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 [...]
Police raid Swedbank headquarters amid money laundering probe March 27, 2019 Police raided the headquarters of Swedbank this morning as part of a probe into insider trading. Read more: Minister blasts Swedbank money laundering report “The Economic Crime Authority can confirm media reports that a raid is ongoing at the Swedbank headquarters,” the body said. “The raid is being carried out by police from from the [...]
Losing out: British finance bosses leaking £6.7bn a year by failing to update accounting systems March 27, 2019 Outdated accounting systems which prevent British companies taking advantage of early payment discounts are costing them £6.7bn a year, according to research. More than one-fifth of finance bosses (22 per cent) surveyed by Opinium believe their accounting software is out of date, while 16 per cent said it did not allow them to use early [...]
Barclays unveils £14bn lending fund to help businesses through Brexit uncertainty March 27, 2019 Barclays has unveiled a £14bn lending fund to help small and medium-sized businesses through the uncertainty of Brexit. The bank, which has held more than 100 “Brexit clinics” for businesses in recent weeks, said the fund would provide loans, commercial mortgages and cash flow funding for investments. Read more: Barclays: No-deal Brexit would 'significantly' hurt [...]
EU watchdog boss confident ‘no imminent risk’ to banks from no-deal Brexit March 26, 2019 A no-deal Brexit would bring no imminent risks to Eurozone banks, the head of an EU banking watchdog has said. Elke Koenig, head of the Single Resolution Board (SRB) – which deals with failing banks – said EU and UK financial institutions, as well as Eurozone lenders, had put in the preparations to avoid financial [...]
Mortgage finance firm Lendinvest taps three banks for £500m London float March 25, 2019 Online property finance marketplace Lendinvest has chosen three banks to lead its planned £500m float on the London Stock Exchange this year. It is understood Lendinvest, which provides funding for property investors, developers and landlords, has tapped Goldman Sachs and Barclays as joint global coordinators. Read more: Mortgage finance hub Lendinvest targets £500m London listing [...]
Goldman Sachs narrows gender pay gap but women still earn 51 per cent less per hour March 25, 2019 Goldman Sachs narrowed the gender pay gap in its UK business last year but still paid women an average 51 per cent less than men per hour. The US investment bank said it paid men and women equally for doing the same job but the gap reflected a higher number of men in senior and [...]
Brexit alarm bells: City optimism tanks at fastest rate since financial crisis March 25, 2019 Britain’s biggest business group today warns that the “alarm bells have reached deafening levels” as the political crisis surrounding Brexit threatens to force the Prime Minister from office. Read more: Brexit secretary admits indicative votes 'could be ignored' The Confederation of British Industry (CBI) declared Brexit a “national emergency” as it revealed that financial services [...]