Bank lobby boss Anthony Browne says it’s time to stop grieving over Brexit November 22, 2016 The head of the British Bankers' Association (BBA) last night declared “the time for grieving is over” in the wake of the Brexit vote. “We should stop looking back, roll up our sleeves and look to the future,” said Anthony Browne, speaking at the BBA’s annual dinner at Mansion House. Read more: Sir Martin Sorrell: Brexit [...]
“I wish we could find something”: Aberdeen Asset Management pulled out of bidding for Unicredit’s €3.5bn Pioneer fund unit November 21, 2016 Aberdeen Asset Management dropped a bid for Italian bank UniCredit’s Pioneer fund unit because the UK-listed firm could not afford the €3.5bn (£3bn) asking price. The fund manager made it through to the second round of bidding before withdrawing, chief executive Martin Gilbert revealed. Read more: Trading in Unicredit shares suspended as investors digest bank stress [...]
Goldman Sachs European boss Michael Sherwood is leaving the firm November 21, 2016 Goldman Sachs International's vice-chairman and co-chief executive Michael Sherwood is leaving the bank at the end of this year, the company revealed today. Sherwood – known as Woody – has decided to retire, the group said, after a 30-year career with the company. During his time at Goldman, Sherwood became one of the UK's best paid [...]
Red tape? What red tape, asks Atom Bank boss November 21, 2016 Up and coming lenders are not facing as many regulatory hurdles as you might think, the boss of one of the UK's newest challenger banks has said today. Speaking at the Confederation of British Industry annual conference, Mark Mullen, chief executive of Atom Bank, noted that the "regulatory hurdles have got better", not worse, since the [...]
Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier November 21, 2016 Citigroup has joined JP Morgan Chase as one of the world's top two "systemically important banks", according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This means that US [...]
Falling sterling could mean more of your savings are protected November 21, 2016 Savers have been pretty heavily punished by rock-bottom interest rates in recent years – but now the Prudential Regulation Authority (PRA) wants to make things a little easier, by raising the protection it offers to savers. At the moment £75,000 of your savings are protected under the deposit protection limit, meaning if your bank fails you [...]
Lloyds said to be frontrunner in bidding for Bank of America’s £7bn-valued MBNA November 21, 2016 Lloyds Banking Group is thought to be the frontrunner for Bank of America’s £7bn-valued UK credit card business. The UK lender is reported to have edged ahead of US private equity group Cerberus in the bidding for MBNA’s British credit card operation. For Lloyds, it would mark the first acquisition since it was bailed out by [...]
Three things banks want from Wednesday’s Autumn Statement November 20, 2016 The shops are stocking mince pies and there's a distinct chill in the air, which can mean only one thing; the Autumn Statement is near. While those in the booze sector have their fingers crossed for a beer duty freeze and property tycoons want some plans drawn up for affordable homes, what will bankers be hoping [...]
Credit Suisse eyes possible IPO for new bank November 20, 2016 Credit Suisse could be ready to press go on a massive stock market listing, after it moved more than 1m customers to a new bank which goes live today. The new bank – Credit Suisse (Schweiz) – will cater for the lender's Swiss retail, corporate, private and investment banking clients and was set up as part of the [...]
Fraud squad to ask for Barclays tribunal to take place behind closed doors November 20, 2016 The fraud squad will tomorrow ask for an employment tribunal for an ex-Barclays exec to take place in private, on the grounds it could compromise its ongoing investigation into the bank. Since 2012, the Serious Fraud Office (SFO) is currently investigating Barclays' handling of an emergency funding exercise back in 2008. As part of that, the fraud [...]