NatWest refuses to jump on the crypto bandwagon amid money laundering charges April 26, 2021 NatWest’s reluctance to enter the crypto market should be seen as out of step with the wider financial services ecosystem, according to a leading London lawyer. Earlier this week, the bank said it has ‘no appetite’ to serve business customers which accept cryptocurrency, as the bank is taking a ‘cautious approach’ following recent money laundering [...]
The EU will sign a post-Brexit deal on financial services, PwC boss predicts, because it ‘needs London’ April 26, 2021 The EU will grant the City of London access to its capital markets and agree a post-Brexit deal on financial services because it “needs London”, PwC has predicted. The financial services sector was left out of the post-Brexit trade deal agreed between the two sides last year, but the Big Four firm is predicting the [...]
Bank earnings preview: What to expect in this week’s quarterly results April 26, 2021 While the banking sector has recovered somewhat in the past two months this week the issue of bad loans and customer defaults will be front of mind. The sector set aside billions in provisions for bad loans at the start of the pandemic, expecting a huge increase in defaults. However with thanks to government support [...]
New lender Blazehill Capital to target mid-sized businesses April 26, 2021 A new lender focused on providing funding for the UK’s mid-market businesses has today launched. Blazehill Capital, which offers firms secured lending ranging from £5m to £30m per transaction, is looking to build a £1bn lending book in the next five years. The lender is backed by a number of investors, including New York asset [...]
Sunday Sitdown: ‘Skittish’ banks need to up their game, says CEO of Ezbob April 25, 2021 Following a nightmare year that was hugely disrupted by the pandemic and three subsequent lockdowns, the City is slowly switching into recovery mode as the economy starts to re-open and many sectors are coming back to life. To discuss the way back up, City A.M. sits down with Tomer Guriel, chief executive of Marble Arch-based [...]
Boost for first-time buyers as more ultra-low deposit mortgages hit the market April 24, 2021 In a further boost to first-time buyers, more lenders are bringing 5 per cent deposit mortgages onto the market. New deals announced by Metro Bank and Cambridge Building Society are not part of a new government-backed mortgage guarantee scheme which was launched this week to increase the availability of 5 per cent deposit loans. Major [...]
JP Morgan apologises for funding European Super League April 23, 2021 JP Morgan has vowed to “learn from” its experience with the failed European Super League, after committing £2.8bn to the controversial project. In a statement, the investment bank said: “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future. “We will learn [...]
Extinction Rebellion activists block headquarters of Lloyd’s of London in the City April 23, 2021 Climate activists are protesting outside the office of Lloyd’s of London in the City this morning, dumping fake coal outside in front of the building as part of a campaign against insuring fossil fuel mining activities. Activists from the Extinction Rebellion group are holding up banners with slogans such as “Climate Criminals” after they dumped [...]
UK cuts £43.3bn from bond issuance plans for 2021/22 April 23, 2021 The UK has tabled plans today to issue £252.6bn of government bonds in the 2021/22 financial year, £43.3bn short of what it forecast in March. The reduction comes following data revealing a fall in government borrowing for the previous 2020/21 year, dipping below previous official forecasts. The Debt Management Office has continued to raise net [...]
EU financial services czar warns City that Brussels won’t bend on rule-taking demands April 22, 2021 The EU is in “no rush” to grant the City of London renewed access to its financial markets post-Brexit, according to a senior Brussels official. Mairead McGuinness, the European Commissioner for financial services, said today that Brussels will “not be recreating access to the single market for the UK as they have chosen to move [...]