Treasury Committee chair tells City watchdog to spill the beans on RBS’ GRG February 10, 2017 The chair of the influential Treasury Committee is today calling on the City watchdog to reveal more details from its review into Royal Bank of Scotland's Global Restructuring Group (GRG). The bank was accused of purposely pushing small businesses into GRG, and effectively driving them into the ground for its own gain. Last November, the Financial [...]
Stress tests could be watered down in Dodd-Frank shake up February 9, 2017 The days of US stress tests for banks in their current guise could be numbered as Donald Trump and his team dismantle the Dodd-Frank rules. The President signed an executive order earlier this month to review the 2010 Dodd-Frank financial regulations. Now, a leaked memo from House Financial Services Committee chairman Jeb Hensarling, which has been seen by [...]
This is our best chance to scrap the toxic American tax law that makes pariahs out of US citizens February 9, 2017 We have President Trump in our sights. Having this week officially launched the Washington DC-based Campaign to Repeal FATCA, we’re lobbying to have America’s toxic, imperialistic global tax law swept into the dustbin of history. I’ve been an outspoken critic of the Foreign Account Tax Compliance Act (FATCA) since it was rushed through Congress by [...]
Commerzbank profits tumble for 2016 as restructuring costs stack up February 9, 2017 Commerzbank announced today that 2016 had taken a nasty chunk out of its bottom line, as restructuring costs and low interest rates took their toll. The figures The German bank revealed net profits attributable to shareholders for its full year of €279m (£237.6m), down 74.3 per cent from €1.1bn the year before. Profits for the fourth quarter [...]
Italian bank UniCredit just confirmed it is €11.8bn in the red for 2016 February 9, 2017 UniCredit confirmed today it racked up losses worth billions of euros during a difficult 2016. The figures Italy's largest bank reported a net loss of €11.8bn (£10bn) for its 2016 full year, a significant drop from the €1.7bn net profit it reported for 2015. Meanwhile, losses in the fourth quarter plummeted to €13.6bn, down from a profit of €153m the year [...]
Societe Generale reported income inches down in 2016, but retail banking is booming thanks to digital push February 9, 2017 Societe Generale announced a knock to its bottom line for 2016 this morning, although its retail banking business has bolstered its figures. The figures The French bank revealed reported group net income for the full year of €3.9bn (£3.3bn), down 3.2 per cent from €4bn the year before. Reported net income for the fourth quarter, meanwhile, slipped to €390m, down [...]
Bank of Tokyo-Mitsubishi UFJ and MUFG Securities fined £26m by PRA for not being open February 9, 2017 Financial regulators have imposed £26m of fines on the Bank of Tokyo-Mitsubishi UFJ (BTMU) and MUFG Securities for not cooperating with investigations. The Prudential Regulation Authority (PRA) said the two companies had failed to be “open and cooperative” with the UK financial services regulator after an enforcement action by US authorities. BTMU and MUFG, which [...]
Goldman Sachs is shifting a London hedge fund team to New York February 9, 2017 A Goldman Sachs hedge fund currently based in London is closing its doors and shifting to New York, it has been reported. According to the BBC, eight bankers working in the Goldman Sachs Investment Partners (GSIP) team are affected by the move. It is understood they have either been told their jobs are moving across [...]
Trio of ex-Barclays bankers convicted of Libor rigging due to face confiscation hearing tomorrow February 8, 2017 Three ex-Barclays bankers previously found guilty of Libor-rigging offences are scheduled for confiscation hearings in a London court tomorrow. Jonathan Mathew, Jay Merchant and Alex Pabon were convicted and handed jail sentences last summer in the third case brought to court as part of the Serious Fraud Office's ongoing Libor investigation. Former submitter Mathew is currently serving a [...]
Why Monte dei Paschi shares might get kicked from the blue-chip index tomorrow February 8, 2017 Monte dei Paschi di Siena's management board need to decide tomorrow whether it is going to reinstate its shares in the near future, or risk being kicked from Milan's blue-chip index. Shares in the troubled Italian lender have been suspended for trading since last December, when a private sector rescue plan, designed to pump €5bn (£4.3bn) into the [...]