Ex-Deutsche Bank trader accused of manipulating markets by Russian central bank December 20, 2016 A former employee of Deutsche Bank's Russian division was accused today of manipulating markets to pocket himself and three of his relatives a profit of 255m rubles (£3.4m) over a two and a half year period. Russia's central bank claims Yuri Khilov, while acting on behalf of Deutsche's London branch, carried out 300bn rubles worth of trades [...]
NatWest and RBS mobile banking apps hit by technical problems December 20, 2016 RBS and NatWest have assured customers that its mobile banking is now running as normal after after experiencing technical problems that left people unable to use the service.. RBS had been tweeting customers directly on Twitter saying it is aware of some issues and that it was working to fix them. NatWest, owned by RBS, also experienced [...]
Italy wants €20bn for bank bailouts as Monte dei Paschi struggles December 20, 2016 The Italian government is seeking parliamentary approval to borrow €20bn (£16.8bn) in order to prop up the country's struggling banks. The first institution in line for a bailout is likely to be the beleaguered Monte dei Paschi, which must get rid of a book of bad loans and raise €5bn in capital by the end [...]
Lloyds Banking Group snaps up Bank of America’s MBNA credit card firm for £1.9bn in first acquisition since financial crisis December 20, 2016 Lloyds Banking Group has beaten off other bidders to snap up Bank of America's UK credit card company MBNA for £1.9bn, in its first acquisition since it was bailed out by taxpayers in 2008. The UK lender emerged as the frontrunner to take over MBNA, which holds assets of £7bn, in late November. The takeover is a [...]
Regulation, regulation, regulation: What to expect in 2017 December 20, 2016 You don't need us to tell you it’s been a year for surprises. Referenda in the UK and Italy, coupled with the result of the US election, have created huge uncertainty and widespread anxiety among businesses. While we ponder what Brexit really means, one thing everyone wants on their New Year’s wish list is more [...]
Weary RBS investors demand £1bn in compensation for 2008 rights issue disaster December 20, 2016 More than 27,000 RBS shareholders nearly wiped out in the bank’s 2008 rights issue are due compensation of up to 94.5p in the pound, or more than £1bn, according to an independent report commissioned by the investors and seen by City A.M. The shareholders, part of the RBS Shareholder Action Group, are heading to court [...]
Fiver producer Innovia Group sold in meaty £680m deal with Canadian giant December 20, 2016 Here's another big deal worth, ahem, noting: Innovia Group, supplier of the Bank of England’s new plastic five pound note that has come under fire for containing animal fat, has been snapped up by a Canadian label and packaging maker in a CA$1.13bn (£680m) move. The UK-based company makes specialty bi-axially oriented polypropylene films used for [...]
Lawyers advise banks they can sue the EU if it won’t grant a Brexit transition period December 19, 2016 Top lawyers are advising banks in the UK they might be able to sue the European Union if a transition deal is not offered as part of the Brexit package. Several across the financial sector have raised concerns they will be faced with a cliff edge situation once the UK divorces itself from the EU, [...]
New proposals could cause banks to pocket up to £23bn in unpaid PPI compensation, a group said December 19, 2016 Banks stand to pocket up to £23bn in unpaid payment protection insurance (PPI) compensation when new deadlines come in, a new campaign group has warned. The group Payback Time was launched today to warn how new proposals to be announced in early 2017 are expected to limit what companies can do to expose the PPI [...]
Deutsche Bank mega fine could be sorted by Wednesday December 19, 2016 Deutsche Bank could enter 2017 with one less item to tick off its to-do list, as it has emerged that a potential mega fine from the US Department of Justice (DoJ) could be settled on Wednesday. In September, it was revealed the German banking giant was facing a penalty of $14bn (£11.3bn) for mis-selling mortgage-backed securities. [...]