Cerberus wants ‘far more’ than 7,000 redundancies at Commerzbank June 30, 2020 Activist investor Cerberus reportedly wants Commerzbank to cut far more than the 7,000 jobs it is said to be mulling as part of cost-cutting plans, a source familiar with the matter told Reuters. Earlier today it was reported that the German lender’s supervisory board was set to discuss the possibility of another 7,000 job cuts, [...]
Bank of England tells lenders to push ahead with climate risk analysis June 29, 2020 The Bank of England and UK financial regulator today told banks and insurers to press ahead with analysing the impact of climate change on their operations. The Climate Financial Risk Forum (CFRF) — established by the BoE and Financial Conduct Authority (FCA) last year — published a guide setting out how financial firms can analyse [...]
Non-Standard Finance warns of going concern risks due to coronavirus June 25, 2020 Non-Standard Finance has cast doubt on its ability to continue as a going concern due to the impact of coronavirus on business. The lender said it had been a “difficult and disappointing” 18 months which included its failed bid for Provident Financial. The figures Non-Standard Finance reported a £76m loss in the year to 31 [...]
Peer-to-peer lender Zopa launches digital bank after receiving full licence June 24, 2020 Zopa is launching a new digital bank after receiving its full banking licence, the British peer-to-peer lender announced today. The peer-to-peer loan sector has come under pressure from increased regulatory scrutiny and weakening demand from investors, placing pressure on firms to diversify their revenue streams. Zopa first announced plans to pursue a second revenue stream [...]
Financial regulator to get greater powers to phase out Libor June 23, 2020 Britain’s financial watchdog is to be given greater powers by the government to ensure that Libor is scrapped by 2021, after efforts to retire the scandal-hit interest rate benchmark faltered due to the coronavirus crisis. The Financial Conduct Authority (FCA) will be allowed to compel changes to benchmarks such as the London Interbank Offered Rate [...]
The risks are elevated, but investors have faith UK financial services can weather the storm June 23, 2020 The mood music in Brussels has changed over the last few weeks — and the financial services sector is back in the spotlight. In recent negotiations, the EU explicitly challenged the notion that Britain will be able to “cherry-pick” the benefits of the Single Market and retain its strategic position in financial services post-Brexit. With [...]
The City must promote more women to top jobs, says Treasury June 23, 2020 The Treasury wants more ambitious diversity targets in the City as the pace of finance firms hiring women to top jobs is still too slow, according to a new review. The Treasury launched its Women in Finance charter in 2016 in a bid to improve diversity in Britain’s financial sector, where just 14 per cent [...]
RBS extends business account switching deadline amid coronavirus June 23, 2020 Royal Bank of Scotland (RBS) has given business customers another six months to switch their accounts to other banks under the terms of its financial crisis state aid package. RBS said fewer customers have used the Incentivised Switching Scheme to swap banks during the pandemic. As a result the deadline for switching applications will be [...]
London Stock Exchange boss appointed as new FCA chief June 22, 2020 Chancellor Rishi Sunak has today appointed Nikhil Rathi, the current chief executive of the London Stock Exchange, as the permanent boss of the Financial Conduct Authority. Rathi will replace Christopher Woolard, who was serving as the FCA’s interim chief executive following former boss Andrew Bailey’s move to become governor of the Bank of England. The [...]
German banks press EU for action on Brexit equivalence June 22, 2020 The Association of German Banks (BDB) has called for the EU to prioritise equivalence rules in discussions surrounding the UK’s upcoming exit, arguing they are vital for achieving market and financial stability on both sides. “Clarity regarding future market access arrangements should be provided at the earliest possible date,” the BDB said in a position [...]