Deutsche Bank agrees to pay more than $87m over bribery charges January 8, 2021 Deutsche Bank will reportedly pay more than $87m to settle bribery charges as part of a deferred prosecution agreement with the US Department of Justice. The case, which alleges the bank broke US anti-bribery and commodities trading laws, was brought before federal prosecutors in Brooklyn on Friday. The German lender agreed to the settlement as [...]
Brexit: BoE boss hits out at EU stance on equivalence for UK financial services January 6, 2021 Bank of England governor Andrew Bailey has slammed the EU for how it has handled decisions on the UK’s post-Brexit access to EU financial markets. Bailey told a Westminster committee today that Brussels’ demands to the UK Treasury on potential future regulatory decisions were “problematic”, before adding: “I fail to see why people would want [...]
Data-hungry fintech firms urge FCA to ‘break’ banks this year January 2, 2021 A coalition of London startups is calling on the Financial Conduct Authority to end the dominance of banking institutions over the use of consumer data this year. The firms argue it would increase competition in the savings, credit, mortgages and pensions markets. The Coalition for a Digital Economy (Coadec), an advocacy group that represent a [...]
Exclusive – Bank of America’s diversity chief urges City firms to ‘do more’ in 2021 January 1, 2021 The City of London and the government recently launched a joint taskforce in order to tackle the lack of class diversity in the UK’s financial services sector as it is often argued the Square Mile needs to do better at diversity and inclusion. So will there be a step change in 2021? City A.M. sat [...]
Wall Street and FTSE surge as US stimulus and Brexit deal lift sentiment December 29, 2020 Wall Street hit fresh highs and the FTSE 100 posted strong gains today as investor confidence mounts in the final days of the year. The S&P 500 and Dow Jones were up 0.49 per cent and 0.57 per cent respectively as markets opened this afternoon. The Nasdaq also gained 0.42 per cent. Read more: Wall [...]
Brexit: Top law firm says City of London won’t get a quick EU financial services deal December 29, 2020 One of the world’s largest law firms has heaped doubt on claims by the UK that it can negotiate a post-Brexit financial services settlement with the EU within the next three months. US firm Baker McKenzie – the fourth largest law firm in the world by revenue and the top firm for multinational mergers and [...]
UK-EU financial services trade set for further negotiations December 25, 2020 A Government summary of the UK’s post-Brexit trade deal with the European Union indicates further negotiations will be required to establish market access rules for financial services firms. The document reaffirms “the integrity of our respective, autonomousequivalence frameworks,” the Government says. But specific equivalence deals will be codified in a forthcoming “memorandum of understanding.” Read [...]
FTSE slips this morning amidst a host of global worries December 23, 2020 The FTSE 100 has slipped a little this morning, with the index down 0.15 per cent 45 minutes into trading. A brief recovery from a lower open has dissipated. A lack of progress on a Brexit deal, ongoing fears about the new mutant strain of Covid-19 and President Trump gave reason to trouble traders on [...]
BoE’s Haldane: Bank must have ‘laser focus’ on inflation December 23, 2020 The Bank of England must have a “laser focus” on keeping inflation expectations in check once the COVID-19 crisis eases, the central bank’s Chief Economist, Andy Haldane, said in an interview with Bloomberg. “The last thing the world needs right now is a nasty inflation surprise,” Haldane said, echoing comments he made on Nov. 28. [...]
Exclusive: Banks failing to prioritise the climate will lose customers, survey shows December 22, 2020 Customers are expecting more from their banks when it comes to climate change and could lose out to more green competitors if they fail to prioritise the environment. Some 71 per cent of UK banking customers are more likely to choose a bank with a positive social and environmental impact, according to new research from [...]