JP Morgan plans to cut hundreds of asset and wealth management jobs March 28, 2019 JP Morgan Chase & Co is cutting hundreds of jobs across its asset and wealth management division. The investment bank plans to dismiss employees in support roles and some wealth management staff across the firm’s global business as part of an annual review. Read more: City banks back women's wealth scheme “It is normal course of [...]
Standard Chartered to build new virtual bank in Hong Kong in fintech drive March 28, 2019 Standard Chartered will head up a new virtual bank in Hong Kong after being granted a licence by the region’s regulator. The London-headquartered bank will lead a joint venture with IT firm PCCW, telecoms company HKT and online travel company Ctrip Finance to build a standalone digital retail bank. Shares in the bank, which will [...]
Goldman Sachs fined £34m by City watchdog for transaction reporting failures March 28, 2019 Goldman Sachs has been fined £34m after the City watchdog found “serious and prolonged failures” in its reporting of transactions. The Financial Conduct Authority (FCA) fined the investment bank £34.3m for failing to provide accurate and timely reporting of more than 220 million transactions. Read more: Goldman Sachs narrows gender pay gap slightly to 51 [...]
Swedbank chief executive fired as money laundering claims rock the bank March 28, 2019 Swedbank's board this morning sacked its chief executive after a series of money laundering accusations rocked the Swedish bank. Birgitte Bonnesen will be replaced by Anders Karlsson, the current finance chief. Read more: Swedbank chief executive fired amid money laundering claims "The developments during the past days have created an enormous pressure for the bank. Therefore, [...]
TSB needs three-year turnaround before potential sale, Sabadell says March 27, 2019 Challenger bank TSB could be sold but must undergo a turnaround and cut costs first, its Spanish owner Banco Sabadell has said. Sabadell chairman Josep Oliu said TSB needed three years to get back on track but that a merger or a sale were options. Read more: TSB falls to £105m loss after IT disaster [...]
Preparing for a black swan event in the financial markets March 27, 2019 Global markets are more complex and interconnected than ever. Since the 2008 financial crisis, it’s become increasingly difficult to predict how the behaviour of market participants will affect the broader financial system. Meanwhile, increased automation and the use of high-frequency trading have contributed to flash crashes. We struggle to manage the rapid market movements that [...]
Barclays investment bank boss quits amid raft of leadership changes as chief executive Jes Staley takes greater control March 27, 2019 The head of Barclays’ investment bank has resigned amid a raft of leadership changes, which will see chief executive Jes Staley take greater control of the division. Tim Throsby has stepped down as head of the lender’s investment bank, which has come under attack from activist investor Ed Bramson recently. Read more: Barclays issues plea [...]
New York authorities open investigation into Swedbank – report March 27, 2019 US authorities have opened an investigation into under-fire Swedish bank Swedbank over suspicions it misled them over its customers’ ties to the infamous law firm Mossack Fonseca. Broadcaster SVT reported today that the New York State Department of Financial Services asked Swedbank in 2018 and 2016 for information on all contacts its customers had with [...]
Regulator left Co-operative Bank ‘defenceless’ by regulator in Britannia merger, long-awaited report finds March 27, 2019 The Co-operative Bank was left “relatively defenceless” by the City watchdog in its merger with Britannia, a report into the bank’s near-collapse in 2013 has found. An independent review into the now-defunct Financial Services Authority’s (FSA) supervision of the bank in the five years leading up to the crisis has finally been published today. Read [...]
Entire Commerzbank board paid slightly more than just one Deutsche banker as pay exposes the pair’s differences amid merger talks March 27, 2019 The entire Commerzbank board were only just paid more than Deutsche Bank’s top investment banker last year, exposing the gulf between Germany’s two largest lenders as merger talks continue. The seven members of Commerzbank’s board were collectively paid €8.76m last year – a 24 per cent cut on the previous year, the bank’s annual report [...]