Revolut’s Metal card offers customers cryptocurrency cashback August 22, 2018 Fintech darling Revolut today offered customers cashback in the form of cryptocurrency if they sign up to its new Metal account tier, as it aims to generate more revenue from its 2.5m customers. Those who adopt the steel card can get up to one per cent cashback in either fiat or digital currency on transactions made [...]
Banks told not to assume fraud victims are at fault as scams become more sophisticated August 22, 2018 Banks have been reminded to treat fraud victims fairly and not assume customers were “grossly negligent” following an increase in the sophistication of scams. The Financial Ombudsman Service (FOS) has told banks they should take into account the evolution and sophistication of frauds and scams. Banks are not liable for money lost if the customer is [...]
London keeps its crown as world’s top foreign exchange venue August 21, 2018 London extended its lead as the world’s premier foreign exchange trading venue last year, according to new figures which suggest the City has managed to bounce back from a fall in volumes and shrugged off Brexit uncertainty. Average daily trading volumes for foreign exchange in the Square Mile rose by 23 per cent year-on-year in [...]
HSBC UK M&A star taking team to Jefferies to lead transactional business August 21, 2018 One of HSBC's top deal doers is jumping to investment bank Jefferies to lead its UK deal team. Philip Noblet, a vice chair in global banking at HSBC, is joining Jefferies alongside two experienced mergers and acquisitions (M&A) specialists, according to sources close to the bank. Noblet moved to HSBC in 2015 from Bank of [...]
Charter Court signals ‘confident’ outlook as profits jump and it announces maiden dividend August 21, 2018 Buy-to-let lender Charter Court reported a big jump in profits today and its first dividend less than a year after its initial public offering. Profit before tax rose by 57 per cent year-on-year to £93.1m for the first half of 2018, almost reaching the £111m profit made for the entirety of 2017. Charter Court listed [...]
European Central Bank fines Credit Agricole €5m for reporting errors August 20, 2018 French bank Credit Agricole must pay almost €5m (£4.5m) in fines after the European Central Bank (ECB) found it had misreported key balance sheet information. The lender classified instruments as common equity tier 1 (CET1) without obtaining permission, the ECB said in a statement. Banks must hold a certain amount of equity capital to protect [...]
Crispin Odey: Banks ‘luring investors to their deaths’ like fading department stores August 20, 2018 Renowned hedge fund manager Crispin Odey told investors in his hedge fund that the banking sector giants now resemble struggling department stores, luring investors to a sticky end with an outdated business model. Banks' profits are under threat from smaller fintech rivals who have targeted areas where lenders have traditionally charged large fees, Odey said. [...]
Lehman Brothers ex-bankers plan London reunion 10 years on from investment bank’s disastrous collapse August 20, 2018 Former bankers from Lehman Brothers are reportedly planning to reunite next month at an event marking a decade since the investment bank collapsed, triggering the global financial crisis. Some 210 bankers, who occupied roles spanning from analyst to managing director at the time of the crash, will meet in London around the middle of September, [...]
Deportation fear: UBS rogue trader Kewku Adoboli afraid he could be detained today August 20, 2018 Former UBS rogue trader Kweku Adoboli, who was sentenced to seven years in prison after causing a £1.8bn loss, fears he could be detained today ahead of deportation from the UK to Ghana. The 38-year-old told City A.M. he would walk into Livingston police station today, where he reports to immigration officials once a month. It [...]
Leisure billionaire Trevor Hemmings sues former plaintiffs over unpaid RBS legal fees August 19, 2018 A vehicle controlled by the enigmatic billionaire Trevor Hemmings has accused a swathe of groups, including nine Lloyds subsidiaries, of attempting to “unjustly enrich” themselves dodging litigation costs related to a £200m claim against RBS. Manx Capital, a group owned by Hemmings, is leading thousands of shareholders in the claim, which has been fraught with [...]