Is blockchain a “new operating system for the planet”? Barclays vice chairman Jeremy Wilson thinks so January 25, 2017 Blockchain has the potential to become “a new operating system for the planet” in a generation’s time, while mainstream commercial use is likely to happen within the next decade, one of Barclays’ top executives believes. “I don’t think I’ve heard it mentioned as anything other than a significant opportunity,” said its corporate banking vice-chairman Jeremy Wilson. [...]
Santander’s UK profits take a beating from pound slump January 25, 2017 Santander chief executive Nathan Bostock expects this year to be "challenging" despite the Spanish bank reporting strong profit growth this morning. The figures The bank saw a four per cent rise in 2016's net profit to €6.2bn (£5.3bn) after its Brazilian operations grew for the fourth consecutive quarter. In the last quarter of 2016, the bank made net profits of €1.6bn, [...]
Metro Bank boss: Branchless banking reduces customer choice January 25, 2017 Like Deliveroo and Uber, banks should mix the physical and digital according to Metro Bank chief executive Craig Donaldson. The challenger bank boss said not giving customers the opportunity for face to face interaction is taking away choice. Metro Bank has 48 branches at present, but Donaldson said its target is 250 or maybe 300 [...]
IG Markets bins binary products for new investors January 24, 2017 IG Markets has withdrawn a popular spreadbetting product that allows punters to speculate on a wide range of market movements, as regulators consider proposals to crack down on the sector. Sprints binary products will no longer be available to new investors, the FTSE 250 firm said today, although they can still be used by current clients. Read [...]
Saudi Aramco eyes bankers for what could be the world’s biggest float January 24, 2017 Global banking giants are set to compete for an advisory role on oil goliath Saudi Aramco’s multi-billion-dollar float, which is expected to be the world’s biggest initial public offering. The Saudi state-owned firm, thought to be the world’s largest oil producer, has requested proposals from banks including Morgan Stanley and HSBC, sources told Reuters late last night. [...]
Revealed: The full list of branches HSBC is set to close this year January 24, 2017 HSBC has announced 62 fresh branch closures today as part of its restructuring programme. This takes the total number of branches closing this year to 117. Here's a full list of the 62 branches HSBC just announced its closing: Alfreton Alnwick Ammanford Balsall Common Bedworth Blackpool, Birley Street Bletchley Brigg Bristol College Green Brompton Road Cardiff, Churchill [...]
Banks need to make Brexit job decions in the first half of 2017, says Citi’s European chief January 24, 2017 Citigroup’s European boss has said his bank, and others, will make decisions on Brexit-motivated job moves in the first half of this year. James Cowles, Citi's chief executive for Europe, Middle East and Africa, said his firm’s issue is with its broker-dealer business, which is currently headquartered in the UK. “We come into this actually from [...]
HSBC to close another 62 branches this year January 24, 2017 HSBC is set to close another 62 branches across the UK this year, the banking giant announced today. This takes the total number of branches closing this year to 117. The move marks the end of "HSBC's branch restructuring programme", Antonio Simoes, chief executive of the banking giant, said. “We now feel we have the right branch network that [...]
The Green Investment Bank’s stalled sale risks red faces January 24, 2017 The sale of the Green Investment Bank (GIB) has stalled amid speculation that the government fears ending up with egg on its face from a botched privatisation. The GIB, set up by former business secretary Vince Cable to mobilise private sector capital into the renewables sector, is seeking a new owner to boost investment into [...]
Luxembourg doesn’t want to steal London’s finance crown January 24, 2017 If a week is a long time in politics, then seven months is practically a lifetime. That is how much time has elapsed, of course, since Britain voted to leave the European Union, and we are now finally learning what Theresa May and her government want from the complex negotiations that are set to follow the [...]