DEBATE: Would it be beneficial for the UK economy if Mark Carney stayed on as Bank of England governor? September 5, 2018 Would it be beneficial for the UK economy if Mark Carney stayed on as Bank of England governor? Katrina Usita, an economist at OMFIF, says YES. Uncertainty is the UK economy’s greatest problem. Mark Carney’s willingness to extend his term as Bank of England governor for another year assuages some of that, at least in [...]
London’s scale makes UK dominant financial centre in Europe – second only to the US worldwide September 5, 2018 The UK is by far the most important financial centre in Europe, coming second only to the US worldwide, according to a new ranking to be published today. Britain and the US far outstrip all other competitors, the report by the New Financial think tank found, based on an analysis of 42 different metrics, from [...]
Deutsche Bank to be taken off Eurostoxx 50 blue-chip index September 4, 2018 Deutsche Bank will be removed from Europe's top index of blue-chip companies, after a challenging year deals the bank a new blow. Germany's largest lender will be demoted from the Eurostoxx 50 index on 24 September, the bank said in a statement this morning. Deutsche Bank's share price has lost nearly 38 per cent of [...]
If the FCA won’t regulate bad behaviour by banks such as RBS, then who will? September 4, 2018 This summer, the Financial Conduct Authority (FCA) confirmed that it would take no disciplinary action against Royal Bank of Scotland (RBS), despite its “widespread and systematic” mistreatment of SME customers at the hands of its restructuring arm GRG. This is disappointing, but it’s no surprise that the regulator is unable to do anything. The Senior [...]
Lehman Brothers 10 years on September 4, 2018 | City Talk It’s hard to believe that it’s almost ten years since financial markets globally underwent a cardiac arrest that brought the world economy to its knees. Financial markets had already been on a slow downward slope in the lead up to events in September 2008, over concerns about the stability of the global financial system that [...]
ING ordered to pay £700m to settle money laundering case September 4, 2018 Dutch bank ING has been ordered to pay €775m (£698.15m) to settle a money laundering case. The bank failed to carry out due diligence and allowed the "structural infringement" of the Netherlands' Money Laundering and Terrorist Financing Act between 2010 and 2016, according to the prosecution. Read more: Business losses from employee corporate fraud double on last year [...]
Paul Pester steps down as TSB CEO after IT outages September 4, 2018 TSB boss Paul Pester is to step down from the UK high street bank, following seven years of service that ended amid a prolonged and ongoing IT crisis. However, the bank insisted Pester was not a “fall guy” for the outage that began in April, impacting around 1.9m customers. Read more: TSB apologises to customers [...]
London boss of foreign bank arrested over bribery investigation September 3, 2018 The head of an international bank’s UK arm has been arrested on suspicion of bribery, it emerged this afternoon. In comments made to a conference in Cambridge, the deputy director of the National Crime Agency (NCA)’s economic crime unit said that two senior individuals from a foreign bank’s London unit have been detained following a seven-month [...]
Former UBS trader Kweku Adoboli detained by police ahead of deportation to Ghana September 3, 2018 Former UBS trader Kweku Adoboli, who was jailed for fraud in 2012 after causing a $2.3bn (£1.8bn) loss at the Swiss bank, was detained by police today in advance of his deportation to Ghana. Adoboli, who has lived in the UK since he was 12 but is not a British citizen, was detained by police [...]
Libor replacement to be given first bond issue test September 3, 2018 The Bank of England’s replacement for the scandal-hit Libor interest rate is to take a major step forward as Lloyds Banking Group prepares to issue the first bonds tied to it. Lloyds will become the first commercial lender to use Sonia, a three-year sterling benchmark floating rate covered bond with is tied to the Sterling [...]