JP Morgan predicts Brexit deal to be agreed in coming days – but parliamentary approval won’t come until 2019 November 9, 2018 Banking heavyweight JP Morgan revealed today that it believes a transitional Brexit deal is likely to be signed between Britain and the EU within the coming days. JP Morgan economist Malcolm Barr said in a note to clients: “Agreement in time for a November 17-18 summit appears to remain possible even if odds are slightly [...]
War games: Bank of England to test financial services sector’s resilience to cyber attacks November 9, 2018 The Bank of England will today test the financial industry's ability to withstand a major cyber attack on the UK. Leading banks will be among around 40 firms that will partake in the exercise, aimed at ensuring firms are able to meet certain recovery requirements in the wake of a cyber-attack. "This exercise forms a [...]
Gresham House scoops up assets from Livingbridge in £30m deal November 8, 2018 Asset manager Gresham House will hand over £30m to acquire Baronsmead and other funds from manager Livingbridge. The deal, which could rise to £40m, brings half a billion pounds in assets under management to the London-based manager. The acquisition is expected to boost Gresham House’s earnings per share when it closes at the end of the [...]
AJ Bell posts double-digit growth in run-up to London float November 8, 2018 AJ Bell’s revenue soared nearly 20 per cent in the year to September, giving the investment platform a fresh dose of confidence ahead of its float later this year. The Salford-based group announced today that revenues had soared by 19 per cent to £89.7m over the 12 months to September, with pre-tax profits rising 31 per [...]
Citibank fined over $38m by US markets watchdog November 7, 2018 Citibank has been fined more than $38m (£29m) by markets watchdog the US Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRs) to brokers. The SEC’s investigation into the matter concluded that Citibank had provided US securities that represent foreign shares, or ADRs, to brokers in thousands of transactions prematurely, without [...]
Lloyds invests in new digital banking platform November 7, 2018 Lloyds Banking Group said today it had invested in a fintech company whose tech it plans to roll out next year, in the bank’s latest bid to enhance its digital presence. Lloyds has invested £11m for a 10 per cent stake in Thought Machine, which is building a new cloud-based platform aimed at replacing current [...]
Bank of England slaps rare personal fines on Japanese bankers for failing to disclose ban November 7, 2018 THE BANK of England has fined a Japanese banker for not disclosing that he was about to be banned from activities in the US. Akira Kamiya, former chair of Mitsubishi UFJ Securities’ (MUFG) EMEA division, was charged £22,700 by the Prudential Regulation Authority (PRA) for not disclosing he was personally investigated when the bank was [...]
Thousands could have PPI claims retried after FCA issues new guidelines November 7, 2018 UK banks could be forced to write to around 150,000 customers who may have been mis-sold payment protection insurance (PPI) as next year’s deadline to claim compensation looms. The Financial Conduct Authority said it is proposing the new rules so that customers who have complained unsuccessfully will know they have a second chance. Customers will [...]
Azerbaijani woman who spent £16m in Harrods has reportedly been arrested and faces extradition November 6, 2018 The wife of an Azeri banker who spent £16m in Harrods and was the subject of the UK’s first unexplained wealth order (UWO) has reportedly been arrested, pending extradition. Zamira Hajiyeva, 55, was exposed as the subject of a UWO which forced her to reveal how she was able to afford two UK properties worth a [...]
Top HSBC executive probed by Financial Conduct Authority November 6, 2018 A top executive at HSBC is being probed by city regulator the Financial Conduct Authority (FCA). Sky News reports that Paul Watson, whose online profile lists him as head of regulatory compliance for the global banking and markets division of HSBC, is being investigated by the regulator. The inquiry, which is thought to have started [...]