Small business owner with an hour to spare? Why not apply for a loan? January 5, 2017 Small business owners with an hour to spare can now use it to unlock some extra cash, thanks to a new service offered through Barclays' mobile banking app. The lender has been running a trial version of the service, which allows small business owners to apply for loans up to £25,000, since last November. But from today, [...]
Wall Street banks lead bonus charge as European lenders set to row back on mega payouts January 4, 2017 Top dealmakers at Wall Street’s banking titans are expected to take home the lion’s share of this year’s payouts as the split between bonus season winners and losers becomes more pronounced. Next week, the bonus season will kick off in earnest when Wall Street heavyweights JP Morgan and Bank of America report full-year results. “US banks [...]
Mega-deals help boutique investment bank Robey Warshaw nearly double revenue and profits January 4, 2017 Megabrew, the London Stock Exchange-Deutsche Boerse merger and Royal Dutch Shell's takeover of BG Group helped boutique investment bank Robey Warshaw nearly double its profits and revenue last year. In the year to 31 March 2016, the company reported a turnover of £43.3m, up from £23.9m the year before. Profits increased from £19.4m to £36.6m. Read more: [...]
The key US dollar three-month Libor rate rises above one per cent for first time since 2009 January 4, 2017 The key benchmark interest rate for banks to lend to each other has risen above one per cent for the first time since May 2009, in a long overdue sign of recovery in banking sector lending. The three-month US dollar Libor (London Interbank Offered Rate) rose to 1.00511 after being fixed at 0.99872 on Tuesday, [...]
Investment banking fees plunged in 2016, but analysts predict 2017 pick-up January 4, 2017 Global investment banking fees fell seven per cent last year, with the UK’s plunging even further, thanks to a decline in flotations, equity raisings and mergers and acquisitions (M&A) activity. However, the decline was less marked in the second half of 2016, and analysts are predicting a recovery this year. Thomson Reuters found global investment banking [...]
Deutsche Bank’s head of financial crime quits after just six months in role January 4, 2017 Deutsche Bank's man in charge of fighting financial crime is leaving his role after just six months. Peter Hazlewood, a veteran of HSBC, JP Morgan and Standard Chartered, was appointed global head of anti-financial crime and group money-laundering reporting officer at the German banking giant last July. He was based in Frankfurt and reported to Sylvie Matherat, the [...]
Cashless era could leave bureaux de change out of pocket January 4, 2017 January is a time when many of us start to think about the summer and where we want to disappear to on holiday. And anyone looking ahead to an overseas vacation or a business trip will have to consider travel money at some point. But the way British consumers pay for things when abroad is changing [...]
Banks could reveal more Brexit details in the next few weeks, but don’t expect them to spill everything January 3, 2017 Banks could release some more details on what they plan to do post-Brexit within the next few weeks, as they prepare to announce their full-year results. Many across the City have been concerned about what the final Brexit deal will have in store for them, and how financial institutions are going to react. In particular, there are [...]
Digital challenger bank Monese lands $10m January 3, 2017 One of the UK's up-and-coming digital challenger banks has landed a new round of funding from investors to expand to Europe. Monese has raised $10m (£8.2m) in series A funding from Anthemis Exponential Ventures, Korea Investment Partners and STE Capital. It follows on from a $1.8m in the summer of 2015 from Seedcamp, SmartCap along with entrepreneur and [...]
Wealth manager drafts in TSB chairman to drive future business growth January 3, 2017 One of the key players who oversaw the TSB split from Lloyds Bank will take over as chairman of a City wealth manager with over 150 years of history. Will Samuel will add the role at Tilney Bestinvest to the same position he holds at TSB. Outgoing chair Mike Covell hailed the appointment after six years in the [...]