DEBATE: Could fintechs solve London’s dirty money problem? July 25, 2019 Could fintechs be the answer to solving London’s dirty money problem? Michael Harris, director of financial crime compliance and reputational risk at Lexis Nexis Risk Solutions, says YES. By their very nature, fintech firms are disruptive and have a reputation for driving change in their field. Why shouldn’t the fight against money laundering be led [...]
Metro Bank profits plunge as it bids goodbye to chairman Vernon Hill July 24, 2019 Metro Bank’s woes were laid bare today after the troubled high street lender posted a downbeat financial performance and called time on its colourful founder’s role as chairman. Read more: Metro Bank confirms £500m Cerberus loan talks The under-fire challenger bank reported a sharp drop in profits for the six months to 30 June as [...]
Metro Bank drafts in new non-exec director ahead of results July 24, 2019 Metro Bank has appointed a former senior Bank of Ireland boss to be its latest new independent non-executive director, as the troubled lender ramps up its management reshuffle following a tumultuous six months. Michael Torpey, a former senior executive at Bank of Ireland, is set to to join Metro Bank’s board in September, becoming the [...]
Struggling Deutsche Bank misses estimates as losses exceed €3bn July 24, 2019 The scale of troubles at Deutsche Bank were laid bare this morning after the German lender posted worse-than-expected losses over the last quarter. Read more: Metro Bank’s chair to step down Dented by costs from a major business overhaul, the embattled bank reported quarterly losses of €3.15bn (£2.7bn) over the three month period, missing its [...]
Metro Bank’s Vernon Hill to step down despite saying he’d die in job July 23, 2019 Metro Bank is set to part ways with its controversial chairman and co-founder Vernon Hill just two weeks after he said he would “probably die” in the role. Read more: Metro Bank drafts in two senior directors The high-street lender will announce it is launching a search for a new chairman when it posts its [...]
Regulators delay introduction of new tougher rules on derivatives after industry pleas July 23, 2019 Global regulators have delayed the introduction of new rules that would require smaller fund managers to set aside cash to cover their derivatives transactions. The Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) said today the new rules would be implemented from September 2021, a delay of a year. [...]
UBS posts best second quarter in almost a decade despite wealth management troubles July 23, 2019 UBS reported its strongest second-quarter set of results in almost 10 years this morning, trumping analyst estimates for net profit despite nursing losses in its flagship wealth management unit. While the Swiss group also echoed a number of its global financial peers by posting a fall in investment banking, retail and corporate banking helped push [...]
Santander to challenge Orcel in €100m legal battle over botched CEO plan July 23, 2019 Santander has vowed today to fight a high-stakes legal battle with Andrea Orcel after withdrawing its offer to appoint the banker as its new chief executive. The Spanish bank has said it will challenge a €100m (£90m) lawsuit from Orcel, the investment banker who was denied the role of chief executive just four months after [...]
Santander profits dive 18 per cent as UK mortgage margins squeezed July 23, 2019 Santander posted an 18 per cent plunge in second quarter profits due to one-off acquisition costs and rising pressure on mortgage margins in the UK. Read more: Santander ‘offered Andrea Orcel 52m euros’ in botched CEO plan The figures Profit before tax fell 18 per cent year on year to €1.39bn (£1.25bn) between April and [...]
Lloyds to pay £140m to settle Standard Life Aberdeen row July 22, 2019 Lloyds Bank is to pay Standard Life Aberdeen (SLA) around £140m in a settlement that could end their long-running dispute over an asset management contract. Read more: Standard Life Aberdeen wins dispute with Lloyds The Edinburgh-based investment company would keep control of £30bn of assets for three years as well as receiving the cash payment, [...]