HSBC pulls low-deposit mortgages after surge in demand September 2, 2020 HSBC UK today said it was restricting its low-deposit mortgages to those switching rates after a surge in demand. The bank said it is “temporarily reserving its mortgages over 85 per cent Loan to Value (LTV) for those customers switching rates.” HSBC was the only High Street bank to continue to offer 90 per cent [...]
Swiss regulator starts action against Credit Suisse over spying claims September 2, 2020 Switzerland’s financial supervisor has opened enforcement proceedings against Credit Suisse over a spying scandal that led to the ousting of former chief executive Tidjane Thiam and tarnished its reputation. The move by the Swiss Financial Market Supervisory Authority (FINMA) intensifies the regulatory pressure on Credit Suisse and follows the completion of a review of the [...]
German parliament launches investigation into Wirecard collapse September 1, 2020 German politicians will open a full inquiry into the collapse of Wirecard, forcing the government to address questions over its failure to avert one of the country’s biggest corporate frauds. Wirecard collapsed into insolvency in June and there have been growing questions over the failure of German authorities to pick up on numerous red flags. [...]
Andrew Bailey says Bank of England ‘not out of firepower’ August 28, 2020 Bank of England governor Andrew Bailey has said the central bank is “not out of firepower” with which to tackle the coronavirus downturn “by any means”. In fact it seemed like the Bank underestimated the amount of firepower it had left before coronavirus hit, the governor told the online Jackson Hole economic policy symposium. Yet [...]
Amigo shares rise as founder pushes for takeover August 28, 2020 Shares in subprime loan business Amigo Holdings rose 14 per cent this morning after founder James Benamor last night called for investors to back his return to the company. Benamor said he had made an irrevocable bid for 29 per cent of the company at 20 pence per share, to be executed if he is [...]
Fed to tolerate higher inflation in major policy shift August 27, 2020 The US Federal Reserve has announced a new approach to monetary policy that will tolerate periods of higher inflation, paving the way for it to leave interest rates near record lows for the foreseeable future. Fed chair Jay Powell announced the central bank would try to achieve inflation averaging two per cent over the longer [...]
Onesavings Bank profit slides amid coronavirus lockdown August 27, 2020 Onesavings Bank reported a drop in profit in the six months to the end of June as growth in its loan book did little to offset the impact of the pandemic. The figures Onesavings Bank reported underlying profit before tax fell 14 per cent to £156.3m in the six months to the end of June. [...]
Half of UK finance workers want career change due to pandemic, survey says August 27, 2020 The coronavirus pandemic has caused workers in the UK finance industry to second-guess their career choice, with 44 per cent considering moving jobs, according to a new report. Among those City workers looking for a change, 13 per cent said they wanted to leave the sector altogether. That figure rose to 16 per cent for [...]
US accuses China of ‘bullying’ UK and hits out at HSBC August 26, 2020 The United States has accused China of “bullying” the UK and its companies, citing reports that HSBC has blocked Hong Kong-based executives from using their bank accounts. US Secretary of State Mike Pompeo tweeted: “The United States is dismayed to learn the Chinese Communist Party [CCP] continues to bully our British friends and their corporate [...]
Jackson Hole symposium: All eyes on Fed chair Powell August 26, 2020 After an extremely busy few months, the world’s central bankers may have fancied a relaxing trip to the Teton mountain range in the US state of Wyoming. Yet it’s not to be. The coronavirus pandemic has forced this year’s Jackson Hole economic policy symposium to be held online on 27 and 28 August. Since 1982, [...]