Provident Financial questions Non-Standard Finance’s past dividends as it attempts to dodge its bid April 2, 2019 Doorstep lender Provident Financial blasted suitor Non-Standard Finance (NSF) today, questioning past dividend payments as it tries to evade NSF’s clutches. Provident put a series of questions to NSF, including questions on “specific concerns regarding certain historical dividend payments and share buybacks”. NSF put out its own stock market announcement today, trumpeting the fact it [...]
Here’s how the banks are working to become worthy of your trust April 2, 2019 More than 10 years have passed since the financial crisis of 2008, which had enormous repercussions for people’s welfare and the economic stability of many countries. There have since been major developments, many of them in the area of financial regulation. Regulation and the sanctions of the law have an important part to play in [...]
More than a quarter of investment bankers say work is damaging their health in ‘disturbing’ review findings April 2, 2019 More than a quarter of investment bankers said their work was damaging their health as the “disturbing” findings of a survey revealed efforts to improve workplace culture have stalled. The Banking Standards Board have raised concerns today over the wellbeing of bank employees in its latest annual review. The survey of more than 72,000 employees from [...]
Sweden decides not to investigate Swedbank over Browder money laundering claims April 1, 2019 Sweden’s financial crime squad has decided not to investigate the crisis-hit Swedbank over money laundering claims made by UK hedge fund boss Bill Browder. The prominent Putin critic filed a criminal complaint alleging that Swedbank accounts were used to launder $176m (£134m) between 2006 and 2012 linked to Russian money laundering and tax fraud. Read [...]
City watchdog calls for review of its regulation of collapsed mini-bond firm London Capital & Finance April 1, 2019 The Financial Conduct Authority (FCA) said today there should be an independent investigation into its regulation of mini-bond firm London Capital & Finance (LC&F). The company collapsed in January owing investors more than £230m. The watchdog also called for an investigation to look at whether the existing regulatory system adequately protects retail purchasers of mini-bonds from [...]
Top banks to field MEP candidates across the UK to protect the City’s interests April 1, 2019 Top banks to field MEP candidates across the UK to protect the City's interests The prospect of British voters being asked to participate in next month's European Parliament elections has triggered an audacious move by some of the UK's biggest banks to field candidates in a bid to protect the Square Mile's interests, City A.M. [...]
Barclays raise concerns over Bramson’s shareholding with Bank of England and US Fed March 31, 2019 Barclays has raised concerns with the Bank of England and the US Federal Reserve over activist investor Ed Bramson’s shareholding. The US-based investor has ensured his holding is hedged by time-limited derivatives, limiting his exposure to a fall in the company’s share price as he pushes for a seat on the board next month. Read more: [...]
Watch out high street banks – Apple has a credit card and is out to steal your supper March 29, 2019 Every day, new competitors are coming out of the woodwork and vying for a piece of the high street banks’ pie. This has forced the big banks – some kicking and screaming – to evolve, and at a pace that they’ve never before experienced. Change is not a new concept for consumers when it comes [...]
Deutsche Bank denies reports it could raise €10bn for Commerzbank merger March 28, 2019 Deutsche Bank shares have slid further after the German lender was forced to deny reports it has discussed raising up to €10bn (£8.6bn) for its proposed merger with Commerzbank. Exploratory talks between Germany’s two biggest banks have been ongoing since contact was initially made earlier this month. Read more: Entire Commerzbank board paid slightly more than just one [...]
Private bank Arbuthnot Latham boosts profits and remains optimistic on Brexit March 28, 2019 UK private and commercial bank Arbuthnot Latham increased profits by a third last year and remained optimistic that Brexit could deliver a “bright future” for the economy. The bank reported pre-tax profits of £14.6m in 2018, a 33 per cent rise on the previous year as it grew its customer loan book by 17 per [...]