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 [...]
Sterling strengthens after Bank boss Andrew Bailey dismisses negative rates talk January 12, 2021 The pound is stronger against the US dollar and the euro this evening after comments from Andrew Bailey
Before the Bell: Tech firms under pressure as Europe poised for modest rebound January 12, 2021 Equities sold off yesterday as last week’s bullish mood was swapped for a more cautious attitude. There was an absence of positive news yesterday so the stories about the health crisis were at the centre of attention, David Madden, market analyst at CMC Markets UK, tells City A.M. this morning. The Chinese authorises announced the [...]
Ousted Credit Suisse boss Tidjane Thiam to launch ‘blank cheque’ venture January 11, 2021 Former Credit Suisse chief executive Tidjane Thiam is said to be launching a so-called blank cheque firm, a year after he was ousted following a lurid spy scandal. Thiam is raising $250m (£185m) for a special purpose acquisition vehicle that will invest in financial services businesses across the globe. JP Morgan Chase is helping to [...]
Is “Londonograd” hiding a culture of dirty tricks in banking? January 11, 2021 | Sponsored A legal dispute is coming to a head concerning an alleged banking fraud committed during the sale in 2016 of Vivacom the largest Bulgarian telecoms company. Vivacom, the largest Bulgarian telecoms company, was sold in August 2016 by VTB Capital Plc (“VTBC”), a UK-based investment subsidiary of the Russian state-owned VTB Bank, in a pledge [...]
Regulator urges firms ‘don’t delay’ as the end is nigh for Libor January 11, 2021 The Financial Conduct Authority (FCA) has again reminded firms they must complete their transfer away from the Libor benchmark interest rate this year. The city watchdog said firms had just one year left to remove their remaining reliance on these benchmarks. Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in [...]
Revolut applies for UK banking license January 11, 2021 Revolut has applied for a UK banking licence, which would allow it to provide customers full service current accounts and products like overdrafts, loans and deposit accounts. A UK license would also mean customers had the security of protection of up to £85,000 under the Financial Services Compensation Scheme (FSCS), the UK’s lifeboat fund. Revolut [...]
Investors to push HSBC to pull out of fossil fuel investments January 10, 2021 A group of investors is reportedly urging banking giant HSBC to reduce its financing of fossil fuels such as coal. According to the Sunday Times, the coalition, which includes European fund manager Amundi and London-listed hedge fund Man Group, is aiming to table a resolution on the issue at April’s AGM. The campaign is being [...]