Deutsche Bank compensates Spanish winemaker over forex mis-selling June 28, 2021 Deutsche Bank has dished out over €10m to Europe’s largest wine exporter to settle a dispute over the alleged mis-selling of foreign exchange derivatives, according to reports. As the lender’s internal investigation nears its close, the decision to settle could pile pressure on Goldman Sachs and BNP Paribas, which face similar accusations from Japanese engineering [...]
NatWest’s Ulster Bank to sell €4.2bn worth of commercial lending to AIB June 28, 2021 The NatWest group and Ulster Bank in the Republic of Ireland (UBIDAC) have agreed with Allied Irish Banks (AIB) to sell the majority of its commercial lending for around €4.2bn. Around 280 workers will transfer from UBIDAC to AIB, one of Ireland’s largest banks, as part of the agreement, with the final number of roles [...]
UBS becomes latest bank to offer staff hybrid working forever June 28, 2021 UBS Group will allow most staff to mix remote working with time spent in the office, Switzerland’s biggest bank revealed today. “We are committed to offering our employees the flexibility for hybrid working where role, tasks and location allow,” UBS said. “Hybrid work options will be introduced on a country-by-country basis, with timing dependent on the local pandemic [...]
UK banks’ profits slashed by more than half June 28, 2021 Big UK banks’ profits have slid by more than half over the last year, according to a ranking of the world’s largest lenders published today. UK lenders included in The Banker’s top 1,000 World Banks 2021 experienced a 53 per cent drop in profits. Losses were attributed to the severe damage the pandemic has inflicted [...]
Staffing crisis: Exodus of junior bankers as burnouts force 70 per cent to quit June 25, 2021 Severe workloads are contributing to mass burnout among junior bankers, prompting many of them to quit their job, new figures reveal. Up to 70 per cent of analysts and associate teams left their role at banks and financial institutions in recent months, despite firms stepping up their efforts to retain young talent. Firms have offered [...]
Credit Suisse could seek UBS merger after Greensill and Archegos scandals June 25, 2021 Credit Suisse’s top management are under pressure to overhaul the scandal-hit Swiss bank and a merger with rival UBS may be on the cards. Reuters today reported that three people familiar with the bank’s thinking are concerned that it could be challenged by investors demanding its break-up. This has led the sources to believe that [...]
Banking’s got talent? Digital disrupts the City’s skills requirements June 24, 2021 | City Talk The world of financial services is changing fast, with the trend towards digital provision accelerated by the Covid-19 pandemic. From the growing use of mobile banking to the surging interest in fields such as artificial intelligence (AI), technology’s transformative impact has all sorts of consequences. One of those is on the evolving mix of skills [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
Lloyds prompts backlash after axing another 44 branches June 23, 2021 Lloyds Banking Group is to close another 44 branches across England and Wales this year as lenders ramp up cost-cutting. Lloyds blamed a lack of customers at the sites as the reason for the move as people switch to digital banking. The latest closures means a total of 100 branches will shut this year, with [...]
Unvaccinated Morgan Stanley staff in New York to be barred from office June 23, 2021 Staff and clients who are not fully vaccinated against Covid-19 will be barred from entering Morgan Stanley’s New York offices. The policy, which comes into effect next month, means unvaccinated employees will need to work remotely, the BBC first reported. The move will reportedly allow the Wall Street giant to remove remaining restrictions in offices [...]