ECB withdraws licence of Malta’s Pilatus Bank over corruption claims, financial watchdog says November 5, 2018 The European Central Bank (ECB) has shut down of Malta’s Pilatus Bank after the lender was accused of corruption, the country’s financial watchdog said today. The scandal, which accused the private bank of processing corrupt payments, was uncovered by Maltese journalist Daphne Caruana Galizia who was murdered in October last year. The accusations against the bank included that [...]
Barclays and Lloyds among the worst performers in EU bank stress test November 3, 2018 Barclays and Lloyds surprised markets yesterday after being named and shamed in the EU’s banking health check. The two British lenders were among the worst performers in the EU banking watchdog’s new report, which tested European banks and their ability to withstand a hypothetical market shock. While none of the 48 lenders fell below the [...]
Bank of England: A British scientist will feature on the next £50 note November 2, 2018 The Bank of England told the public to “think science” when nominating new faces for the £50 note this morning. Figures such as Stephen Hawking and Dorothy Hodgkin are among the early frontrunners in the race to be on the new plastic note, which comes as part of a six-week process where the public can [...]
Monzo considers office outside UK to maintain passporting rights after Brexit November 2, 2018 The digital bank Monzo is considering opening an office outside the UK to maintain its passporting rights post Brexit. The fintech challenger bank's chief executive, Tom Blomfield, said he had been approached by the local government in Frankfurt on Thursday about opening an office in the German city. “It is something we are considering, whether it's [...]
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 [...]