European banking stress tests too soft, auditor group warns July 10, 2019 Stress tests designed to assess the health of European banks have not taken some systemic risks into account, according to a major auditing report released today. The European Court of Auditors (ECA) has found “shortcomings for assessing resilience against systemic risk” in the stress tests carried out by the European Banking Authority (EBA), raising questions [...]
Annual fall in suspect share dealing occurring before takeovers, FCA report finds July 9, 2019 Suspect share price movements that occur before takeover announcements and imply insider trading fell to its lowest level in more than a decade last year, the UK’s financial watchdog revealed yesterday. Roughly one in ten takeovers were linked with unusual share price moves over the course of 2018, according to a “market cleanliness” indicator released [...]
Deutsche Bank share price falls for second day amid turnaround doubts July 9, 2019 Deutsche Bank’s share price took a further knocking today, as investor uncertainty over the firm’s drastic business overhaul showed no sign of easing. Shares in the German lender tumbled a further 3.5 per cent to €6.57 this afternoon, adding to yesterday’s losses after the company unveiled cost-cutting plans to axe 18,000 jobs and shut its [...]
Calls for bank forgery claims to be investigated by authorities July 9, 2019 The chair of an influential committee of MPs has demanded that allegations of banks forging signatures should be investigated. Nicky Morgan, who chairs the Treasury Select Committee, has called on the City’s watchdog, the Financial Conduct Authority (FCA), and the National Crime Agency (NCA) to probe claims that home repossessions and other such documents have [...]
Why don’t banks care about SMEs? July 9, 2019 For a service sector dealing almost solely with numbers and structured data, the world of small business lending could not be better suited to disruption by digital machines. But recently, Bank of England governor Mark Carney rightly pointed out that, despite small and medium sized enterprises (SMEs) facing a £22bn funding gap, almost half don’t [...]
Metro Bank shares fall further amid boardroom bust-up July 8, 2019 Shares in Metro Bank closed down more than 3.5 per cent today amid reports of rising tensions in the boardroom. Read more: Metro Bank and Network Rail bosses voted among most popular by staff Top executives at the high street bank have reportedly been pushing chairman Vernon Hill to resign from the board amid torrid [...]
Court told of Treasury’s ‘pervasive’ impact on controversial RBS unit GRG July 8, 2019 The government’s influence over a disgraced wing of RBS in the years following the financial crisis was “pervasive”, a court was told today. An internal bank memo from June 2010 raises concerns about the Treasury’s involvement in the global restructuring unit (GRG) of RBS. The GRG has been accused of driving small businesses into the ground as [...]
Deutsche Bank wields the axe in London as traders sent home July 8, 2019 Traders were sent packing from Deutsche Bank’s London office today as the German lender shuttered its entire share-dealing department. Read more: City jobs at risk as Deutsche Bank prepares to slash 18,000 roles globally Numerous bankers were given until 11am to vacate their offices, while bosses held conference calls to inform different teams about their [...]
London fintech Soldo scoops up $61m in funding July 8, 2019 London-based business banking fintech firm Soldo has today closed a $61m (£48.7m) series B funding round, led by Battery Ventures. Battery joined the round as a new investor alongside Dawn Capital, and existing investors Accel and Connect Ventures. The venture capital firms have previously backed the likes of iZettle, Facebook and Slack. Soldo, which provides [...]
City jobs at risk as Deutsche Bank slashes 18,000 roles globally July 7, 2019 Thousands of jobs are at risk in the City of London after Deutsche Bank announced it will slash 18,000 roles globally in an attempt to stem its 10-year decline. Read more: Deutsche Bank investment chief quits ahead of shakeup Germany’s biggest lender will shut down its global share-trading business and significantly cut back its investment [...]