Philip Hammond starts search for successor to Mark Carney as Bank of England governor April 24, 2019 Chancellor Philip Hammond has started the process of finding a new governor of the Bank of England. Whoever he chooses will replace current governor Mark Carney when he steps down at the start of 2020. Read more: Mark Carney warns of "alarmingly high" no-deal Brexit risk The Canadian economist, the first overseas governor of the [...]
Credit Suisse posts unexpected profit rise as wealth management unit shows resilience in tough quarter April 24, 2019 Credit Suisse has reported an unexpected profit rise as its wealth management division proved resilient in a “difficult quarter.” The Swiss bank posted a fifth consecutive quarterly profit following a three-year restructuring plan but its investment bank continued to struggle. The figures Net income rose eight per cent to Sfr 749m, the bank’s highest quarterly [...]
Andrew Bailey is right to think about the City’s future April 23, 2019 Throughout the interminable Brexit debate, sensible voices have been hard to come by – but Andrew Bailey provides one. The head of the Financial Conduct Authority was ahead of the curve in pushing for EU counterparts to match the UK's planning to ensure financial stability in the event of a no-deal Brexit and, now that [...]
FCA: UK could embrace ‘lower burden’ financial rules post-Brexit April 23, 2019 The City could benefit from a “lower burden” regulatory regime when the UK exits the European Union, the top financial regulator said today. Setting out his vision for the future of UK financial regulation, Financial Conduct Authority (FCA) head Andrew Bailey said he thought the UK and EU would take contrasting approaches to regulation post-Brexit, [...]
Barclays shareholders urged to vote against executive pay over ‘inadequate’ response to whistleblowing scandal April 23, 2019 Barclays shareholders have been urged to vote against executive pay plans after the bank’s “inadequate” response to a whistleblowing scandal involving chief executive Jes Staley. Shareholder advisory group ISS criticised the measures taken by the bank following Staley’s attempts to unmask a whistleblower in 2016 and advised shareholders to vote down the remuneration report at [...]
Standard Chartered looks to win over investors with $1bn share buyback April 21, 2019 Standard Chartered is set to launch a $1bn (£770m) share buyback scheme in a bid to win back trust from embattled investors. Analysts have said the London-headquartered bank, which is focused on Asian markets, is preparing to buy back shares for the first time in a generation. Read more: Standard Chartered settles Iran sanctions probe for [...]
Morgan Stanley shares climb as results beat expectations despite ‘slow’ start to the year April 17, 2019 Morgan Stanley shares have climbed after the US bank posted better-than-expected results in its fixed income trading and wealth management divisions. The bank reported $2.43bn profit in the first quarter of the year, beating expectations despite falling from $2.67bn the previous year. Read more: Morgan Stanley trading revenue hit by sharper fall than peers Fixed [...]
Bill Browder lodges Swedbank money laundering complaint with Latvian authorities April 17, 2019 UK hedge fund boss and prominent Putin critic Bill Browder has lodged a criminal complaint against Swedbank with Latvian authorities over alleged money laundering. Browder, who has also taken the same complaint to Estonian and Swedish authorities, alleges that Swedbank accounts were used to launder $176m (£135m) between 2006 and 2012 linked to Russian money [...]
BNY Mellon suffers 20 per cent profit fall in ‘mixed’ first quarter as fee revenue drops April 17, 2019 US bank BNY Mellon has reported a 20 per cent profit fall in the first quarter of the year led by a drop in fee revenue. Chief executive Charlie Scharf admitted the bank’s performance was “mixed” and that revenue growth would be negatively impacted for the next several quarters. Read more: Goldman Sachs profits fall [...]
Bank of America reports 25 per cent rise in consumer banking revenue April 16, 2019 Bank of America posted a 25 per cent revenue increase in its consumer banking division in the first three months of this year. Net income across the whole business rose six per cent to $7.3bn in the first quarter of the year, driven by strong operating leverage, while diluted earnings per share increased 13 per [...]