HSBC to cut corporate broking ties with Goldman Sachs ending longstanding relationship June 3, 2019 HSBC has cut broking ties with Goldman Sachs, bringing an end to the pair’s long relationship. The banking giant has told the US investment bank that its corporate broking relationship will come to an end, Sky News reported. It comes after a review led by the bank’s new chief financial officer Ewen Stevenson. Goldman Sachs [...]
Rise in customers with multiple current accounts as fintech boom hits high street banks June 3, 2019 An increasing number of Britons now have products from a range of different financial providers, as the rise in fintech has shifted the focus away from traditional high street banks. Research by peer-to-peer lending firm Zopa revealed one in three Brits holds two or more current accounts, an increase of 36 per cent on the [...]
RBS GRG scandal: The baggage that could drag down Andrew Bailey’s quest to lead the Bank of England June 2, 2019 This summer, the Bank of England is expected to announce a successor to Mark Carney as governor. Among the runners in the contested race is Andrew Bailey, the financial watchdog chief who stands a solid chance of taking Carney's crown. While the boss of the Financial Conduct Authority (FCA) certainly has the credentials for the [...]
Troubled Metro Bank slashes commercial real estate lending in portfolio rebalancing June 2, 2019 Metro Bank has dramatically reined in its lending to real estate clients as it tries to rebalance its loan portfolio. The challenger bank has undergone a torrid time recently after it miscategorised the risk of 10 per cent of its loan book sending its share price crashing and forcing it to raise £375m of additional [...]
Ben Broadbent reappointed as Bank of England deputy May 31, 2019 Ben Broadbent has been reappointed to his role as deputy governor for monetary policy at the Bank of England by the government, the Treasury announced today. Read more: Bank of England: We'll hike interest rates after orderly Brexit It also announced the appointment of the Trades Union Congress (TUC) general secretary, Frances O’Grady, to the Bank’s [...]
HSBC planning to cut hundreds of jobs in global banking and markets division amid cost-cutting drive May 30, 2019 HSBC is gearing up to cut hundreds of jobs in its investment banking division as part of a cost cutting drive. Read more: HSBC set to expand number of retail wealth division staff At least 500 people at the bank could lose their job within global banking and markets, but formal numbers have yet to [...]
Metro Bank shares slip as US law firms launch fraud probes after accounting error May 30, 2019 Shares in Metro Bank fell more than seven per cent this morning as two US law firms announced they are investigating whether securities fraud took place at the challenger bank. Read more: The next Northern Rock? Metro Bank has had a troubled week Pomerantz and Levi & Korinsky have launched probes into activity at the [...]
Private bank Raphaels fined £1.89m for failures that left customers cashless on Christmas Eve May 30, 2019 Private bank Raphaels has been fined £1.89m for poor controls over its outsourcing arrangements. The 230-year old bank was fined £775,100 by the Financial Conduct Authority (FCA) and £1.1m by the Prudential Regulation Authority (PRA) in connection with the failings between April 2014 and December 2016. The weaknesses in its systems came to light on [...]
Challenger banks struggling to compete with big five banks on cash deposits, study finds May 30, 2019 Challenger banks are struggling to break the stranglehold of the big five banks on the UK's £1.3 trillion cash deposit market, despite often paying better interest rates. The UK's big five banks – Barclays, Lloyds, HSBC, Santander and the Royal Bank of Scotland – hold £827bn of the UK's household deposits, a market share of [...]
Deutsche Bank enters Britain’s mortgage market, launching regulated product May 29, 2019 Deutsche Bank Wealth Management has announced it will offer regulated mortgages to its private banking clients in Britain. Clients looking to buy houses in the UK and borrow £3m or more at competitive loan-to-value and interest rates will be able to use the product. The wealth manager will roll it out to clients who want [...]