Swiss prosecutors probe UBS-Credit Suisse deal ahead of bank’s AGM April 2, 2023 The Swiss Federal Prosecutor has opened an investigation into the state brokered takeover of Credit Suisse by UBS, according to the Financial Times. The newspaper reported that the prosecutor is looking into possible breaches of Swiss criminal law by government officials, regulators and bank executives. “The Federal Prosecutor’s office wants to proactively fulfil its mission [...]
Speedy rate hikes could knock shaky UK economy, former BoE chief economist warns April 2, 2023 Former chief economist of the Bank of England Andy Haldane has cautioned his old colleagues against raising rates too fast, warning it might unsettle an economy that is on “unsteady legs”. “I think given the extent of tightening we had during the course of last year, and the early part of this, and given the [...]
Mass bank branch closures making life for retired Brits ‘really difficult’ as Age UK calls for regulation and law changes March 31, 2023 A leading charity for older people has criticised the latest tranche of bank branch closures, saying it is making banking “really difficult.” The head of Age UK responded to news today that Lloyds and NatWest groups would be shutting a further 81 branches this year. She urged the government to introduce regulation to compel banks [...]
New audit watchdog: FRC set to confirm CEO will move from London to Birmingham March 31, 2023 The CEO of the newly former audit watchdog will be based in Birmingham - a more than hour long train journey away from the country’s auditors, City A.M. understands.
Four day week, recession fears, Brexit and banking: The top five business news stories on City A.M. March 31, 2023 This week started off with markets trying to settle themselves after the chaos in the banking sector, so attention turned to work itself and the idea of a four-day week made for one of the most read stories online. Along with that story here are the four others that were the top five read business [...]
Is the future of banking online only? NatWest and Lloyds to axe 81 branches, taking this year’s total to 213. Here’s a list of closures: March 31, 2023 Two of the UK’s biggest banking groups have announced plans to make big cuts to their branch networks this year, cutting more than 80 sites from around the country. Lloyds Group and NatWest Group have said that the sites in England, Scotland, Wales and the Isle of Man will close between July and November this [...]
Tightening SME lending rules ‘deeply irresponsible’: Business groups hit out at regulator’s plans March 30, 2023 Increasing capital requirements on SME lending will stifle economic growth and depress the UK’s small business sector, business groups have warned. Under proposals being considered by the Prudential Regulation Authority (PRA) as part of the Basel 3.1 regulations, favourable treatment for SME lending will be removed. Removing the preferential treatment, known as the SME Supporting [...]
Arbuthnot profit leaps after rate hikes but bank backs ‘conservative’ model as UK prospects ‘not clear’ March 30, 2023 Arbuthnot Latham saw its profit surge with rising interest rates boosting its coffers, as the lender sought to distance itself from recent difficulties in the banking sector. Pretax profit in 2022 lept to £20m, up from just £4.6m last year as net interest income grew by over £30m. The boutique bank said this increase [...]
Mark Austin interview: The City needs a culture change – we have to celebrate success March 30, 2023 The City of London is at an “inflection point” reckons the man who wrote last year’s capital raising review – but a year on, with Arm gone and others plotting New York floats, there remains much to do You’d be forgiven for thinking the Square Mile is in rather dire straits at the moment. Firms [...]
Credit Suisse continued enabling tax evasion after 2014 settlement with DoJ, US Senate finds March 29, 2023 Credit Suisse violated a settlement agreement with the US Department of Justice as it continued to help wealthy Americans to avoid paying tax, a Senate investigation has alleged. The probe, which took two years to complete, accused the lender – which will shortly be taken over by UBS – of committing “major violations” following its [...]