Mortgage approvals decline in November as Brexit uncertainty impacts housing market January 4, 2019 The number of mortgage approvals fell to a seven-month low in November as Brexit concerns continued to rattle the housing market. Mortgage approvals fell to 63,728 in November, down from 66,709 the previous month, according to new figures from the Bank of England (BoE) released today. Mortgage lending rose by £3.5bn in the same month, lower than the [...]
Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’ in Mozambique January 4, 2019 Three former Credit Suisse bankers were arrested in London yesterday over an alleged $2bn (£1.58bn) fraud scheme involving loans to state-owned companies in Mozambique. Andrew Pearse, 49, Surjan Singh, 44, and Detelina Subeva, 37, were charged in Brooklyn, New York with conspiring against US anti-bribery law and to commit money laundering and securities fraud, Reuters reported. [...]
Sainsbury’s begins search for new banking chief as Peter Griffiths prepares to retire January 3, 2019 Sainsbury’s has begun the search for a new chief executive of its banking division after confirming Peter Griffiths will step down next year. Griffiths, who has been in charge of Sainsbury’s Bank since 2012, will step down in 2020, Sky News first reported. The supermarket chain confirmed it was in the “early stages” of finding [...]
Ex-Virgin Money boss among two women replacing men on Bank of England’s financial policy committee January 3, 2019 Former boss of Virgin Money Dame Jayne-Anne Gadhia has been added to the Bank of England’s financial policy committee alongside the chair of the Banking Standards Board Dame Colette Bowe, chancellor Philip Hammond announced today. The pair will replace Richard Sharp and Martin Taylor, who are stepping down at the end of the first quarter [...]
Resilience, risk, and regulatory changes: What lies ahead for the UK finance sector January 3, 2019 As we look ahead to 2019, the banking industry could be excused for trying to catch its breath. A decade on from the financial crisis, the path forward still remains fraught with difficulties. Return on equity remains stubbornly low across the board, while cost-income ratios remain high. This year will clearly be defined through the [...]
With mobile technology, we can empower the world’s unbanked January 3, 2019 Financial inclusion must become the watch-word for 2019. An estimated 1.7bn adults worldwide do not have access to formal financial services – that’s 31 per cent of the adult population who do not have a bank account. Incapable of borrowing, saving, or investing money and protecting themselves, exclusion from the global money system denies these individuals [...]
City watchdog plans to overhaul treatment of whistleblowers in 2019 December 31, 2018 The City watchdog is planning an overhaul of its approach to whistleblowers in the new year, in order to encourage more people to feel safe in coming forward. The Financial Conduct Authority (FCA) said that it would announce details of the plan, first reported by the Financial Times, later in 2019. It will revisit how it maintains [...]
Deutsche Bank chairman denies merger talks after turbulent year, claims turnaround already bearing fruit December 30, 2018 Crisis-stricken Deutsche Bank is strong and is already benefiting from a turnaround plan, according to chairman Paul Achleitner. The loss making German bank’s boss was quick to play down rumours that the bank needed state aid, or that a merger was on the cars in an interview published this morning. Achleitner told German language newspaper [...]
Credit Suisse on track to boost equity returns, chairman says December 22, 2018 Credit Suisse remains on track to boost equity returns to at least ten per cent in 2019, the Swiss lender’s chairman Urs Rohner has said. Rohner, who has been chairman since 2011, said cost cutting and closing down the bank’s strategic resolution unit – which has weighed down its performance – would help lift the [...]
Barclays snubs Bramson after activist investor moves for seat on the bank’s board December 22, 2018 Barclays has snubbed Ed Bramson after the activist investor moved for a seat on the bank’s board. Bramson floated the idea of his investment vehicle Sherborne Investors being given a seat on the board at a meeting a few weeks ago, according to Sky News. But the lender told Bramson, who has called for the [...]