Bank of England forms group to weigh up digital currency launch January 21, 2020 The Bank of England has teamed up with other major central banks to assess the case for launching their own digital currencies, it announced today, as a debate rages over the future of money. Threadneedle Street will work with the central banks of Canada, Japan, the Eurozone, Sweden, Switzerland and the Bank for International Settlements [...]
RBS’ digital banking chief to step down in coming months January 21, 2020 The chief executive of Bo, RBS’ digital banking platform, is one of a number of executives who will leave the company in the coming months as part of a reshuffle under new boss Alison Rose. Mark Bailie, who was considered a potential challenger to Rose before her appointment in the autumn, will step down just [...]
UBS profit slides as Swiss bank misses 2019 targets January 21, 2020 Profit at Swiss banking giant UBS fell five per cent for the full year, as the Zurich-headquartered bank missed its targets for 2019. Net profit for the year was $4.3bn (£3.30), down from $4.5bn in 2018. Although profit in the final quarter of 2019 rose 129 per cent, this was largely the result of comparisons [...]
Open Banking can rebalance the market and put consumers in control January 21, 2020 Two years since its inception, Open Banking has begun to transform the banking world. While understanding may still be low among those outside of the financial sector, do not underestimate this phenomenon. In fact, low awareness is to be expected — Open Banking is a technology that exists behind the scenes, and customers will only [...]
JPMorgan Chase buys second building in Paris as it shifts teams from London January 20, 2020 JPMorgan Chase today announced plans to buy a building in Paris to house up to 450 more staff. The acquisition of the additional seven-storey building in central Paris is part of a wider move to bolster the bank’s operations in France. JPMorgan Chase plans to move over its sales teams and then its trading operations, [...]
Over 1000 EU financial firms planning to open UK offices after Brexit January 20, 2020 More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients. The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end [...]
In the rush to get an EU trade deal, the needs of the City must not be forgotten January 20, 2020 With 31 January less than two weeks away, after various twists and turns, the first chapter of Brexit is finally coming to a close. Although it has performed with resilience and strength in the face of a challenging economic climate, the City has been crying out for certainty and clarity for too long. And even [...]
City cautiously approves of chancellor’s post-Brexit regulations plan January 19, 2020 The City of London Corporation has responded with cautious approval to chancellor Sajid Javid’s statement that post-Brexit financial services trade with the EU should be on the basis of “outcome-based” equivalence of rules. The chancellor has faced a backlash from car manufacturers and business bodies, however, after he told the Financial Times that the UK [...]
IMF warns growing inequality could cause a new financial crisis January 18, 2020 The head of the International Monetary Fund (IMF) has called on the world’s financial sector to address near-record levels of inequality within countries that could be a harbinger of a new financial crisis. IMF managing director Kristalina Georgieva issued a “call to action”, urging a shift to facilitate more lending to small and women-led businesses, [...]
Morgan Stanley chief’s pay falls 7 per cent despite profit jump as bank reduces bonuses January 18, 2020 Morgan Stanley chief executive James Gorman received $27m (£20.75m) in total compensation for 2019, almost seven per cent less than the year before, according to a company filing on Friday. It comes following a reduction in bonuses for staff across the business. The board called Gorman’s performance “outstanding” and acknowledged the firm’s “strong financial performance”. [...]