This is our best chance to scrap the toxic American tax law that makes pariahs out of US citizens February 9, 2017 We have President Trump in our sights. Having this week officially launched the Washington DC-based Campaign to Repeal FATCA, we’re lobbying to have America’s toxic, imperialistic global tax law swept into the dustbin of history. I’ve been an outspoken critic of the Foreign Account Tax Compliance Act (FATCA) since it was rushed through Congress by [...]
Commerzbank profits tumble for 2016 as restructuring costs stack up February 9, 2017 Commerzbank announced today that 2016 had taken a nasty chunk out of its bottom line, as restructuring costs and low interest rates took their toll. The figures The German bank revealed net profits attributable to shareholders for its full year of €279m (£237.6m), down 74.3 per cent from €1.1bn the year before. Profits for the fourth quarter [...]
Italian bank UniCredit just confirmed it is €11.8bn in the red for 2016 February 9, 2017 UniCredit confirmed today it racked up losses worth billions of euros during a difficult 2016. The figures Italy's largest bank reported a net loss of €11.8bn (£10bn) for its 2016 full year, a significant drop from the €1.7bn net profit it reported for 2015. Meanwhile, losses in the fourth quarter plummeted to €13.6bn, down from a profit of €153m the year [...]
Societe Generale reported income inches down in 2016, but retail banking is booming thanks to digital push February 9, 2017 Societe Generale announced a knock to its bottom line for 2016 this morning, although its retail banking business has bolstered its figures. The figures The French bank revealed reported group net income for the full year of €3.9bn (£3.3bn), down 3.2 per cent from €4bn the year before. Reported net income for the fourth quarter, meanwhile, slipped to €390m, down [...]
Bank of Tokyo-Mitsubishi UFJ and MUFG Securities fined £26m by PRA for not being open February 9, 2017 Financial regulators have imposed £26m of fines on the Bank of Tokyo-Mitsubishi UFJ (BTMU) and MUFG Securities for not cooperating with investigations. The Prudential Regulation Authority (PRA) said the two companies had failed to be “open and cooperative” with the UK financial services regulator after an enforcement action by US authorities. BTMU and MUFG, which [...]
Goldman Sachs is shifting a London hedge fund team to New York February 9, 2017 A Goldman Sachs hedge fund currently based in London is closing its doors and shifting to New York, it has been reported. According to the BBC, eight bankers working in the Goldman Sachs Investment Partners (GSIP) team are affected by the move. It is understood they have either been told their jobs are moving across [...]
Trio of ex-Barclays bankers convicted of Libor rigging due to face confiscation hearing tomorrow February 8, 2017 Three ex-Barclays bankers previously found guilty of Libor-rigging offences are scheduled for confiscation hearings in a London court tomorrow. Jonathan Mathew, Jay Merchant and Alex Pabon were convicted and handed jail sentences last summer in the third case brought to court as part of the Serious Fraud Office's ongoing Libor investigation. Former submitter Mathew is currently serving a [...]
Why Monte dei Paschi shares might get kicked from the blue-chip index tomorrow February 8, 2017 Monte dei Paschi di Siena's management board need to decide tomorrow whether it is going to reinstate its shares in the near future, or risk being kicked from Milan's blue-chip index. Shares in the troubled Italian lender have been suspended for trading since last December, when a private sector rescue plan, designed to pump €5bn (£4.3bn) into the [...]
When fintechs and banks go speed dating February 8, 2017 While the seemingly age-old debate about whether fintech startups will kill banks still rages on, FinovateEurope demonstrates why that question is now largely redundant – things have moved on. The 80 startups on stage at the two day event in the heart of the City are pitching the banks, insurers and City institutions in attendance more [...]
MPs add to calls for fairer overdraft charges February 8, 2017 MPs have today added to calls to urgently review overdraft charges, placing a cap on the amount lenders can levy if needs be. Rachel Reeves, the Labour MP who brought this morning's Westminster Hall debate, described some of the current levels of overdraft charges as "disproportionate with the offence you have committed", adding: "I don't [...]