There is no way to stop banks moving post-Brexit vote, Institute of Directors tells City A.M. October 23, 2016 There is nothing that can realistically be done to prevent banks shifting some of their business outside of the UK following the Brexit vote, a leading lobby group has said. Allie Renison, head of Europe and trade policy at the Institute of Directors, told City A.M. it was "inevitable you were going to have some operations [...]
Deutsche Bank predicted to reveal a loss this week, and it doesn’t look good for 2016 on the whole either October 23, 2016 Deutsche Bank is expected to report a loss when it reveals its results on Thursday. According to a consensus of analysts' thoughts, the embattled German lender is predicted to report a net loss of €610m (£542.9m) for the third quarter of the year, although some have forecast quarterly losses could be as deep as €2.1bn. Analysts have also [...]
UK banks get ready to report third quarter results, with forecasts of non-core dragging on profits at Barclays and pension problems predicted at Lloyds October 23, 2016 All eyes will be on the banking sector this week, as big players get set to reveal their third quarter results. Lloyds will be reporting on Wednesday, followed by Barclays on Thursday and Royal Bank of Scotland on Friday. Analysts have predicted Barclays will announce profits before tax for the group of £1.3bn, compared with [...]
Top industry representative warns banks could start leaving London before Christmas October 23, 2016 London's biggest banks could start leaving the capital within the next few months, according to one of the Square Mile's most important figures. Anthony Browne, head of the British Bankers' Association (BBA), which represents the interests of UK-based lenders and investment banks, told The Guardian banks have already started contingency planning and the process of moving [...]
ABN Amro takeover talks have started, though Nordea says they’ll be put on ice until after the Dutch elections October 22, 2016 The chairman of Swedish banking giant Nordea confirmed that it has held preliminary talks with Dutch authorities over a future tie-up with state-backed lender ABN Amro. Local media reported earlier this month that Nordea had approached ABN Amro and Bjorn Wahlroos told Finnish broadcaster YLE today that although this was the case there would be no firm commitment until next year. Read more: [...]
Credit Suisse and Italian authorities agree to settle after offshore transfer investigation October 21, 2016 Credit Suisse has paid €110m (£98m) to settle allegations by Italian prosecutors that it helped clients divert undisclosed funds to offshore bank accounts. Italian authorities believed that the Swiss bank had helped some 13,000 clients transfer up to €14bn abroad using certain insurance products. An investigation has been running since 2014 and under Italian law today's settlement does not constitute an [...]
Deutsche Bank’s share price just rose above its pre-panic level October 21, 2016 What a difference a month (and a bit) makes. This morning shares in Deutsche Bank finally rose back to the level they were at before the lender was threatened with a massive $14bn (£11.4bn) fine by the US Department of Justice (DoJ) and everyone lost their heads. Good news for chief executive John Cryan. Shares in the lender hit [...]
JP Morgan and Morgan Stanley call for transition period to protect banks post-Brexit October 20, 2016 Two senior staffers of major investment banks have today called on the UK to secure a transition period for industry post-Brexit. Speaking at a British Bankers' Association conference, Sir Win Bischoff, chairman of JP Morgan Securities, remarked it would be "advantageous to have a transition period beyond the two-year period" the UK would have before it [...]
French ambassador says London’s financial crown is now fair game for Paris October 20, 2016 France might not be totally thrilled about Brexit but that's not going to stop Paris swooping in on London's financial crown, bankers were warned today. Speaking at a British Bankers' Association conference, her Excellency Sylvie Bermann, French ambassador to the United Kingdom of Great Britain and Northern Ireland, noted France "didn't want the UK to leave because we [...]
Politics of Brexit at odds with banks’ business needs, banking conference told October 20, 2016 The politics of Brexit is doing little to help banks keep calm and carry on, several key figures have said today. Speaking at the British Bankers' Association's (BBA) International Banking Conference, Lord Mandelson, Labour politician and now chairman at advisory group Global Counsel, remarked that banks need some sort of certainty on what government was planning for [...]