Standard Chartered eyes growth in private banking with hiring spree August 14, 2019 Standard Chartered is set to embark on a recruitment spree in Asia as part of a plan to grow its private banking assets to roughly $100bn (£82bn). Over the next two to three years the lender is set to hire 30-40 private bankers every year to bulk up its private bank assets by 50 per [...]
Atom Bank, iwoca, Modulr Finance and Currencycloud awarded £40m from RBS banking competition fund August 14, 2019 Four UK financial firms have been handed a combined £40m today from an RBS fund aimed at boosting business banking competition. Atom Bank, iwoca, Modulr Finance and Currencycloud were awarded the new capital as part of an effort to boost lending and payments services to SMEs in the UK. Read more: Barclays stops banking cryptocurrency [...]
City watchdog delays new online payments rules after industry appeals for more time August 13, 2019 The financial regulator has agreed to delay new rules on online payments for 18 months after industry bodies called for more time to adapt to the changes. The new rules, known as strong customer authentication (SCA), will create an additional layer of verification for online payments to help reduce fraud. Read more: City watchdog launches [...]
Financial Conduct Authority looking into Muddy Waters short attack on Burford Capital August 12, 2019 The Financial Conduct Authority (FCA) has said it is making “wide-ranging enquiries” into the circumstances surrounding the publication of a shortselling report on Burford Capital by Muddy Waters. US shortseller Muddy Waters launched a short attack on the litigation finance company last week, tweeting that it would shortly be announcing a new short position before [...]
Burford Capital alleges ‘market manipulation’ ahead of Muddy Waters short attack August 12, 2019 Burford Capital said it has identified evidence consistent with “illegal market manipulation” of its shares in the run up to a short attack on the company by Muddy Waters. The litigation finance company said it had analysed trading data from the 6 and 7 August with the help of a market manipulation expert, and had [...]
RBS to select Alison Rose to become first female chief executive August 10, 2019 The Royal Bank of Scotland (RBS) is set to pick Alison Rose to become its new chief executive. Rose will become the first woman to lead one of the UK’s biggest high street lenders and is likely to be named as Ross McEwan’s successor in the coming weeks, Sky News claim. Read more: Outgoing RBS [...]
German government mulls sale of stake in struggling Commerzbank August 9, 2019 The German government is weighing up the sale of its 16 per cent share in Commerzbank, the country’s second-biggest lender, and is seeking expert advice on the future of its stake. Read more: Commerzbank warns its 2019 profit target now looks ‘ambitious’ Shares in Commerzbank have fallen almost 40 per cent over the last year. [...]
Investec shareholders protest reappointment of auditors KPMG and EY August 9, 2019 Shareholders at Investec have protested against the reappointment of the group’s auditors at its annual general meeting, which also saw protest votes about directors’ remuneration Just over a fifth (20.1 per cent) of votes cast by shareholders opposed the reappointment of KPMG as joint auditor of Johannesburg-listed Investec Ltd, while 16.6 per cent voted against [...]
Malaysia charges 17 current and former Goldman Sachs staff in 1MDB fund fraud case August 9, 2019 Malaysia has charged 17 current and former Goldman Sachs directors and in a corruption investigation into the state fund 1MDB. “Custodial sentences and criminal fines will be sought against the accused in the Section 367 Charges, given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds,” Malaysia attorney general [...]
Independent central banks are under threat once more August 9, 2019 Being just a couple of decades old, the widespread adoption of independent central banks is relatively new to the world. Yet this is a role which now needs to adapt to a world whose politics is changing very fast. Different inflation objectives and tools have been discussed plenty of times before, but as the objectives [...]