Santander hits back at Andrea Orcel over would-be CEO’s €100m lawsuit July 26, 2019 Santander has responded to a €100m (£90m) lawsuit being brought by its would-be chief executive, Andrea Orcel, after the bank withdrew its job offer in early 2019. The Spanish bank said the offer letter it sent to Orcel in September 2018 did not constitute a contract under local law. Read more: Orcel ‘offered €52m’ by [...]
TSB returns to growth after IT meltdown July 26, 2019 TSB announced it has returned to growth following a computer system meltdown that left millions of customers unable to access their accounts. The figures Statutory profit before tax in the first half of the year was £21.1m, compared to a loss of £107.4m in the first six months of 2018. Total customer deposits increased by [...]
Metro Bank share price plummets in wake of profit drop and departure of chair July 25, 2019 Metro Bank’s share price hit an all time low this morning, as investors fretted over the troubled lender’s news that profits have fallen and its founder is stepping down as chairman. Shares in the high street challenger bank plummeted 16 per cent to 400p in early morning trading. Read more: Metro Bank’s Vernon Hill is [...]
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 [...]