Starling says IPO ‘in our sights’ amid reported big-bank interest November 28, 2020 Challenger bank Starling has said it has its sights set on an IPO after a report said City giants Lloyds and JP Morgan were interested in the company. JP Morgan has talked about snapping up Starling, while Lloyds is interested in its technology, The Times reported. However, Starling today said: “An IPO is still in [...]
Spanish banks say adios to merger talks November 27, 2020 Banco Bilbao Vizcaya Argentaria (BBVA) and Banco de Sabadell have ended potential merger talks without having reached a deal. “Banco Sabadell informs that the board of directors has decided to terminate the above mentioned discussions, because the parties have not achieved an agreement on the exchange ratio of both entities,” Sabadell said in a statement. [...]
ECB says banks still vulnerable to corporate coronavirus debt November 25, 2020 The Eurozone’s banks are likely to have to put aside more cash to pay for loan losses as the recovery from the coronavirus crisis enters a new stage, the European Central Bank (ECB) has said. “Bank profitability is expected to remain weak. Provisions have increased but look optimistic in some cases,” said Luis de Guindos, [...]
EU watchdog: Commission failed in vetting Blackrock climate contract November 25, 2020 The EU watchdog has given the European Commission a slap on the wrist for failing to weigh up possible conflicts of interest when it hired Blackrock to help look into green banking rules. EU ombudsman Emily O’Reilly asked the Commission – the executive branch of the bloc – to consider toughening up its conflict of [...]
94% of men and 93% of women working in financial services state their job can be done via flexible working November 24, 2020 | City Talk New research commissioned by Women in Banking & Finance (WIBF), shows that 94% of males and 93% of females currently working in financial and professional state their job can be done flexibly in terms of location without impacting their performance. This compares to 54% and 75% in responses of past employees. The survey-based research is [...]
UK banks are yet to maximise the full benefits of the cloud November 24, 2020 | City Talk In a year that demonstrated the importance of operational resilience, major UK banks have migrated less than 10% of business infrastructure onto the public cloud. The move to the cloud also requires a mindset shift for many. In the banking sector, AI and Blockchain have long been regarded as the technologies set to change the [...]
‘Break’ London banks and give us access to data: fintech firms tell FCA November 24, 2020 A coalition of primarily London startups is calling on UK regulators to end the dominance of banking institutions over the use of consumer data as 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 number of UK fintech firms [...]
Goldman Sachs plans EU trading venue in Paris as Brexit nerves grow November 24, 2020 Banking giant Goldman Sachs is set to launch a European stock-trading destination in Paris in an effort to make sure transactions in EU equities can continue smoothly even if there is no post-Brexit agreement.
Time for a new chapter in the City’s special relationship with America November 23, 2020 Over the years, we in the UK have often stressed the “special” nature of our relationship with the US. While this is usually considered in the context of foreign policy, with regards to bilateral financial service trade, it has certainly developed into something truly special — and something we should be grateful for as Thanksgiving [...]
JP Morgan pushes ahead with UK digital bank plans November 22, 2020 US investment bank JP Morgan has reportedly promoted one of its top London employees to spearhead the launch of its digital consumer platform in the UK. It has appointed Sanoke Viswavathan, previously chief administrative officer of technology and operations in its corporate and investment division, as the chief executive of its challenger bank. The company [...]