Wells Fargo sets aside even more to deal with the fallout from its accounts scandal November 3, 2016 Wells Fargo revealed today that up to $1.7bn (£1.4bn) has been set aside to deal with legal costs from its fake accounts scandal. The troubled financial giant's filings were not fun reading for investors – barely a week after it announced it would be paying out $185m for a fine to settle allegations that employees had created [...]
Losing access to the single market and passporting would be “calamitous” for the financial services sector, say MPs November 3, 2016 Losing access to the single market and passporting would be "calamitous" for the financial services sector, MPs have said. In a backbench debate on the impact of Brexit on financial services, Conservative MP Stephen Hammond listed the risks of losing vital access in a deal with the EU. He called on the government to look at "cross [...]
Societe Generale’s shares head north thanks to eastern Europe resurgence November 3, 2016 Shares in Societe Generale (Soc-Gen) leapt over five per cent this morning after beating market expectations of its third quarter results. Although net income fell by 2.4 per cent to €1.1bn, this smashed what analysts had anticpated. A Reuters poll of experts had predicted net income to be nearer the €745m. "We are conquering new clients, both [...]
How much would you pay for a satanic new five pound note? This eBay seller’s hoping for more than £666 November 3, 2016 Somebody with a devilish sense of humour has put a new five pound note on eBay for a cool £300,000. Why so much, you ask? It's a satanic fiver of course – the serial number is 666 making it a pretty rare number indeed. Now people are willing to shell out for some of the rarer [...]
Your overdraft could be about to become cuddlier after the FCA outlined new rules November 3, 2016 Your overdraft could be about to become a lot friendlier, after the Financial Conduct Authority (FCA) said it wants to improve competition in the market. This morning the FCA said it wants to improve transparency in the overdraft market by introducing a maximum monthly charge, which it hopes will increase customers' engagement with their "overdraft [...]
Boom: Credit Suisse profits smash expectations November 3, 2016 A crisis in European banking, you say? Credit Suisse profits smashed expectations in the third quarter, results today showed. The figures The lender reported adjusted pre-tax income of SFr327m, up 13 per cent – pretty good going, considering analysts had expected a SFr220m loss. Net new assets in its wealth management arm rose 40 per cent to SFr30.9bn in the first nine months of [...]
City passporting rights deal “unachievable” in Brexit negotiations, warns top EU financial lawyer November 2, 2016 The UK is unlikely to be able to secure passporting rights during Brexit negotiations, a top EU financial lawyer has warned in a report. In its Blueprint for Brexit paper, think tank Politeia said preserving so-called passporting rights for financial services at all costs should not be prioritised by UK negotiators as it is not achievable. Passporting allows financial services [...]
Debt collector Motormile is back in business after writing off hundreds of millions in claims November 2, 2016 A debt collection firm has agreed to write-off £414m worth of claims after the Financial Conduct Authority (FCA) found systematic failures in the company's systems and controls. Motormile Finance, which also trades as MMF, will write off debts that it had purchased from third parties owed by more than 500,000 customers. Read more: The FCA has [...]
Former Blackrock fund manager pleads guilty to FCA charges having used a Panamanian company November 2, 2016 A former Blackrock fund manager has today pleaded guilty to two counts of insider dealing. At Southwark Crown Court, former equity portfolio manager Mark Lyttleton, admitted dealing on the basis of insider information he obtained while working at Blackrock. He traded the shares using an overseas asset manager trading on behalf of a Panamanian registered company. Read more: [...]
Trading update fails to excite investors as OneSavings Bank’s share price falls November 2, 2016 Double-digit growth is still on the cards at OneSavings Bank despite yesterday's resignations of two key board members. Shares in the challenger bank fell by over 1.5 per cent after it updated the market on trading this morning. The bank grew its loan book by 13 per cent for the first nine months of the year and net loans [...]