Credit Suisse promotes veteran to boost ailing investment banking unit November 11, 2019 Credit Suisse is hoping to give its embattled investment banking arm a new lease of life after appointing a company veteran to take charge. David Miller, who currently serves as the Swiss bank’s global credit boss, is set to take over as the chief of its investment banking and capital markets unit. A quiet market [...]
Hong Kong regulators fine UBS £40m for a decade of overcharging November 11, 2019 UBS has been slapped with a HK$400m (£40m) fine from Hong Kong regulators for overcharging thousands of clients. The Hong Kong Securities and Futures Commission (SFC) said today that the Swiss banking giant charged too much in fees for some of its clients between 2008 and 2017. Read more: TSB facing heavy criticism after investigation [...]
Global payments platform Finablr posts 20 per cent earnings rise November 11, 2019 Global payments platform Finablr posted earnings of $182.3m (£142.2m) for the year to date this morning, up 22.1 per cent year on year. The company’s margin for the year to date was 15.6 per cent. Read more: Travelex-owner Finablr profit rise bolsters shares above float levels The group also announced a number of commercial partnerships [...]
Salaries for UK financial services workers jump amid competition for talent November 11, 2019 The average salary for UK financial services workers jumped to £53,000 in the second quarter amid competition for talent. Data released today by recruitment software provider Broadbean showed the average salary for financial workers in the first quarter rose to £48,500 before climbing to £53,000 in the second quarter. The increase in salaries comes despite [...]
Authorities raid Greek banks in collusion probe November 8, 2019 Greece’s biggest banks have been raided by authorities, the country’s watchdog said today. The head offices of National Bank, Eurobank, Alpha Bank, Attica Bank and the Greek bank association were all searched by inspectors as part of an investigation. Read more: HSBC receives second Bank of England warning Bankers told Reuters that the offices had [...]
HSBC receives second Bank of England warning over ‘non-financial risks’ November 7, 2019 HSBC has received a second warning from the Bank of England over its lack of progress tackling so-called non-financial risks, according to people familiar with the matter. Read more: ‘Not acceptable’: Profit sinks at HSBC Samir Assaf, chief of global banking and markets at the lender, told other executives on a call this week that [...]
Commerzbank forecasts profit drop amid challenging conditions November 7, 2019 Commerzbank has warned that its profit for the year will be below previous expectations, as lower for longer interest rates take their toll on the German banking giant. Citing the negative impact of monetary policy and geopolitical uncertainty, the lender said that net profit for the year would be lower than last year. Read more: [...]
Bank of England: Brexit deal and trade wars will limit UK growth November 7, 2019 Boris Johnson’s Brexit deal and global trade tensions are likely to hold back growth in the UK economy over the next three years, the Bank of England has said. British national income will be one per cent lower by 2022 than originally thought, the Bank predicted today in its quarterly deep-dive into the economy. Read [...]
Changing times: Market leaders and investor groups call for shorter working day on trading floors November 7, 2019 The daily bustle on Europe’s high-octane trading floors should be cut short by more than an hour in a bid to improve mental health and diversity, two of the financial industry’s most influential bodies have urged this morning. The London Stock Exchange (LSE) has said it will begin a formal consultation looking at working hours [...]
Co-op bank losses widen in wake of PPI costs and fierce mortgage market November 7, 2019 The Co-operative Bank has reported widening losses during the third quarter of this year, as it became the latest in a long line of lenders to take a financial hit from the payment protection insurance (PPI) scandal. The British bank reported losses before tax of £118.6m during the nine months to 30 September, deepening from [...]