Deutsche Bank investment chief quits ahead of shakeup July 5, 2019 Garth Ritchie, the head of Deutsche Bank’s investment banking arm, is leaving the German lender after 20 years, the bank said today. Read more: Deutsche bank poised to announce huge job losses on Monday The move comes as Deutsche prepares to significantly cut back its investment banking activities and axe 20,000 jobs across its global [...]
Deutsche Bank poised to announce huge job losses on Monday July 5, 2019 Deutsche Bank is poised to announce as many 20,000 job losses on Monday, according to reports, so long as its restructuring plan is adopted during meetings over the weekend. Read more: Deutsche Bank restructuring to cost up to €5.6bn Chief executive Christopher Sewing’s turnaround plans for Germany’s biggest lender are set to come to a [...]
The peer-to-peer industry isn’t doing enough to protect investors July 4, 2019 The abundance of peer-to-peer lenders offering high yielding loans has been getting the attention of regulators. Many peer-to-peer lenders target unsophisticated retail investors, who can invest as little as £100. And yet, there is a relatively high cost to on-board small investors, because platforms have to handle customer calls, and anti-money laundering requirements. There have [...]
Deutsche Bank restructuring to cost ‘up to €5.6bn’ July 3, 2019 The cost of a radical shake-up at Deutsche Bank could reportedly total €5.6bn (£5bn), as the German lender presses ahead with a sweeping turnaround plan that is likely to hit its investment banking division. A vast overhaul of the business is likely to cost several billion euros, sources told Reuters and the FT, as it [...]
Santander ‘faces €100m lawsuit’ from Andrea Orcel over CEO row July 3, 2019 Santander has reportedly been landed with a €100m (£90m) legal challenge from Andrea Orcel, the investment banker who was denied the role of chief executive just four months after being offered the post. Read more:Deutsche Bank considers cutting up to 20,000 jobs Orcel has filed a lawsuit claiming the Spanish multinational bank violated a contract [...]
Funding Circle shares dive as it halves revenue growth target July 2, 2019 Funding Circle’s shares collapsed today as it slashed revenue growth predictions in half this year, warning that demand for loans is waning amid an “increasing uncertain economic outlook”. The small business loans firm today warned that 2019 revenue growth will hit 20 per cent, rather than the 40 per cent it originally predicted. The peer-to-peer [...]
Neil Woodford keeps flagship fund under lock and key July 1, 2019 Embattled stockpicker Neil Woodford remained defiant last night despite confirmation that his flagship Equity Income Fund will stay frozen for at least another 28 days. Read more: Woodford offloads stake in Raven’s property firm In a new video promoted on social media, Woodford defended his trademark strategy of focusing on “undervalued assets”, saying it “will [...]
Revealed: Starling Bank chief’s stake slides as billionaire backer tightens grip July 1, 2019 The chief executive of Starling Bank has lost her position as a major shareholder in the British fintech giant, following a large funding injection in February. Anne Boden, who founded Starling in 2014, ceased to be a person with significant control in the bank in April, according to filings on Companies House. A spokesperson for [...]
Mobile banking to overtake branch use by 2021 July 1, 2019 Mobile banking is set to overtake branch use in the next two years, as a boom in the fintech sector drives an increasing number of customers to digital formats. Research by data consultancy CACI revealed 25m customers, or almost half the UK’s adult population, are currently banking on mobile formats. Read more: Transferwise expands to [...]
Deutsche Bank considers cutting up to 20,000 jobs June 28, 2019 Deutsche Bank is contemplating cutting between 15,000 and 20,000 jobs from its global equities division according to reports from Bloomberg and the Wall Street Journal. The news, revealed on Friday, would mean around 20 per cent of the company’s global workforce lose their jobs. Read more: Bank of Ireland sells UK credit card portfolio to London [...]