Softbank board loses dissenting voice as Uniqlo founder leaves December 27, 2019 The founder of clothes company Uniqlo will resign from the board of Softbank after 18 months in the job. Tadashi Yanai, who is chief executive of Uniqlo, will leave the Softbank independent board member post at the end of the month to focus on his fashion business. Read more: Softbank ‘tightening governance’ at firms it [...]
Credit Suisse admits to spying on second executive December 24, 2019 The Credit Suisse spying saga continues as the Swiss bank admitted to having undertaken surveillance of a second senior executive. Following surveillance of the firm’s former wealth management chief, bank blamed former chief operating officer Pierre-Olivier Bouee for hiring detectives in February to track former human resources head Peter Goerke. Read more: Credit Suisse cuts [...]
HSBC and First Direct IT glitches leave customers unable to access online and mobile banking December 20, 2019 HSBC and First Direct have resolved issues causing intermittent problems for customers accessing online and mobile banking over the past 24 hours. Customers were unable to access their online or app banking from around 7:40pm last night and then again throughout today despite claims the issues had been resolved in the early hours of the [...]
Aberdeen Standard Investments to take control of Woodford Income Focus fund December 20, 2019 Aberdeen Standard Investments (ASI) will take over Neil Woodford’s sole remaining fund it has been revealed today. Fund administrator Link Fund Solutions confirmed to investors this morning that the management of the £267m fund would be handed to ASI. Read more: Windup date for flagship Neil Woodford fund confirmed by administrators The management of the [...]
Goldman Sachs reportedly in talks to admit guilt and pay $2bn to settle 1MDB probe December 19, 2019 Goldman Sachs is in talks with the US government to pay a $2bn (£1.5bn) fine and admit guilt to resolve a criminal investigation into its role in the Malaysian 1MDB corruption scandal, according to the Wall Street Journal. The bank and US officials have discussed a deal under which a Goldman subsidiary in Asia would [...]
RBS clears out senior leadership at Natwest Markets investment bank December 19, 2019 The chief executive and chief financial officer of Royal Bank of Scotland’s (RBS) underperforming investment bank have stepped down, as new chief executive Alison Rose launches a shakeup of the executive team. The departure of Natwest Markets’ chief executive Chris Marks and chief financial officer Richard Place was announced in a statement on Thursday morning. [...]
Why the Bank of England should hold interest rates December 18, 2019 The Bank of England should vote to hold interest rates at their current level until there is more clarity over the economy’s direction in the New Year, some of the City’s top economists have argued. Ahead of the Bank’s key meeting tomorrow, City A.M.’s shadow monetary policy committee has taken a wait-and-see approach by overwhelmingly [...]
Co-op owners sound out potential buyers December 18, 2019 The hedge fund owners of the Co-op Bank are reportedly on the hunt for potential buyers. Two-and-a-half years after the lender was rescued from collapse, the US investors which took control of the Co-op have started holding talks with possible bidders, according to Sky News. The broadcaster cited sources as saying that several British retail [...]
Bank of England to set up climate change stress tests December 18, 2019 The UK’s top banks and insurers may be tested together in 2021 for the financial impact of climate change, according to a new Bank of England paper. The tests would include three different scenarios and would assess how firms would deal with more frequent weather events and mass sell-offs of “brown assets” – those considered [...]
FCA overdraft rules: What they mean and which banks have hiked fees December 18, 2019 Millions of people may see changes to their available bank balances today as new overdraft rules from the financial watchdog covering how overdrafts are displayed come into effect. The Financial Conduct Authority (FCA) has ordered UK banks to stop including overdrafts in funds marked as “available” to customers, in a move designed to make it [...]