Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
Outlook for German banks downgraded to negative by Moody’s November 21, 2019 Germany’s banking outlook has been slashed by credit ratings agency Moody’s amid concerns over the current low interest rate environment. Moody’s has cut its forecast from stable to negative for the country’s lenders, adding that their profitability and overall creditworthiness will likely decline over the next 12 to 18 months. Read more: Challenger banks yet [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
Through technology, crime is closer than you think November 21, 2019 Money laundering often gets a laugh: the laundrette at the end of the road that’s never open to launder clothes, a running joke about a dodgy colleague, or the time a friend inadvertently cleaned cash for a bloke they met in a pub when you were students. But the reality is that the pervasiveness of [...]
Challenger banks yet to overcome Brits’ lack of trust, study finds November 20, 2019 Two fifths of Brits don’t trust challenger banks at all, while over half are worried technology will put their data at risk, according to a new study. The research, conducted by Fujitsu, suggests that concerns over security are slowing the British public’s adoption of technology. Read more: Trading giant Robinhood makes its UK debut in [...]
Stop attacking ECB, new board member tells fellow Germans November 20, 2019 Incoming European Central Bank (ECB) board member Isabel Schnabel has told her fellow German economists to dial back their attacks on the Eurozone’s central bank, saying they threaten the euro. “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the [...]
City watchdog hits Henderson Investment Funds with £1.9m fine for overcharging retail customers November 20, 2019 City watchdog the Financial Conduct Authority (FCA) today said it had fined Henderson Investment Funds Limited (HIFL) nearly £1.9m for treating retail customers unfairly. The FCA said HIFL had overcharged 4,500 retail customers in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund. In 2011 HIFL’s [...]
ECB: Record-low interest rates causing ‘excessive risk-taking’ November 20, 2019 Record-low interest rates in the Eurozone have led to “excessive risk-taking in some sectors” which could threaten financial stability, the European Central Bank (ECB) has warned. The ECB defended low rates in its latest financial stability report, however, saying they were necessary to support economic activity in the struggling Eurozone. Read more: ECB warned over [...]
HSBC investment banking boss to lose role in shake-up November 20, 2019 HSBC’s investment banking boss is reportedly set to be replaced as part of a shake-up under interim chief executive Noel Quinn. The lender’s head of global banking and markets Samir Assaf is to be moved to a non-executive role, according to the FT. Read more: Softbank in talks over KPMG’s private members club Assaf has [...]
Three more companies ditch sponsorship of Prince Andrew’s Pitch@Palace scheme November 19, 2019 Three more companies said they would no longer support Prince Andrew’s entrepreneurial scheme Pitch@Palace, a day after KPMG jumped ship. International banking giant Standard Chartered was the first to pull the plug. A spokesman confirmed: “We won’t be renewing the sponsorship when it ends in February.” Read more: Corporate sponsors look to desert Prince Andrew’s [...]