There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
UBS veteran James Palmer appointed EMEA investment bank vice chairman October 17, 2018 UBS veteran James Palmer has been appointed vice chairman of EMEA investment banking and capital markets at Credit Suisse. Palmer will be based in the Swiss banking giant's London office and focus on revenue generation across all product groups, according to an internal memo seen by City A.M. and confirmed by a company spokesperson. Read more: [...]
Bank of England talks with EU continuing as it urges no-deal Brexit preparation October 17, 2018 A top Bank of England official today said talks are continuing with EU regulators to try to persuade them to allow British clearing houses to serve clients on the continent as he warned that job losses in the City will be larger than 5,000 expected by “day one” of Brexit. Sir Jon Cunliffe said that [...]
FTSE asset management fund LBOW takes £25m loan from challenger bank Oaknorth October 17, 2018 UK challenger bank Oaknorth has completed a £25m loan to ICG-Longbow (LBOW), the London listed commercial real estate lender. Oaknorth has said today that it agreed a ‘loan-on-loan’ deal with LBOW, in which the challenger firm will lend the asset manager money which can then be further loaned out to property investors. The deal is [...]
Regulator blocks Danske Bank’s pick for chief executive after €200bn scandal October 17, 2018 Danish authorities have blocked the appointment of a new chief executive at Danske Bank, piling more misery on the firm which is reeling from a €200bn (£176bn) money laundering scandal. The Danish Financial Supervisory Authority (FSA) turned down the appointment as chief executive of the bank’s head of wealth management, Jacob Aarup-Andersen, because of lack [...]
The top table: Bankers and hedgies battle it out for charity ping pong title October 17, 2018 Ping pong enthusiasts with a competitive spirit may like to get involved with a new City A.M.-backed initiative helping young Londoners from disadvantaged backgrounds. Teams from financial powerhouses such as BNP Paribas and Man Group launched a table tennis championship towards the end of last week at the Greenhouse Centre close to Marylebone station. Players [...]
Bank of England warns on boom in lending to indebted firms October 17, 2018 The growth of new lending to already debt-burdened borrowers has parallels to the subprime mortgage boom which ended with the global financial crisis, according to minutes from a discussion by Bank of England’s top financial stability policymakers. Minutes published today from the financial policy committee (FPC) showed that members, who include Bank of England governor [...]
Morgan Stanley profits jump as investment banking surges and trading holds up October 16, 2018 Morgan Stanley today reported profits well above expectations on Wall Street as its equity underwriting revenues surged and it avoided the trading weakness experienced by some rivals. Net income rose by 17 per cent to $2.1bn for the quarter, driven by a 26 per cent jump in profits in Morgan Stanley's institutional securities arm, which [...]
Goldman Sachs profits beat expectations as investment banking revenues jump October 16, 2018 Goldman Sachs beat expectations in the third quarter as revenues at its investment banking units surged in Lloyd Blankfein's final quarter as chief executive. The US investment banking giant beat expectations across the board, with net income of $2.45bn (£1.86bn) almost 20 per cent higher than the analyst consensus. Revenues came in at $8.65bn for [...]
Digital bank Oaknorth hires ex-Bank of England director October 16, 2018 Challenger bank Oaknorth has hired former Bank of England director Martin Stewart to join its advisory board. Working with the fintech as an independent adviser, Stewart was previously the director of banks, building societies and credit unions at the Bank of England. Oaknorth said it hopes that by bringing Stewart on board, it can better serve [...]