TSB faces fresh data crisis as MP claims bank may have broken GDPR laws June 1, 2018 Bank TSB may have broken new General Data Protection Regulations (GDPR) laws after a botched mail out to customers, an MP said today. John Mann, who is part of the parliamentary committee investigating the recent TSB IT meltdown said that the bank could be facing a backlash from the information commissioner after customers were sent [...]
Morgan Stanley’s CEO calls Soros’ prediction of a global crisis ‘ridiculous’ May 31, 2018 The chief executive of Morgan Stanley, James Gorman, has hit out at doom-mongering comments which billionaire investor George Soros made earlier this week. At a think tank conference on Tuesday, Soros said the EU was in an "existential crisis" and may be "headed for another financial crisis". But Gorman played down the economic risks raised [...]
Standard Life Aberdeen’s share price falls as firm reveals plans to return £1.75bn to shareholders May 29, 2018 Standard Life Aberdeen's share price fell this morning after the firm revealed plans to return £1.75bn to its shareholders following the sale of its UK and European insurance business to Phoenix Group. The finance giant this morning announced plans to gift £1bn to shareholders via a B share scheme, in which new B shares will [...]
Financial Conduct Authority ups scrutiny on senior manager appointments May 29, 2018 The City watchdog increased its scrutiny of the appointment of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision, according to data to be published today. The number of vetting interviews by the Financial Conduct Authority (FCA) rose by a third in 2017 to reach [...]
Government poised to start Royal Bank of Scotland share sale May 28, 2018 The government is to offload a multi-billion pound stake in Royal Bank of Scotland as early as this week, according to reports. Banks have been placed on high alert as ministers kick off a process to reduce the taxpayer's 70.5 per cent stake in RBS. Precise details on the sell-off remain unclear but bankers warned [...]
City of London Corporation launches UK-China green finance centre March 26, 2018 The City of London Corporation will today announce the launch of a new green finance centre in China as part of its efforts to make London the go-to location for environmentally friendly fundraising. Charles Bowman, City of London lord mayor, today met the head of the China Green Finance Committee, Ma Jun, in Beijing where [...]
London remains on top of the world for global financial services says major report March 26, 2018 London has retained its top spot as the world’s leading financial centre, fending off stiff competition from New York and Asian cities, according to an authoritative study to be published today. The global financial centres index, compiled by think tank Z/Yen, will show the City leading the pack of 110 cities analysed for the 23rd [...]
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 [...]