Anti-money laundering rules need a rethink to protect ailing correspondent banking sector, says Financial Stability Board December 19, 2016 The international body responsible for keeping an eye on financial stability has today warned anti-money laundering rules need a rethink to help support a significant but shrinking sub-sector of the banking industry. In its latest progress report on the decline in correspondent banking – essentially the middlemen who can provide services, such as wire transfers or on [...]
Tyrie calls for national cyber centre to ensure finance is “high priority “ December 19, 2016 An influential MP has called on the government's intelligence agencies to ensure cyber security within the financial services industry is a top priority in the wake of several high profile banking data breaches and failing legacy IT systems. Andrew Tyrie, the chair of the Treasury Select Committee, has written to the chief executive of the National Cyber Security [...]
Record levels of IT investment in 2017? You can bank on it, says report December 19, 2016 The banking sector will up its IT spend to an all-time high in 2017 as the gap between tech-savvy and Luddite lenders widens, according to a report released today. Embracing data and open banking are top priorities for banks the report by consultants Temenos and Capgemini revealed. The focus on technology comes a week after it was [...]
City firms are preparing for the worst from Brexit – but hoping for the best December 19, 2016 Well, what a year 2016 has proven to be. The UK is preparing to leave the European Union; the US – one of the world’s largest importers – is preparing to welcome a protectionist President; while impending elections in France and Germany could potentially deliver political earthquakes. It will certainly go down in the history [...]
UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]
RBS drawing up contingency plans for Williams & Glyn as sale stalls December 18, 2016 Royal Bank of Scotland (RBS) is having to rethink plans to offload its 314-branch strong Williams & Glyn unit as it struggles with the European Commission’s deadline for a sale. The bank, which is still 73 per cent owned by the taxpayer, is supposed to announce a buyer for its Williams & Glyn network by [...]
Deutsche Bank mulls axing bonuses to pay loans fine December 18, 2016 Deutsche Bank could axe bonuses for some of its senior staff as scrambles to shore up cash to pay a potentially massive fine over toxic US loans. The bank, which has spooked investors in recent months with warnings over lower for longer interest rates and red tape pushing up costs, will not make a decision [...]
Monte dei Paschi di Siena extends share offer in last-ditch attempt to secure private-sector bailout December 18, 2016 Struggling Italian lender Banca Monte dei Paschi di Siena (MPS) has until Thursday to secure a last-ditch private-sector bail-out before its end-of-year deadline. MPS announced the extension of its share offer period until Wednesday for retail investors, and Thursday for institutional investors, after repeatedly failing to find €5bn (around £4.2bn) in funding to help recapitalise the [...]
Japanese banks threaten to leave UK unless given clarity on Brexit December 17, 2016 Japanese banks have told the UK government they will start moving out of London in the next six months unless they receive more information on the UK's Brexit plans. Investment banks Nomura and Daiwa Capital Markets met UK City minister Simon Kirby and the international trade minister for financial services, Mark Garnier, in a meeting [...]
Christmas with JPMorgan: the bank picks books, sites and music for the holiday season December 16, 2016 There's still time to get a last minute gift for the banker in your life! JPMorgan's annual holiday reading list has been given an upgrade for 2016, and to mark the 10-year anniversary of the reading list, the US bank added on a few cultural and musical recommendations. The bank is actually calling the list #nextlist2017, and [...]