US Federal Reserve sets out capital ratios for major banks August 10, 2020 The US Federal Reserve today set out capital requirements for major banks following a round of stress tests. It marks the first time the Fed has mandated custom capital requirements for each bank under its new so-called stress capital buffer. The new requirements take effect from 1 october. Goldman Sachs and Morgan Stanley were ordered [...]
Monzo? I’d rather invest my tuppence in the bank August 10, 2020 “Railways through Africa. Dams across the Nile. Fleets of ocean greyhounds. Majestic, self-amortizing canals.” So enthuses Mr Banks to his dubious son Michael. An investment in the Fidelity Fiduciary Bank, in the words of director Mr Dawes, “fires the imagination”. And tuppence is all you need to open an account. Never has the promise of [...]
Natwest set to scrap top bankers in management cull August 9, 2020 Natwest is said to be preparing to oust three of its senior management team, as it trims down on costs during the pandemic. Three executives at the helm of its Natwest Markets division — which has 5,000 staff in total — are to stand down this week, the Sunday Times reported. It comes as chief [...]
Barclays probed by privacy watchdog over reports of spying on staff August 9, 2020 Barclays is being investigated by the Information Commissioner’s Office (ICO) following accusations that it spied on its staff. The UK’s data and privacy watchdog said a formal probe is ongoing, but could not say when it may conclude. It follows a report by City A.M. earlier this year that Barclays was piloting a system which [...]
The return to work: Here’s when City firms are going back to the office August 7, 2020 Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office. The government is worried that hospitality businesses are being hit hard by people working from home. But London firms have adopted a more cautious approach than the [...]
Standard Life Aberdeen profit hit by coronavirus and £25bn Lloyds withdrawal August 7, 2020 Standard Life Aberdeen’s pre-tax profit slumped 30 per cent to £195m in the first half of 2020 after Lloyds withdrew £25bn in the peak of the pandemic. The figures Fee-based revenue fell 13 per cent to £706m as clients pulled their money out to lower fee assets and Lloyds’ scheduled withdrawal of assets. That missed [...]
Let’s give our SMEs all the help they need to expand overseas — by tackling unfair payment charges August 7, 2020 Coronavirus has changed our lives, there’s no denying that. But it’s also changed the way a huge number of businesses operate on a daily basis. We’re not just seeing SMEs cope with new track and trace systems and social distancing rules. They’re revolutionising the way they make money, moving operations online, and even going cashless [...]
Edward Bramson resumes activist campaign against Barclays August 6, 2020 Edward Bramson has renewed his activist campaign against Barclays’ investment bank, even after the division reported a surge in revenue this year. Bramson reportedly told shareholders in his investment Sherborne Investors that the pandemic had “significantly distorted the first half results of all the banks”. In April Bramson called a temporary truce in his battle [...]
Bank of England: Downturn better than feared but UK faces longer recovery August 6, 2020 The Bank of England has significantly improved its prediction for the path of the UK economy this year, but said the recovery will take longer than initially expected. The Bank’s projection, released today, said the UK economy was likely to shrink by 9.5 per cent this year and then grow by nine per cent in [...]
BoE puts negative interest rates in its ‘toolbox’ for the first time August 6, 2020 The Bank of England has put negative interest rates in its “toolbox” of possible monetary policy measures for the first time, governor Andrew Bailey said today. However, Bailey cautioned that the Bank does not currently “have a plan to use them”. Read more: Bank of England says UK economy’s recovery will take longer than expected [...]