The name’s bond: Citigroup fourth quarter results lifted thanks to fixed income division January 18, 2017 Citigroup has reaped the rewards of the bond market trading boost following the election of Donald Trump, alongside its US rivals such as Goldman Sachs. The bank's net income for the fourth quarter of 2016 came in at $3.6bn (£2.69bn) as compared to $3.3bn the year before – a rise of nine per cent. Read more: [...]
Now it’s Credit Suisse’s turn to sign off on its Department of Justice fine for $5.3bn January 18, 2017 Credit Suisse has finalised its agreement to settle for $5.3bn (£4.3bn) with the US Department of Justice (DoJ) for mis-selling mortgage-backed securities in the lead-up to the financial crisis. The bank agreed to the settlement in principle last month, but the deal was effectively rubber-stamped today. The Swiss bank's payment is divided between a $2.5bn cash penalty and [...]
Why are the world’s eyes on this innovative fintech startup? January 18, 2017 | City Talk Imagine an app that puts all your finances in one place: your current and savings accounts, credits cards, mortgage and other personal accounts – all in the palm of your hand. Quickly and easily. Money Dashboard’s app does just that – its financial data platform has attracted 100,000 users since its launch in 2010. The fintech [...]
Deutsche Bank slashes bonuses for a quarter of its staff following $7.2bn settlement with US regulator January 18, 2017 One in four Deutsche Bank staff will receive no individual bonus for 2016, the firm said yesterday, leaving many of its bankers fearing a significant hit to their pay. The German giant's bonuses are usually determined by an employee's success, or failure, in hitting a range of targets. But after a tumultuous year, the bank has [...]
Goldman Sachs more than triples profits in fourth quarter, as bond trading helps boost bank’s bottom line January 18, 2017 Goldman Sachs has more than tripled its profits in its fourth quarter of the year, thanks to bond trading giving its bottom line a boost. The figures The US banking giant announced net revenues for its fourth quarter of $8.2bn (£6.7bn), up 12 per cent on $7.3bn for the same period the year before, and net earnings [...]
Brexit bye byes: UBS becomes the latest bank to confirm it’s considering moving bankers from London January 18, 2017 UBS has become the latest bank to publicly restate it is planning to moving staff out of London because of Brexit, just a day after the Prime Minister's landmark speech. Speaking to Bloomberg at Davos, Andrea Orcel, UBS' investment bank president, hinted it was still up in the air what moves the Swiss banking giant [...]
HSBC boss Stuart Gulliver says jobs will be moving out of London to Paris January 18, 2017 We've already heard a lot about HSBC's plans to move jobs to France if Brexit negotiations don't go as the bank hopes. But yesterday Stuart Gulliver, the lender's chief executive, confirmed it is looking at moving jobs accounting for a hefty chunk of its revenues across the Channel. In an interview with Bloomberg at Davos, Gulliver [...]
Deutsche Bank agrees $7.2bn settlement with US Department of Justice over mortgage-backed securities January 17, 2017 Deutsche Bank has agreed to pay the US Department of Justice $7.2bn (£6bn) over misleading investors with sales of mortgage-backed securities in the run-up to the financial crisis. The bank agreed the settlement amount in principle in December, but it was only finalised today. Deutsche Bank will pay a civil penalty of $3.1bn and provide $4.1bn [...]
Provident Financial boss rebuffs Brexit doom-mongering January 17, 2017 The boss of sub prime lender Provident Financial said post-Brexit economic doom-mongering has been proven to be wrong and is quietly confident about what 2017 will bring. Peter Crook, the chief exec of the FTSE 100 firm, revealed there was plenty of room for the firm to grow, “serving customers in an underserved market”. Read [...]
2016 not so bad for Morgan Stanley: Bank’s fourth quarter results sail past expectations January 17, 2017 Morgan Stanley has given Wall Street something to smile about, reporting better than expected results, with profits and revenues booming in its fourth quarter thanks to a boost in bond trading. The figures The US banking giant announced net revenue of $9bn (£7.4bn) for the fourth quarter of 2016, up 17 per cent from $7.7bn [...]