April 25, 2023 The hunt for Natwest’s next chair is underway after Howard Davies told shareholders today he will be stepping down. Speaking at the bank’s AGM in Edinburgh, Davies said he expects a replacement to be found and handover completed by July next year. Noting that nine years was the maximum recommended tenure under the UK corporate [...]
Mark Carney’s climate alliance expands as 23 venture capital funds join net zero group April 25, 2023 Mark Carney’s global alliance of financial firms fighting climate change expanded into the venture capital sector today with the launch of the Venture Climate Alliance (VCA). Consisting of 23 venture capital (VC) firms across the U.S. and Europe, VCA members have committed to supporting a rapid, global transition to net zero or negative carbon emissions [...]
Santander UK profits rise but lender bracing itself for house price fall April 25, 2023 Santander’s UK division was boosted by higher interest rates but the bank remained cautious looking forward, suggesting house prices could fall ten per cent taking them back to 2021 levels. The Spanish bank’s UK business saw its pretax profit climb 11 per cent to £547m as higher interest rates continued to bolster its performance. Santander’s [...]
UBS: Mortgage litigation hits profits but inflows soar after Credit Suisse takeover April 25, 2023 UBS reported significant inflows across the bank in the first quarter as customers sought the bank’s stability but its profit more than halved due to costs from legacy issues dating back 15 years. In the first quarter, UBS saw $28bn of new money in global wealth management, of which $7bn came in the last ten [...]