Deutsche Bank enters Britain’s mortgage market, launching regulated product May 29, 2019 Deutsche Bank Wealth Management has announced it will offer regulated mortgages to its private banking clients in Britain. Clients looking to buy houses in the UK and borrow £3m or more at competitive loan-to-value and interest rates will be able to use the product. The wealth manager will roll it out to clients who want [...]
HSBC plans retail wealth management staff boost as bank eyes Singapore expansion May 29, 2019 HSBC is planning to boost staff numbers in its Asia retail wealth management division by about 300 by the end of this year with a focus on expanding its business in Singapore. The bank, which makes more than 80 per cent of its profit in Asia, will increase the number of wealth management staff working [...]
UK banks: What to make of Lloyds, RBS and Barclays? May 29, 2019 | City Talk By Graeme Evans from interactive investor. Having underperformed since April's stock market peak, here's what to expect from the domestic lenders. With UK banks making heavy weather of Q1 results and the Brexit shackles still in place, there's a clear lack of momentum behind shares of Lloyds Banking Group (LSE:LLOY), Barclays (LSE:BARC) and The Royal [...]
Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
CMA launches investigation into Non-Standard Finance’s hostile takeover of Provident May 29, 2019 The competition watchdog has launched a merger inquiry into Non-Standard Finance’s (NSF) hostile takeover of rival sub-prime lender Provident. The Competition and Markets Authority (CMA) called in the offer this morning to investigate whether the merger would create a “substantial lessening of competition” in the market, a week before the takeover bid could be declared [...]
Lender Amigo hails soaring profits as it fights to dispel guarantor loans ‘myths’ May 28, 2019 Lender Amigo saw profits grow almost 70 per cent to £111m in its latest financial year, amid the threat of a regulatory crackdown on the guarantor loan market. Read more: Profit leaps at guarantor loans provider Amigo following its London float The figures Profit before tax soared 68 per cent to £111m year on year [...]
Victims of fast-growing fraud could get refunds from today May 28, 2019 A mew code that will allow victims of one of the UK’s fastest growing forms of fraud to receive reimbursement from banks comes into force today. Authorised push payment fraud occurs when a victim authorises a bank transfer into an account they believe is legitimate, but is actually controlled by a fraudster. The number of reported [...]
London slips behind New York as world’s financial capital, survey says May 28, 2019 London has fallen behind New York as the city that most represents the world's financial centre, according to a report released today. A survey of finance professionals by consultants Duff & Phelps found 52 per cent of respondents chose New York as the world's pre-eminent financial centre, up from 42 per cent a year previously, [...]
We must learn from past mistakes to mitigate the impact of the next financial crisis May 24, 2019 It’s sometimes hard to believe that the global financial crisis happened more than a decade ago, and that back in 2008 the world of banking and finance was headline news on a daily basis. Read more: Jury discharged in fraud trial of senior Barclays executives Political and technological developments have changed the world immeasurably since [...]
The next Northern Rock? Metro Bank has had a troubled week May 24, 2019 Could Metro Bank be the next Northern Rock? That’s not a question that any banker wants to hear, but in this case, some self-reflection seems necessary for the young bank. This last week has been nothing if not turbulent for Metro, the UK’s most shorted stock, with conspiracies circulating that it had fallen on hard [...]