HSBC profits plunge 62 per cent as one-off costs eat into bottom line, and bank mulls moving 1,000 jobs to Paris because of Brexit February 21, 2017 HSBC revealed this morning that its profits have dropped dramatically after a series of one-off hits eroded its bottom line, and added that it was considering moving 1,000 jobs from London to Paris because of last year's Brexit vote. Shares in HSBC Holdings dropped 4.5 per cent at the open and were down 6.5 per [...]
Transferwise now lets you transfer money just by talking to a Facebook Messenger chatbot February 21, 2017 Forget simply messaging friends, now you can use Facebook Messenger to transfer money with the latest chatbot wanting to take care of your finances. London fintech unicorn Transferwise is bringing its online money transfer service to the messaging app, allowing users in the UK to send money to friends or family in the rest of Europe, [...]
HSBC reveals it’s being probed by the watchdog over money laundering compliance issues February 21, 2017 HSBC revealed this morning it is being investigated by the City watchdog over potential shortcomings in its anti-money laundering controls. The bank's 2016 results statement, in which it also revealed its reported profits before tax had slumped 62 per cent to $7.1bn (£5.7bn), said it was "the subject of an investigation by the Financial Conduct Authority [...]
CYBG officially confirms it’s not trying to buy Williams & Glyn, after the Treasury says RBS no longer has to sell the challenger February 21, 2017 Clydesdale & Yorkshire Banking Group (CYBG) officially announced late last night it was no longer looking to buy Williams & Glyn from Royal Bank of Scotland. A statement from the challenger bank said it had "withdrawn its preliminary non-binding proposal for, and ceased discussions relating to, the Williams & Glyn operations". Shares in CYBG are trading up 1.8 [...]
The many musings of Douglas Flint: Highlights from the HSBC chairman February 21, 2017 HSBC announced its 2016 full-year results this morning, and, alongside the figures, a statement from chairman Douglas Flint. While shareholders have shown all the signs of not agreeing with his assertion "HSBC's performance in 2016 was broadly satisfactory", with shares falling 4.5 per cent on the open after the bank announced its reported pre-tax profits for [...]
HSBC profits plummet: This is how City analysts reacted February 21, 2017 HSBC announced a 62 per cent decline in profits for 2016 this morning, dipping to $7.1bn (£5.7bn) from $18.9bn the year before. Shares in the bank dropped 4.5 per cent at the open after HSBC revealed a series of one-off hits had eroded its bottom line last year. Here's what the analysts had to say: Shining example [...]
The EU mustn’t shoot itself in the foot – euro clearing thrives in London February 21, 2017 Brexit has presented EU leaders with something of a quandary: should they punish the UK in a bid to preserve their political union, or, in doing so, do they risk shooting themselves in the foot? To put it another way – will they allow politics to trump economics? In the immediate aftermath of last June’s EU [...]
The Treasury wants to change plans for Royal Bank of Scotland to sell Williams & Glyn February 20, 2017 Royal Bank of Scotland confirmed today that it will no longer be required to sell the 307 branches that make up its Williams & Glyn network, after the Treasury stepped in to seek changes to its State Aid obligations. Shares in the lender were up by more than five per cent at the open, and [...]
Will.i.am says yes we can to Atom Bank, as rapper strikes consulting deal which could land him a multimillion pound stake in the challenger February 20, 2017 Will.i.am is expanding his CV in a perhaps unexpected direction, striking a consulting deal with Atom Bank which could see him take a multimillion pound stake in the fintech firm. The rapper and producer will act as a consultant and board adviser to the company as it seeks to make itself stand out in an increasingly crowded [...]
Banks expect costs for non-financial risks to skyrocket over the next few years February 20, 2017 The majority of banks are fretting that the amount of cash they are expected to stockpile against risks like cybercrime, compliance failings and IT meltdowns is going to mushroom over the next few years. Sixty per cent of European banks believe the amount of capital they will be expected to hold to cover such non-financial risks [...]