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 [...]
TSB apologises to customers as it is hit by further website outages September 3, 2018 Troubled bank TSB has apologised to its customers today after its online banking service crashed, leaving some customers unable to remotely access their accounts. The bank’s online and mobile banking services suffered “intermittent issues” on Sunday which has led to a slow service today. Read more: TSB plunges to bottom of banking customer service poll [...]
Funding Circle confirms IPO that could value it at £2bn September 3, 2018 Small business loans platform Funding Circle this morning confirmed its intention to IPO in a move that could value it at £2bn. The firm plans to float 25 per cent of its shares to generate £300m on the London Stock Exchange, with its debut being underpinned by Danish billionaire Anders Povlsen, who has committed to [...]
Aiming high: Junior stock market to hit £1bn of dividends by the end of the year September 3, 2018 Dividends paid out on London’s junior stock market are set to smash the £1bn mark for the first time ever later this year. Companies listed on the Alternative Investment Market (Aim) are projected to deliver investors £1.16bn by the end of 2018, growing nearly 20 per cent this year and expected to soar another 14 [...]
RBS chief warns it may have to turn away customers in event of no-deal Brexit September 2, 2018 Royal Bank of Scotland’s chief executive Ross McEwan said the bank may have to turn away business customers if there is no Brexit deal. The bank has sent 150 staff to Amsterdam to set up a new entity to act for its European customers in the event of a no-deal Brexit. "We're having to put [...]