Deutsche Bank to revise cost-cutting target, says finance chief James von Moltke November 14, 2018 Deutsche Bank has sped up its cost-cutting plan, chief financial officer James von Moltke revealed today. Previously, the bank said it is aiming to lower expenses to €21bn (£18.31bn) by 2021, however von Moltke said today that costs may need to be “substantially lower.” “We need to do better than that," von Moltke said at a conference [...]
Lloyds pays out to whistleblower who alleged HBOS cover-up November 14, 2018 Lloyds Banking Group has apologised and paid an undisclosed amount in compensation to a whistleblower who produced an internal report that criticised the lender’s handling of a large-scale fraud. The bank previously settled with Sally Masterton, a former senior risk officer at HBOS, over claims she had been unfairly dismissed. Masterton “acted with integrity and [...]
RBS names new deputy chief executive in charge of ring-fenced bank November 14, 2018 The Royal Bank of Scotland (RBS) today appointed a new deputy chief executive to take over ring-fenced bank Natwest Holdings. Alison Rose, who serves as the chief executive of commercial and private banking, will take on the new role from the beginning of December. She will continue in her current job while also deputising for [...]
Transferwise repackages its business banking with a debit card November 14, 2018 Fintech unicorn Transferwise is today relaunching its business banking effort to include a debit card, integration with accounting platform Xero and an open access developer channel. The newly-revised business product will provide a Transferwise Business debit card for spending both online and in-store in 45 currencies, in addition to its previous offering of local bank details [...]
JP Morgan makes senior hire from Deutsche Bank November 13, 2018 JP Morgan has hired a senior banker from Deutsche Bank amid the German lender’s restructuring of its investment bank. Claire Brooksby has joined JP Morgan’s UK financial institutions coverage team in London as a managing director. She spent eight years at Deutsche, most recently leading the bank’s financial institutions group in the UK. Prior to [...]
Big three eurozone investment banks Deutsche Bank, Societe Generale and BNP Paribas face €11bn threshold after EU stress test November 13, 2018 Top European investment banks would have to raise €11bn (£9.57bn) to meet the informal threshold implemented by the central bank following a stress test. Deutsche Bank, Societe Generale and BNP Paribas would need to raise the funds, according to Reuters calculations, after the European Central Bank (ECB) said eurozone banks with capital worth less than nine [...]
Goldman Sachs shares hit as 1MDB fallout continues November 13, 2018 Shares in Goldman Sachs dropped to the lowest point in seven years yesterday as the investment bank faced the fall out of the Malaysian 1MDB corruption scandal. Goldman Sachs saw shares fall 7.5 per cent after Bloomberg reported that the country’s finance minister said it would demand a full refund for the fees it paid [...]
Not all foreign criminals should be deported – the case of Kweku Adoboli reveals a system that is too draconian November 12, 2018 Foreign criminals should be deported when they have served their sentences – this is effectively the government’s position, and one that remains popular with voters. On the face of it, the policy seems entirely reasonable; why should the UK show clemency to people who arrive on these shores and commit crimes against our citizens? And [...]
CYBG axes deal with former Barclays boss following Virgin Money merger November 12, 2018 The new owner of Virgin Money has cancelled the bank’s partnership with a technology company run by former Barclays chief executive Antony Jenkins. CYBG, which also owns Clydesdale and Yorkshire Bank, axed the deal following its £1.7bn takeover of Virgin Money in September, Sky News reported. Virgin Money had hired Jenkin's fintech start up 10X [...]
Brexit deal remains most likely outcome, says the Bank of England November 12, 2018 The Bank of England predicted today that a deal remains the most likely Brexit outcome, despite ongoing uncertainty around UK and EU negotiations. “I still think it’s the most likely outcome, but obviously over time, every day there are headlines – positive, negative – which will send the currency in particular one direction or the [...]