Banking’s data revolution needs ethics as well as innovation April 11, 2019 With 2.5 quintillion bytes of data created every day, the exchange of information has become integral to the way we live. The opportunities data analytics can create for consumers are vast – as is the commercial potential. There are now more than 4,000 data brokers worldwide. Governments across the world are grappling with questions over [...]
Fintech unicorn N26 under scrutiny from German banking regulator April 11, 2019 Digital banking starlet N26 is under scrutiny from German banking regulator Bafin, after reports emerged of fraudulent transactions and problems with the bank’s communications structure. Concerns about N26 were first reported in October by German newspaper Handelsblatt, before further inquiries by Bafin were said to have revealed numerous deficiencies at the fintech startup. N26, which counts Monzo, [...]
Barclays boss Jes Staley says Bramson board bid ‘doesn’t make sense’ due to £500m ‘short’ position April 10, 2019 Barclays boss Jes Staley has said activist investor Ed Bramson’s board bid “just doesn’t make sense” as he effectively holds a £500m short position against the bank. Speaking on CNBC, Staley delivered another comprehensive rejection of the US-based investor’s efforts to win a seat on the board. Read more: Activist investor Ed Bramson ramps up [...]
City watchdog hands out second largest ever money laundering fine as Standard Chartered pays $1.1bn to settle transatlantic probe April 9, 2019 The City watchdog has dished out its second largest anti-money laundering fine as part of a transatlantic probe into Standard Chartered. The bank has agreed to pay a total of $1.1bn (£842m) to settle with US authorities and the UK’s Financial Conduct Authority (FCA) over claims it breached sanctions against Iran. Read more: Standard Chartered [...]
SEB sells more than half its stake in rival Swedbank amid money laundering claims April 9, 2019 Swedish bank SEB has sold just over half of its stake in rival Swedbank amid a money laundering scandal. Read more: Swedbank chief executive fired amid money laundering claims Swedbank is currently facing allegations that it misled the public about what it knew about a Baltic money laundering scheme. SEB's fund management arm has shed [...]
City watchdog hands out second largest ever money laundering fine as Standard Chartered pays $1.1bn to settle transatlantic probe April 9, 2019 The City watchdog has dished out its second largest anti-money laundering fine as part of a transatlantic probe into Standard Chartered. The bank has agreed to pay a total of $1.1bn (£842m) to settle with US authorities and the UK’s Financial Conduct Authority (FCA) over claims it breached sanctions against Iran. Read more: Standard Chartered [...]
Lloyds Bank stars as FTSE 100 rockets in Q1 April 9, 2019 | City Talk By Graeme Evans from interactive investor. After a great first quarter for stock markets, we assess the best and worst blue-chips of 2019 so far. It’s been a storming start to 2019 for the FTSE 100 index, with popular interactive investor stocks including Lloyds Banking Group (LSE:LLOY), Next (LSE:NXT) and Tesco (LSE:TSCO) among those on [...]
HSBC banker killed in Alps snowboarding accident April 9, 2019 A British banker has been killed in a snowboarding accident in the Alps. HSBC contractor and artificial intelligence (AI) entrepreneur Stuart Thurlow, 50, was killed in the French ski resort of Avoriaz on Friday while boarding off piste. According to his Linkedin profile, Thurlow was a senior project manager at HSBC who had been working [...]
Societe Generale to cut 1,600 jobs following review of investment banking unit April 9, 2019 French bank Societe Generale has revealed plans to cut 1,600 jobs, mostly from its investment banking division, in a bid to boost profits. The bank said around 750 of those jobs would be lost in France, while bankers in London and New York could also be made redundant, according to reports. Read more: Societe Generale [...]
Standard Chartered prepares for potential $1bn sanctions penalty April 8, 2019 Standard Chartered is expected to cough up more than $1bn (£770m) as it settles with US authorities over sanctions-busting claims. The payment could be agreed as early as tomorrow morning, sources told Reuters. Read more: Standard Chartered to build new virtual bank in Hong Kong It would be the culmination of a years-long investigation into [...]