Deutsche Bank has confirmed the €2bn IPO of its asset management arm March 26, 2018 Shares in Deutsche Bank edged higher this morning after it confirmed it will float a minority stake in DWS, its massive asset management arm, next month. It is thought the lender will list a 25 per cent stake in DWS, which has €700bn (£614bn) under management, in two weeks’ time. Deutsche is expected to raise [...]
Lloyds announces £3bn investment in new digital strategy March 21, 2018 Lloyds Banking Group today launched a new £3bn investment in a three-year strategy of upgrading the bank's digital capabilities as it looks to slash costs and prepare itself for the expected wave of competition as challenger banks and fintechs gain momentum. The bank wants to cut costs below £8bn by 2020, translating into cuts of [...]
Societe Generale deputy chief executive exits over Libor disagreement March 14, 2018 Societe Generale deputy chief executive Didier Valet has resigned following a “divergence of approaches”, the bank said in a statement today. The disagreement was related to “the management of a specific legal matter”, which is understood to be the investigation into the rigging of the London interbank offered rate (Libor). The statement said that Valet [...]
Peer-to-peer platform Funding Circle appoints bankers ahead of potential float March 11, 2018 British unicorn Funding Circle has appointed bankers to lead an initial public offering (IPO) which will likely value it at more than £1.5bn, according to reports. The peer-to-peer lending platform has appointed Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and London-headquartered Numis Securities to broker the deal, according to Sky News and Bloomberg. [...]
Lloyds Banking Group kicks off £1bn share buyback programme March 8, 2018 Lloyds Banking Group this morning launched its £1bn share buyback programme, unveiled at its full-year results last month. The bank said it had entered into an agreement with UBS to carry out the share buyback programme on its behalf – and to make trading decisions under the programme independently. The programme starts today and will [...]
More job cuts “inevitable” says Royal Bank of Scotland finance boss March 1, 2018 It is "inevitable" that Royal Bank of Scotland (RBS) will cut jobs in the coming years, according to the lender's chief financial officer. Ewen Stevenson today said the the cuts would focus on slimming down head office functions, as well as legacy data centres, but refused to address the size of the redundancies expected. Speaking [...]
The Royal Mint’s 26 new 10p coin designs are an A-Z of why Britain is great March 1, 2018 The Royal Mint has unveiled 26 new 10p coins featuring an A to Z of designs celebrating life in the Britain, which are being launched as part of a collection it called the Great British Coin Hunt. From the Angel of the North to the Zebra Crossing, the designs "map what makes Britain great", the [...]
Banks leave £13bn in cheap money from Term Funding Scheme on the table March 1, 2018 The final tally of cheap Bank of England (BoE) loans taken on by Britain’s banks is now in, with lenders leaving almost £13bn on the table. Banks borrowed £127bn under the Term Funding Scheme (TFS), which closed yesterday, according to Bank of England data. The scheme delivered a stream of almost interest-free loans to banks [...]
Natwest to launch new fintech accelerator in London in April February 26, 2018 Natwest bank will launch new fintech accelerators in four cities across the UK in April, including one in the capital, it announced today. The bank will launch units in London, Manchester, Bristol and Edinburgh, supporting up to 80 fintech firms with a "technology team mentor" and access to government contacts. The six- to 18-month acceleration [...]
Goldman Sachs mulling sale and leaseback of new London headquarters February 26, 2018 Goldman Sachs is considering selling its massive new headquarters in London and leasing it back. The investment bank’s new London office, which functions as its European headquarters, could fetch as much as £1bn, Bloomberg first reported. Goldman currently employs more than 6,000 staff in London, and has not announced how many, if any, jobs will [...]