Bank of England chief economist Andy Haldane says they were wrong on Brexit, but UK must factor in financial services in negotiations January 5, 2017 The Bank of England's top economist has said the financial services sector should be one of the top concerns for the government in the upcoming Brexit negotiations, while acknowledging that the Bank's predictions on the effects of a vote to leave the EU were badly wrong – a "Michael Fish moment". Andy Haldane, chief economist of [...]
The 9 best paying companies in the UK for directors January 5, 2017 Recruitment website Glassdoor has ranked British companies based on how much they pay directors — senior staff who generally take care of a particular area of a company. The site, which lets staff anonymously submit company reviews and salary information, used data compiled over the past three years to produce its list. Perhaps unsurprisingly, the [...]
No wonder the public doesn’t trust Labour with the economy – shadow chancellor John McDonnell can’t even add up January 5, 2017 Among its extensive list of New Year’s resolutions, the Labour party would have presumably included: “Try to win back an ounce of economic credibility”. Under the hapless leadership of socialist fanatics Jeremy Corbyn and John McDonnell, this once-proud party has plummeted in the polls, with a survey late last year revealing that just 18 per [...]
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 [...]