Bank of England revamps stress test to address virus fallout January 21, 2021 The Bank of England announced on Wednesday that it is tweaking stress tests in the UK banking sector to include fallout from the coronavirus pandemic. The BoE has set out a worst-case scenario for the economy which it will test British lenders against. The 2021 stress test will use periods when the economy is growing [...]
Covid-19 volatility boosts profits at investment bank Morgan Stanley, echoing rival Goldman Sachs January 20, 2021 Covid-19 volatility boosts profits at investment bank Morgan Stanley
Goldman Sachs more than doubles profit on trading boost January 19, 2021 Goldman Sachs more than doubled its profits in the fourth quarter helped by a boom in its investment banking and trading activity. The New York bank reported profit of $4.36bn, up from $1.72bn a year earlier, with revenue rising to a record $11.7bn for the quarter. Earnings per share rose to $12.08 per share, nearly [...]
HSBC set to close 82 branches as customers go online January 19, 2021 HSBC is set to close 82 of its branches across the UK amid a takeup in online and telephone banking. The high street bank announced plans to shut the branches between April and September of this year but redundancies would be minimal as it looked to redeploy employees to “suitable nearby locations”. The decision reflected [...]
Deutsche Bank, ICAP and two German lawyers sued over tax bill January 19, 2021 Deutsche Bank, TP ICAP and two German lawyers are being sued by M.M.Warburg & Co. in an attempt to recoup a large tax bill it was ordered to pay over controversial Cum-Ex trades. The lawsuit was filed at a court in Hamberg, Bloomberg reported, where private bank M.M.Warburg is based. Last week Warburg said it [...]
Exclusive: City of London Corporation chief says ‘not our place’ to criticise China human rights abuses January 19, 2021 The City of London Corporation’s policy chief has said it is not the powerful local authority’s role to hold China to account for human rights abuses. Catherine McGuinness told City A.M. that she was “really not clear it’s our place” to publicly criticise the Chinese government for human rights abuses against Uyghur Muslims and that [...]
EU politicians pushing for ‘masterplan’ to steal City jobs from London and promote euro in global trade January 18, 2021 EU politicians pushing for 'masterplan' to steal banking jobs from London and promote euro in global trade
Former Hong Kong lawmaker rejects HSBC explanation over frozen bank accounts January 18, 2021 Former Hong Kong lawmaker Ted Hui has renewed his criticism of HSBC despite the bank’s CEO expressing regret for freezing his bank accounts. Noel Quinn, HSBC chief executive, had written to Hui last week explaining that the bank was unable to operate the accounts and was instructed to act by the police. Hui, who fled [...]
Citigroup and JP Morgan beat expectations after releasing loan reserves January 15, 2021 American banks Citigroup and JP Morgan’s fourth quarter earnings beat analysts’ expectations helped by the release of a pile of cash set aside for loans. Citigroup reported a seven per cent decline in the fourth quarter profit to $4.63bn, down from $5bn a year earlier. Earnings equated to $2.08 per share, higher than the analyst [...]
EBRD invests record €11bn to combat Covid-19 pandemic January 14, 2021 The European Bank for Reconstruction and Development invested last year a record €11bn in response to the Covid-19 pandemic. The 2020 spending was administered through 411 projects which addressed the urgent needs of the 38 economies where it invests, according to a report released earlier today. The EBRD said it also supported a record of [...]