FTSE 100 Live: Stocks to tumble as interest rate decision looms; Oil falls as ‘economic catastrophe’ avoided
Boris Johnson says Brexit deal must be ‘predictable’ for the City February 3, 2020 Prime Minister Boris Johnson has sought to reassure the City about a post-Brexit trade deal with the European Union, saying it should provide a “predictable, transparent and business-friendly” environment for financial services firms. In a written statement to parliament, the PM also said there should be “obligations on market access and fair competition”. The statement [...]
Goldman Sachs ‘in talks’ to partner with Amazon on small business loans February 3, 2020 Goldman Sachs is reportedly in advanced talks with Amazon to offer small business loans in the US, as the Wall Street giant looks to the tech titan in a bid to break into the mainstream areas of financial services. Goldman Sachs has begun building technology that would allow it to offer loans to small and [...]
Citigroup suspends senior bond trader over alleged canteen theft February 3, 2020 Citigroup has suspended one of its most senior London-based bond trader after accusing him of stealing from the office canteen. Paras Shah abruptly left his post as head of Citi’s head of EMEA high-yield bond trading last month. The Financial Times reported that the bank suspended Shah after alleging he had stolen food from the [...]
Citigroup names new treasury and trade head for Britain and Europe February 3, 2020 Citigroup has appointed Peter Crawley as its new head of treasury and trade solutions (TTS) for Britain and Europe. Crawley, who has been Citigroup’s TTS head for Sub-Saharan Africa since 2013, will take up the new role in April, according to an internal memo. He will be responsible “for driving the business strategy, new business [...]
Credit card firms must cut fees for those in persistent debt, says watchdog February 3, 2020 Credit card providers must cut or stop fees for those who are caught in a cycle of persistent debt, the financial watchdog has said. In a letter to the chief executives of credit card firms this morning, the Financial Conduct Authority said lenders must come up with a repayment plan for customers who have been [...]
New RBS boss Alison Rose to be based solely in London February 2, 2020 New Royal Bank of Scotland chief executive Alison Rose is to be based solely in London, even though the state-owned lender is headquartered in Edinburgh. Rose’s employment contrast lists RBS’s office on Bishopsgate as her sole place of work, the Sunday Times reported. Her predecessor, Ross McEwan, had a contract for London and Edinburgh. Rose, [...]
Watchdog probes jump in sterling before Bank of England rate decision January 31, 2020 City watchdog the Financial Conduct Authority has opened an investigation into the jump in the value of the pound shortly before the Bank of England’s interest rate decision yesterday. The Bank confirmed it asked the FCA yesterday to investigate the unusual spike in the value of sterling. The value of sterling jumped about 15 seconds [...]
TSB recovers from IT meltdown to return a profit January 30, 2020 TSB returned a profit and a healthy balance sheet in 2019 after it stemmed losses from its failed IT migration. The bank reported that profit before tax for the year to 31 December 2019 was £46m, compared to a pre-tax loss of £105.4m in 2018. It said it was “primarily driven by the non-recurring effect [...]
DEBATE: Are technology companies a threat to central banks? January 30, 2020 Are technology companies a threat to central banks? Bhavin Patel, head of fintech research at OMFIF, says YES. Tech companies are rapidly developing solutions to overcome shortfalls in the monetary system and proving flexible in tailoring their services to converge with consumer trends. Wide-scale adoption of privately-issued digital coins is growing more probable, particularly in [...]
Deutsche Bank crashes to massive €5.7bn loss January 30, 2020 Deutsche Bank slipped to a larger than expected loss of €5.7bn (£4.8bn) last year, as the costs of its turnaround drive hit profits. The German banking giant has now posted losses for five consecutive years. Deutsche has struggled with misconduct scandals, failed US growth plans and an abortive merger with rival Commerzbank. Chief executive Christian [...]