Goldman Sachs pleads not guilty to misleading investors in 1MDB scandal February 24, 2020 Three units of Goldman Sachs, including one based in London, pleaded not guilty in a Malaysian court today to charges of misleading investors in connection with $6.5bn (£5bn) in bond sales that the bank helped state fund 1Malaysia Development Berhad (1MDB) raise. The US Department of Justice estimates $4.5bn was misappropriated from 1MDB between 2009 [...]
Unicredit’s Mustier rules himself out of running for HSBC role February 24, 2020 Unicredit chief executive Jean Pierre Mustier has ruled himself out of the running to be the next boss of HSBC, as the hunt to find a leader for Europe’s largest lender enters its seventh month. Italy’s biggest bank said this morning that Mustier had confirmed he would remain in role, following reports last night [...]
Barclays prepares to begin hunt for Jes Staley’s replacement February 24, 2020 Barclays is preparing to begin the search for a new chief executive to replace Jes Staley, making it the latest European bank to hunt for new leadership. Staley, who has led the banking giant since 2015, has told colleagues he expects to leave Barclays by the end of next year, according to the Financial Times. [...]
UK digital banks near 20m customers – but growth slows February 24, 2020 Digital banks operating in the UK edged towards 20 million customers in 2019, but slowing customer and deposit growth mean the lenders could face challenges on long term profitability, new figures show. Digital lenders including Monzo, Revolut and Starling gained over six million new customers in the second half of last year to reach a [...]
Treasury mulls new laws to delay end of cash February 23, 2020 The Treasury is drawing up plans to protect the availability of cash amid concerns over declining access to dispensers for older people and those from rural communities. Officials are understood to be in detailed discussions about how to combat the decline of cash ahead of the Budget next month, with one possible option the introduction [...]
HMRC sets up secret unit to probe inheritance tax avoidance February 22, 2020 HM Revenue & Customs has implemented a secret unit to investigate the use of family investment companies (FIC) by the very wealthy to avoid paying inheritance tax. It puts family offices with a combined total of more than $1tn in assets within its sights. The tax authority set up the team in April last year [...]
JPMorgan Chase set to launch UK digital consumer bank this year February 22, 2020 JPMorgan Chase is close to launching a range of personal banking products in the UK. The world’s biggest lender by market capitalisation is set to introduce savings and loans products using the Chase brand in the next few months, according to Sky News. The New York-listed bank is due to hold an investor day next [...]
Wells Fargo agrees $3bn settlement in fake accounts investigation February 22, 2020 Wells Fargo has agreed to pay $3bn (£2.3bn) to settle an investigation by the US government into its fraudulent sales practices. The US bank admitted to opening millions of fake customer accounts as well as wrongly collecting millions of dollars in fees, misusing customer information and harming the credit rating of customers. It brings to [...]
Unicredit boss Mustier ‘a main contender’ to become HSBC chief February 21, 2020 Unicredit Spa boss Jean-Pierre Mustier is a leading contender to become HSBC’s new chief executive officer. Mustier has been credited with turning around the biggest bank in Italy over the past four years and is now one of the main external candidates being considered by HSBC, according to Bloomberg. He has been in discussion with [...]
Government looks to expand dormant assets scheme to help good causes February 21, 2020 The government today outlined plans to expand the dormant assets scheme in a move that could unlock hundreds of millions of pounds for good causes across the UK. Under the current scheme, banks and building societies can opt to donate funds to good causes from accounts that have been untouched for 15 years or more [...]