Mark Kleinman: Financial Reporting Council must offer clarity on Haddrill’s future November 2, 2018 The 900 UK partners at PwC were unable to deduce much from a voicemail left for them this week by their boss, Kevin Ellis, about its plans for the future of the UK audit market. His message was “very top-level”, according to one person who heard it: the details of its blueprint, submitted to the [...]
Barclays appoints former Rothschild veteran Nigel Higgins as next chairman November 1, 2018 Barclays has confirmed that Rothschild deputy chairman Nigel Higgins has been lined up as the replacement to current group chairman John McFarlane, following a six month search process. The switch-over, which was revealed by Sky News earlier this evening, is scheduled to take place after the bank's annual general meeting in May 2019. However Higgins [...]
Former Goldman Sachs bankers charged for Malaysian state fund embezzlement November 1, 2018 Two former Goldman Sachs bankers and Malaysian financier Jho Low have been hit with criminal charges in the US for the alleged embezzlement of billions of dollars from Malaysian sovereign development fund 1MDB. The US Department of Justice said former Goldman partner Tim Leissner had pleaded guilty to conspiracy to launder money, and agreed to [...]
US hedge fund led by former JP Morgan executive buys stake in Deutsche Bank November 1, 2018 A US hedge fund led by former JP Morgan executive Doug Braunstein has taken a 3.1 per cent stake in Deutsche Bank after shares in the embattled German lender reached an all-time low. Hudson Executive Capital confirmed it had been watching the stock closely for a year and had bought the stake as the bank [...]
Credit Suisse shares slump despite heading for first annual profit in four years November 1, 2018 Credit Suisse shares have slumped after its results failed to meet expectations despite the Swiss bank edging closer to its first annual profit in four years. The bank said its net profit for the third quarter rose 74 per cent year-on-year to Sfr 424m (£327m) and revenue was Sfr 4.9bn – down 1.6 per cent [...]
For a rainy day: Monzo customers can now earn interest on their savings November 1, 2018 Fintech challenger bank Monzo is launching its first interest-earning savings pot. Customers will be able to create so-called savings pots within their Monzo account that will earn interest at one per cent per year, paid monthly, on savings of £1,000 and above. Customers can open up to 10 savings pots and can take money out [...]
ING shares rise despite €775m money laundering penalty slashing profits in half November 1, 2018 Shares in Dutch bank ING were up this morning as it reported better than expected third quarter results, despite profits getting hammered by a €775m fine. Net profits came in at €776m (£684m), a 44.6 per cent fall compared to the same period last year. Reuters reported that analysts had been expecting net profit to be [...]
Danske shares surge despite new Danish investigation and steep fall in profits November 1, 2018 Danske Bank’s shares rose steeply this morning despite profits plunging a massive 42 per cent in the third quarter off the back of a money-laundering scandal. The news comes as Danish authorities announced a separate investigation into the bank's role in a tax-avoidance scheme. The figures The company’s profit before tax took a major hit, [...]
Bank of England’s monetary policy committee keeps interest rates unchanged November 1, 2018 The Bank of England's monetary policy committee has decided to keep interest rates unchanged as expected. The rate-setting committee, which raised rates to 0.75 per cent in August, unanimously voted to hold its monetary policy following a meeting on Thursday, meeting the predictions of economists. The MPC signalled that an "ongoing tightening of monetary policy" may be [...]
Prime Minister shoots down report that financial services Brexit deal is almost secured November 1, 2018 The Prime Minister today denied reports that a Brexit deal to provide London’s financial services firms access to European markets is almost secured. The City’s access to financial markets in the EU after the UK exits the bloc next year would be based on the EU’s so-called equivalence system, according to a report in The Times this [...]