City of London Group’s SME bank receives over £1bn in lending proposals December 21, 2021 The City of London Group’s SME bank has already received more than £1bn worth of lending proposals, as the capital calls for more pandemic support. It comes a year after Recognise Bank launched operations, the Group said today in its unaudited interim results for the six months to September 30. The bank, which because fully [...]
UK hits highest borrowing to GDP ratio since the 60s December 21, 2021 The UK borrowed a further £17.4bn in November, bringing the overall borrowing to GDP ratio to levels not seen since the 1960s. Net debt now sits at 2,317bn, around 96.1 per cent of GDP. While it is around £5bn less than November last year, the figure is also the second-highest November borrowing on record, the [...]
UBS appeals against French court’s money laundering ruling December 20, 2021 UBS has filed an appeal against the decision by France’s Supreme Court last week to uphold the Swiss bank’s conviction for money laundering. It comes just a week after a Paris appeals court slashed the bank’s fine for allegedly helping wealthy customers in France evade taxes to £1.5bn – down from an original penalty of [...]
Credit Suisse executive with links to Greensill steps down after 30 years December 20, 2021 Eric Varvel, the Credit Suisse executive who previously ran the bank’s $500bn asset management unit with ties to Greensill, is stepping down after three decades at the Swiss group. Varvel, who was most recently chair of Credit Suisse’s investment bank and head of its US holding company, had contemplated leaving the bank partly due to [...]
Market share battle: BNP Paribas to ditch US unit for more than $16bn December 20, 2021 BNP Paribas is set to sell off its US unit for $16.3bn, after battling for a share of the region’s retail banking market. Shares inched 0.9 per cent higher to 56.6p per share near market close. The deal with BMO Financial Group for BNP Paribas’ Bank of the West is expected to bolster BMO’s position [...]
Standard Chartered hit with £46m fine for misreporting liquidity position December 20, 2021 The Bank of England has slapped Standard Chartered bank with a £46m fine for reporting errors and a lack of cooperation with regulators. The Prudential Regulation Authority (PRA) said today that it would fine the bank for “failing to be open and cooperative” with the authority and “failings in its regulatory reporting governance and controls” [...]
Russia ‘will survive’ if kicked out of SWIFT system, says VTB chief executive December 19, 2021 Russia's financial system would to cope even if it was disconnected from the SWIFT payments system, says VTB Bank's chief executive.
Competition watchdog investigates complaint over treatment of whistleblower December 19, 2021 The UK's competition authority has reportedly launched an internal investigation into claims a director pressured a whistleblower to retract claims.
Is the party over for Tesla shares after their recent losses? December 17, 2021 | City Talk While the Tesla share price remains in the stratosphere, there are several concerns looming on the horizon. The Tesla (NASDAQ: TSLA) share price has been volatile over the past few weeks. On 4 November, the electric vehicle (EV) stock hit a high of $1,230, before falling to $1,013 by 15 November. Then it rose to $1,157 a [...]
HSBC fined £64m for eight years of anti-money laundering failures December 17, 2021 Britain’s financial watchdog has fined HSBC Bank £63.9m for failings in its anti-money laundering processes in the eight-year period between 2010 and 2018, it said this morning. The Financial Conduct Authority (FCA) said it had identified “serious weaknesses” in three key parts of the automated processes that the banking giant uses to monitor hundreds of [...]