Brexit boost: Natwest pledges an extra £2bn to help businesses through EU divorce October 23, 2018 Natwest has tripled its funding to prepare British business for Brexit. The bank has set aside an extra £2bn to support companies which rely on EU exports, labour or foreign exchange rates. Read more: Philips warns no-deal Brexit will hit British manufacturing The bank says it beleives nearly 2,000 of its customers could benefit from [...]
Deutsche Bank poaches Bank of England cloud specialist in tech expansion October 23, 2018 Deutsche Bank today confirmed it has hired a former IT head at the Bank of England to lead its cloud platforms effort, as the German lender seeks to cut costs by transitioning its business to run on more efficient technology. Global transaction banking digital head Thomas Nielsen told staff in an email that Deeptasree Mitra will [...]
Lloyds and Schroders sign £80bn joint venture deal October 23, 2018 Lloyds Banking Group and Schroders struck one of the City’s largest ever wealth management alliances this afternoon, joining forces in a multi-billion pound deal aimed at financial planning for wealthy customers. As part of the joint venture, Schroders will take on an £80bn investment contract from Scottish Widows, which is owned by Lloyds. Schroders, which [...]
London fintech startups poised to expand in established European hub October 23, 2018 The UK's fintech industry, the country's most funded technology sector, is poised to expand internationally as UK hubs begin to sprout up in destinations such as Amsterdam. Three UK payments fintechs have jointly chosen the Netherlands as their European base, City A.M. has learned, seeking to reinforce their offering for European customers amid regulatory uncertainty. [...]
Danish minister says Danske Bank may have misled regulators October 23, 2018 Danske Bank may have knowingly misled investigators looking into the company’s money laundering scandal in Estonia, a Danish minister has revealed. Business minister Rasmus Jarlov said the Danish Financial Supervisory Authority (FSA) is looking into whether the under-fire bank gave it false information. Read more: Regulator blocks Danske Bank's pick for chief exec after €200bn scandal [...]
FTSE 100 falls to seven-month low amid Europe-wide sell-off of stocks October 23, 2018 The FTSE 100 fell to a seven-month low this morning as a Europe-wide sell-off of stocks saw shares drop 1.1 per cent. The index opened below the 7,000 mark today as investors were rattled by world events including Italy’s expansionary budget, Brexit, Saudi oil prices and a poor run of third quarter results this morning. It [...]
Gam loses a fifth of assets as it blames ‘clear setback’ of fund manager’s suspension October 23, 2018 Under-fire asset manager Gam lost around 20 per cent of its investment management funds in its latest quarter, as it struggles to make gains following the suspension of a portfolio manager. Group assets under management fell from SFr 163.8bn (£126.8bn) in June to SFr 146.1bn for the three months to the end of September, the firm [...]
Serious Fraud Office presses for criminal charges to be reinstated against Barclays October 22, 2018 The Serious Fraud Office (SFO) is pressing to get criminal charges reinstated against Barclays related to its capital raising arrangements at the height of the financial crisis. The high street bank and four former executives were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in 2017, connected to a deal [...]
Profit warnings trigger sharpest drop in share prices since financial crisis October 22, 2018 Profit warnings have sparked dramatic share price drops not seen since the height of the financial crisis a decade ago, according to a report out today from accountancy firm EY. FTSE companies that have issued a profit warning in the third quarter of 2018 have suffered an average 21 per cent fall in the value [...]
London Stock Exchange dividends jump amid banking and mining growth October 22, 2018 Shareholders were graced with a bumper third quarter of dividends this year, as a weakened pound and a strong showing from financial and mining firms bolstered payouts. UK dividends climbed 4.1 per cent in the last three months, hitting an all-time third-quarter high of £32.3bn. Underlying payouts, which exclude special dividends, reached £31.6bn, a rise [...]