Andrew Bailey dismisses banking volatility as ‘testing out’ but stresses BoE remains ‘vigilant’ March 28, 2023 Andrew Bailey today dismissed recent volatility in the banking sector as “testing out” firms although he stressed that officials in the UK remained “very vigilant” for further signs of friction. Responding to a grilling by MPs on the treasury committee, the governor of the Bank of England said “there’s been quite sharp moves in markets [...]
Cath Kidston: Next looks set to pick up troubled vintage staple March 28, 2023 High street giant Next is reportedly in talks to pick up the vintage-inspired Cath Kidston chain. According to reports from Sky News’ Mark Kleinman late on Monday evening, Next – which has been on an acquisition spree in recent months, picking up Made.com and Joules – is set to add the brand to its growing [...]
We will need to hear more from the Bank if a credit crunch follows this banking ‘crisis’ March 28, 2023 Well, you can’t say he laboured the point. Andrew Bailey limited his commentary on the banking crisis / gentle banking wobble to just one paragraph in his speech last night at the London School of Economics, but he made himself clear enough: further rate hikes are on the way unless something dramatic changes in the [...]
Moorgate moves: Why a Malaysian property fund is betting big on Deutsche’s London HQ March 28, 2023 A MALAYSIAN property fund has teamed up with London-based Castleforge to buy Deutsche Bank’s current London base in Moorgate for just over a quarter of a billion – in what amounts to a big bet on London’s commercial property market and the ‘flight to quality’ in office space. Castleforge and its Malaysian partner Gamuda plan to refurbish [...]
Why the Bank of England and Fed could welcome Credit Suisse and Silicon Valley Bank failures March 28, 2023 There’s been reams and reams of wild predictions about whether we’re slipping into another financial crisis, triggered by the collapse of US tech lender Silicon Valley Bank (SVB) and Credit Suisse’s arranged marriage with its crosstown rival UBS. Blackrock chief Larry Fink even warned in his annual letter to shareholders we’re slipping into a slow [...]
Deutsche Bank shares recover as market nerves settle, for now March 27, 2023 Deutsche Bank’s share price gained 5.3 per cent during Monday morning’s trading after tanking on Friday as the cost of insuring the company’s debt against default soared. The banking sector has been extremely volatile since the collapse of Silicon Valley Bank (SVB) and the emergency acquisition of Credit Suisse by UBS, with many wondering which [...]
City moves: Citi’s head of UK investment banking on the move March 27, 2023 Citi’s head of UK investment banking Andrew Truscott has been appointed CEO of John Laing Group. John Laing, which is backed by private equity firm KKR, is an investor and manager of core infrastructure assets. Truscott has been at Citi since 2018, and will join John Laing in early summer. Before joining Citi he spent [...]
Saudi National Bank chair resigns after bank loses $1.2bn in Credit Suisse investment March 27, 2023 Chair of Saudi National Bank (SNB) Ammar Al Khudairy stepped down today after the bank chalked up a $1.2bn loss on its investment in Credit Suisse. SNB said in a statement that Al Khudairy had resigned for “personal reasons” and the current chief executive, Saeed Mohammed Al Ghamdi, will takeover as chair of the lender. [...]
First Citizens Bank to acquire Silicon Valley Bank in attempt to stem turmoil March 27, 2023 First Citizens Bank announced on Monday that it will acquire large parts of the loans and deposits of collapsed Silicon Valley Bank (SVB) from the Federal Deposit Insurance Scheme (FDIC). Under the deal, First Citizens will assume SVB assets of $110bn, deposits of $56bn and loans of $72bn. The FDIC estimates the cost of SVB’s [...]
HSBC bows to Hong Kong shareholder pressure and tables Asia breakup vote March 26, 2023 Britain’s largest bank HSBC has bowed to pressure from a group of shareholders in Hong Kong and will table a vote on a proposal to revamp the business, including carving out its Asia arm. First reported by The Sunday Times, the lender revealed the vote on Friday in an update to investors. The poll was [...]