Burford Capital attacks short sellers as shares plunge 40 per cent August 7, 2019 Burford Capital has accused short sellers of spooking investors as its share price entered freefall for the second day in a row this morning. Shares in the litigation finance company dropped 20 per cent yesterday, and have continued their plunge today. Read more: Burford Capital snipes back at critical analysts Burford Capital’s share price was [...]
Commerzbank warns its 2019 profit target now looks ‘ambitious’ August 7, 2019 Germany’s second-biggest lender Commerzbank said its net profit was unchanged in the second quarter from a year earlier, as it described “a very challenging environment”. Commerzbank, which was set to merge with its bigger rival Deutsche Bank this year before the deal fell through, said its target of a slight year-on-year increase in net income [...]
HSBC worries mount after CEO exit August 5, 2019 | City Talk By Graeme Evans from interactive investor. Ousting CEO John Flint after 18 months highlights the pressures on HSBC, despite robust H1 results today. As if the current geopolitical and monetary policy concerns were not bad enough, HSBC (LSE:HSBA) investors now have succession risk to worry about after the bank’s surprise decision to part company with John Flint only 18 months [...]
Fintech darling Monzo urges 500,000 users to change PINs after security bug August 5, 2019 Digital challenger bank Monzo has urged users to change their PINs after admitting a data breach allowed members of staff to access security information. The fintech said around a fifth of customers were affected by the leak, which saw some PINs stored in encrypted log files that Monzo engineers had access to. Read more: Losses [...]
Watchdog says ‘bad apples’ still able to find new jobs in financial services August 5, 2019 Financial services employees with poor conduct records are still able to move to new companies, despite efforts by the regulator to improve conduct in the sector. A review by the Financial Conduct Authority (FCA) found that “rolling bad apples” continued to be an issue in the sector, despite the introduction of new tougher regulations. The [...]
Goodbye, John Flint: Why has HSBC axed its CEO? August 5, 2019 HSBC’s results this morning were overshadowed by the bank’s decision to sack CEO John Flint after just 18 months at the helm. Just a few hours later, HSBC confirmed it is looking to cut 5,000 jobs at the bank as it chases savings. Read more: HSBC to cut nearly 5,000 in huge savings drive Flint [...]
HSBC axes nearly 5,000 jobs in bid to reduce salary costs after sacking CEO August 5, 2019 HSBC will make as many as 4,700 people redundant from its global workforce in a bid to cut long-term costs, it has announced this morning. The job cuts will involve as many as two per cent of its workers across the world, who number 237,685. Read more: Goodbye, John Flint: Why has HSBC axed its [...]
HSBC CEO John Flint steps down from bank after just 18 months August 5, 2019 HSBC boss John Flint has fallen victim to a top-level reshuffle at the bank despite racking up a 16 per cent rise in first half profits. The firm said this morning it needed a change at the helm to deal with a “challenging global environment”. Flint, who has been chief executive for around a year-and-a-half, [...]
Starling to break even as bank customers double August 4, 2019 Starling Bank is set to break even in the UK by the end of 2020, its founder and chief executive has said, after revealing that its user numbers have doubled in the last eight months. In her annual letter, Anne Boden said the fintech firm’s account total – spanning both business and retail users – [...]
Andrew Bailey warns government to keep hands off the Bank of England August 4, 2019 A frontrunner in the race to become the next governor of the Bank of England has warned politicians not to meddle with its independence. Financial Conduct Authority (FCA) chair Andrew Bailey said the Bank’s independence was a “core underpinning” of economic stability, the Sunday Times reported. Bailey is among the favourites to take over in [...]