Metro Bank hands interim chief executive the top job February 19, 2020 Metro Bank has announced that interim chief executive Dan Frumkin will take the top job at the bank. Frumkin, who will be a paid a £740,000 salary, joined Metro Bank last September as chief transformation officer from The Bank of NT Butterfield & Son, based in Bermuda. He took the interim role when former boss [...]
Coinbase becomes first crypto platform to receive Visa principal member status February 19, 2020 Cryptocurrency platform Coinbase has become the first crypto company to become a principal member of Visa. The new status will allow Coinbase to issue Visa payment cards as well as provide direct settlements. The San-Francisco headquartered platform brokers exchanges of digital currencies including bitcoin, ethereum and litecoin. It is licensed to provide flat currency-related services [...]
HSBC’s drastic reforms still leave the big questions unanswered February 19, 2020 Noel Quinn may only be an interim chief executive at HSBC but there’s nothing temporary about the sweeping changes he announced yesterday. The dramatic reduction in headcount goes further than the 10,000 figure he floated in October last year, when he said “there is scope throughout the bank to clarify and simplify roles.” Now we [...]
US prosecutors overlooked HSBC sanctions breaches in exchange for help targeting Huawei February 18, 2020 US prosecutors overlooked violations of US sanctions against Iran by HSBC in exchange for cooperation with an investigation into Huawei, lawyers for the Chinese tech giant said. “The government agreed to overlook HSBC’s continued misconduct, electing not to punish the bank, prosecute its executives or even extend the monitorship,” Huawei’s lawyers wrote in a 10 [...]
Knowledge of financial markets desirable but not essential for new FCA boss February 18, 2020 The Financial Conduct Authority (FCA) today published an advert for its top job where it listed familiarity with the workings of financial services and markets as “desirable” but not essential. Outgoing FCA chief executive Andrew Bailey is joining the Bank of England next month to replace Mark Carney as governor. Bailey’s tenure at the FCA [...]
Lender Amigo’s shares rise as suitors express takeover interest February 18, 2020 Amigo, the loans company, has revealed that several companies have expressed interest in buying the business after the firm opened itself to offers at the end of January. All or part of Amigo’s business could be sold after founder James Benamor’s Richmond Group said it was open to divesting its stake of 60.66 per cent. [...]
JP Morgan shakes up leadership of its investment bank February 18, 2020 JP Morgan is reshuffling the senior management of its investment bank, naming two new global co-heads and shifting other executives into roles focused on bringing in business. The investment banking giant has launched a sweeping reshuffle of top employees in an attempt to promote the next generation of talent while retaining senior staff amid stiff [...]
Five things you need to know about HSBC’s radical overhaul strategy February 18, 2020 Banking giant HSBC today launched one of the most radical strategic overhauls by a blue-chip lender in the past decade in a bid to revitalise its stuttering operations. HSBC is seeking to slash annual costs by $4.5bn and shed $100bn of assets by 2022 in a bid to keep pace with leaner and more focused [...]
HSBC: Profit plunges as bank plans 35,000 job cuts February 18, 2020 HSBC has outlined plans to offload $100bn (£77bn) of assets and dramatically downsize its investment banking arm in a restructure that will cost 35,000 jobs over the next three years. Profit before tax tumbled by a third to $13.6bn in 2019, HSBC said as it revealed its most radical overhaul since the financial crisis in [...]
Mifid II review could lead to unexpected changes says former MEP February 17, 2020 A key contributor to the European Mifid II financial regulations today warned that plans for reforms of the rules could lead to unexpected consequences. The European Commission today launched a consultation on changes to the Mifid II rules, with possible changes including the establishment of a single record of trading data from the separate national [...]