Bank of America kicks off Wall Street bank results with strong performance in final quarter of 2016 January 13, 2017 Bank of America Merrill Lynch (BoAML) today revealed an increase in revenue, income and earnings during the final quarter of last year. The figures Revenue excluding interest expense was up two per cent in the quarter, to $20bn (£16.4bn) from $19.6bn this time last year. Net income jumped to $4.7bn from $1.4bn in the fourth quarter of 2015.The [...]
Out-of-depth traders among reasons for the seriousness of last year’s sterling flash crash January 13, 2017 The bank for central banks has today pointed the finger at inexperienced traders as one of the causes of last October's sterling flash crash. On 7 October last year, sterling plummeted around nine per cent against the US dollar in the early hours of trading in Asia, although it bounced part way back again quickly [...]
Football clubs represent high integrity risk to banks, says Dutch regulator January 13, 2017 Financial institutions need to up their game to combat football corruption, an investigation by the Dutch central bank has concluded. Reporting today, the regulator said banks were exposed to greater "integrity risks" when taking on football clients. And the central bank said this meant financial institutions should "apply a higher risk classification" when dealing with football [...]
Editor’s notes: Carney can see what EU officials refuse to: that they need the City January 13, 2017 Mark Carney isn’t the kind of man to lose his temper in public. Perhaps he isn’t even the kind of man to lose his temper at all. Still, if he was ever to come close to doing so it may well have been at this week’s Treasury Select Committee hearing, where he once again came up [...]
Barclays advises government on latest student loans sell-off push January 12, 2017 Bankers have been appointed by the government as it seeks to sell-off up to £12bn-worth of student loans. Ministers are preparing to kick-off the latest sale of loans issued to students before 2012, and City A.M. has learned Barclays is advising on the deal. The Treasury announced in last year’s Autumn Statement that it was continuing to [...]
Unicredit shareholders approve Italy’s largest ever rights issue of €13bn January 12, 2017 Shareholders at Unicredit have today given the thumbs up to the bank's €13bn rights issue. Italy's largest bank announced the country's largest ever rights issue last month in a bid to rebalance its finances as part of its ongoing turnaround plan, with the shares set to be issued by June. The bank's investors today granted the lender [...]
Hays finance chief says Brexit uncertainty makes hiring overseas a logical choice for City firms January 12, 2017 The UK’s largest recruitment firm said City firms would choose job creation in Germany or France ahead of Britain while Brexit uncertainty remains. Hays revealed trading in the UK, which represents around a quarter of its global operations, had fallen for the second quarter in a row, down 10 per cent on a like-for-like basis [...]
Banks could pull in more customers if they offered insurance, survey suggests January 12, 2017 A survey released today contains a potential solution for banking bosses worried about falling customer numbers: start offering insurance products. The figures from marketing specialist Collinson Group found consumers typically hold four different insurance products from three different providers . Almost two thirds (63 per cent) are sick of the split and would much prefer a [...]
Brexit research group calls for bespoke equivalence deal to give financial sector access to Single Market January 12, 2017 A Brexit research group is calling for the government to consider striking a bespoke equivalence agreement as part of the EU departure deal to maintain access to the Single Market for the financial sector. In a report published today, which was compiled by law firm Norton Rose Fulbright on behalf of the Financial Services Negotiation [...]
FTSE’s 12-day winning run sets record January 11, 2017 London's top share index hit a fresh all-time high yesterday, setting a record for the longest winning streak in FTSE 100 history. The blue-chip benchmark soared above 7,326 during intra-day trading, before settling at 7,290.49 by the close. The FTSE got a boost from the falling pound early in the day, when official figures revealed [...]