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 [...]
Former US financial regulator ‘to step down’ from HSBC’s board February 17, 2020 A former senior US financial regulator is set to step down as a director of HSBC, as the chairman of Europe’s biggest lender continues a board shakeup. Kathleen Casey, a former commissioner of the US Securities and Exchange Commission, will leave HSBC’s board at its annual general meeting in the spring, Sky News reported. Casey’s [...]
Monzo plans to relaunch paid-for accounts and hire another 500 staff February 17, 2020 British fintech darling Monzo plans to recruit another 500 people as it targets 5.5m users this year and bids again to turn those numbers into a profit. Monzo, which is valued at around £2bn, is set to relaunch paid-for accounts in the first quarter of 2020 after a failed introduction last year, when it reversed [...]
Barclays boss Jes Staley ‘ready to talk to FBI’ about Jeffrey Epstein February 16, 2020 Barclays chief executive Jes Staley is ready to tell US authorities everything he knows about Jeffrey Esptein following revelations that British regulators are probing his links with the paedophile financier. Lawyers for Epstein’s victims have urged the banking boss to speak with the FBI and hand over any information he has on his former client. [...]
Banknote printer De La Rue set for review of finances February 15, 2020 The Bank of England’s banknote printer, De La Rue, is set for talks with its lenders after calling in advisers to review the business. De La Rue’s banking syndicate, led by HSBC, has appointed FTI Consulting to negotiate the future of its borrowing arrangements with lenders, according to Sky News Last November, the firm said [...]
RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose February 14, 2020 Royal Bank of Scotland reported profit of £4.2bn for 2019 today, beating its financial targets as new boss Alison Rose outlined a rebrand of the bank to its Natwest name. But RBS’s share price sank 6.4 per cent to lead the FTSE 100 fallers today. Traders reacted badly to a cautious outlook on growth amid [...]
European Union increased cartel fines 74 per cent last year to $1.6bn February 13, 2020 The European Union (EU) increased fines for cartels 74 per cent last year to $1.6bn (£1.2bn). Analysis released today showed that the EU was the top of the global table for cartel fines, with the amount levied increasing nearly 40 per cent from the previous year. In May, the EU Commission hit five banks, Barclays, [...]