There’s a new top dog at First Direct January 31, 2017 HSBC-owned First Direct has promoted its head of contact centres to head of the bank. Joe Gordon will replace Tracy Garrad, who, subject to regulatory approval, will be taking up the role of chief executive of HSBC in the Channel Islands and Isle of Man. "I can't wait to lead a bank that's recognised as one of the top [...]
Japan’s biggest brokerage Nomura doubles its profits in third quarter as fixed income activity rockets January 31, 2017 Japanese financial giant Nomura today revealed it raked in twice as much profit during the third quarter of its most recent financial year than it did the year before. The figures Net income at Japan's biggest brokerage shot up to ¥70.3bn (£496m), a 99 per cent increase compared with ¥35.4bn the year before and an increase of [...]
Deutsche Bank settles New York probe with $425m fine January 31, 2017 Shares in Deutsche Bank rose after it agreed to a $425m (£340m) fine to New York's banking regulator over a trading scheme that moved $10bn out of Russia between 2011 and 2015. The bank's shares rose 2.2 per cent to €19.02 in late morning trading. The "mirror trading" scheme allowed clients to buy stocks in Moscow in [...]
FCA fines Deutsche Bank £163m for serious anti-money laundering controls failings January 31, 2017 The Financial Conduct Authority (FCA) has slapped Deutsche Bank with a £163m fine over "serious anti-money laundering controls failings". This is the largest financial penalty relating to money laundering that the regulator, or its predecessor the FSA, has ever imposed. The City watchdog's fine comes after the German lender agreed to a $425m (£340m) settlement [...]
New small business account, Tide, launches today January 31, 2017 Small businesses on the hunt for a bank account have a new option from today, as Tide launches on iPhone, Android and web. The new app, the first aimed at companies, allows users to set up a fully functioning business account, complete with UK sort code and account number and a Tide Mastercard for daily expenses, [...]
Two ex-HBOS bankers among six convicted over corruption which cost the collapsed bank £250m January 30, 2017 Six people, including two ex-HBOS bankers, have been convicted over claims they drove businesses into the ground for their own gain, running up losses of around £250m for the now collapsed bank. Former banker David Mills, 60, his wife Alison Mills, 51, his associates Michael Bancroft, 73, and Tony Cartwright, 72, and HBOS employee Mark Dobson, 56, were all found [...]
The FCA says Tracey McDermott won’t share confidential information in new Standard Chartered role January 30, 2017 Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), today said Tracey McDermott will not share insider information with Standard Chartered from her time at the FCA. Yesterday, McDermott, former acting chief executive of the FCA, said she would join Standard Chartered (SCB) as group head of corporate, public and regulatory affairs effective 20 March. In a [...]
NatWest backtracks on plans to freeze UK account of Russian state broadcaster RT January 30, 2017 NatWest has reversed its decision to freeze the accounts of Russian state broadcaster RT. RT, formerly known as Russia Today, revealed a letter from NatWest announcing the freeze in October, with the broadcaster’s editor-in-chief condemning the move as an attack on freedom of speech. RT said NatWest announced plans to close the UK accounts of the [...]
Unicredit gets green light from European authorities paving the way for €13bn fundraise January 30, 2017 European authorities have not raised any issues with Unicredit breaching capital ratios after the bank convinced them it is merely a temporary problem and will be solved by its mammoth €13bn (£11bn) rights issue. Plans for Italy's largest lender to right-size its balance sheet appeared to have been dealt a blow after it revealed this morning it will [...]
Goldman Sachs, JP Morgan and Morgan Stanley bosses rally behind staff after Trump travel ban January 30, 2017 The bosses of three US banking giants have moved to reassure staff after President Donald Trump introduced a travel ban over seven majority Muslim countries. In a voicemail sent to staff yesterday evening, Goldman Sachs chief executive Lloyd Blankfein hit back at the policy, saying: "This is not a policy we support, and I would note that it has [...]