Burford executive accused of exchanging documents for sex tape in lawsuit August 22, 2019 A senior executive at Burford Capital has been accused of unlawfully trading “sensitive” documentas for a sex tape in a $91m (£75m) lawsuit in the High Court. The lawsuit marks the latest battle for the troubled litigation funder, which was subject to a short attack by US firm Muddy Waters earlier this month. Daniel Hall, [...]
Deutsche Bank clamps down on hiring amid €7.4bn restructuring August 21, 2019 Deutsche Bank is tightening its procedures for new hires as it undergoes a major restructuring and headcount reductions. According to an internal memo seen by news agency Reuters, any new hires would need specific approval from the bank’s chief executive Christian Sewing, his deputy Karl von Rohr and finance boss James von Moltke. Read more: [...]
US Fed minutes show bankers debated cutting interest rates more aggressively August 21, 2019 The US Federal Reserve debated cutting interest rates more aggressively at its last meeting amid concerns about a global economic slowdown and trade tensions. The Fed cut rates by 25 basis points at its 30-31 July meeting, with minutes published today showing central bankers were keen to avoid the appearance of being on the path [...]
Bank of East Asia profits slump as concerns mount over Hong Kong protests and US-China trade war August 21, 2019 One of Hong Kong’s largest banking groups posted a sharp drop in profits today as it struck a cautious tone following months of protests in the region and a global economic slowdown from the US-China trade war. Bank of East Asia (BEA), which is based in Hong Kong, reported a 75 per cent drop in [...]
OneSavings and Charter Court post higher loan books as merger draws near August 21, 2019 OneSavings Bank and Charter Court Financial have both reported higher loan books for the first half of this year as they gear up for a £1.6bn tie-up aimed at creating a leading specialist lender. Shares in both groups tumbled by roughly five per cent in morning trading, as lower net margins and Brexit-related uncertainty in [...]
DEBATE: With Greta Thunberg on a sailing trip to protest climate change, are banks taking the threat seriously? August 19, 2019 With Greta Thunberg on a sailing trip to protest climate change, are banks taking the threat seriously? Nick Jacobs, chief executive at real estate investment company Rowan, says YES. Climate change makes investment change an imperative, and the wider investment and finance community needs to take this to heart. Thankfully, the signs are that finance [...]
Dividends break record but uncertainty fuels slowdown August 19, 2019 Global dividends rose to a new record in the last three months, but investors held back their celebrations as growth cooled in the wake of rising global economic uncertainty. Shareholders were paid out $513.8bn (£422.8bn) in the second quarter of 2019, hitting an all-time high but rising at the slowest pace for more than two [...]
Watchdog’s ban on ex-Barclays executive holding senior positions overturned August 16, 2019 A ruling by the financial watchdog banning former Barclays executive Andrew Tinney from holding senior positions at financial institutions has been overturned. Tinney, former chief operating officer of Barclays Wealth, was also cleared of misleading the Financial Conduct Authority (FCA) and the US Federal Reserve Bank of New York, but a finding he “acted without [...]
PwC awarded £16.5m contract to manage Northern Rock remaining assets August 16, 2019 PwC has been awarded a contract worth £16.5m to manage the government’s remaining assets in Northern Rock. It comes 12 years after the accountancy firm was criticised for being complacent in its audits of the failed lender, which collapsed in 2007. Read more: Moody’s forecasts fast growth for Islamic banking in next five years PwC [...]
Moody’s forecasts fast growth for Islamic banking in next five years August 15, 2019 Islamic banking within the Commonwealth of Independent States (CIS) will grow substantially over the next five years, according to Moody’s Investors Service. The US agency is forecasting financial expansion in many of the CIS counties during the years ahead as a result of government initiatives built to nurture the sector. Read more: Challenger bank Monzo [...]