Cashless era could leave bureaux de change out of pocket January 4, 2017 January is a time when many of us start to think about the summer and where we want to disappear to on holiday. And anyone looking ahead to an overseas vacation or a business trip will have to consider travel money at some point. But the way British consumers pay for things when abroad is changing [...]
Banks could reveal more Brexit details in the next few weeks, but don’t expect them to spill everything January 3, 2017 Banks could release some more details on what they plan to do post-Brexit within the next few weeks, as they prepare to announce their full-year results. Many across the City have been concerned about what the final Brexit deal will have in store for them, and how financial institutions are going to react. In particular, there are [...]
Digital challenger bank Monese lands $10m January 3, 2017 One of the UK's up-and-coming digital challenger banks has landed a new round of funding from investors to expand to Europe. Monese has raised $10m (£8.2m) in series A funding from Anthemis Exponential Ventures, Korea Investment Partners and STE Capital. It follows on from a $1.8m in the summer of 2015 from Seedcamp, SmartCap along with entrepreneur and [...]
Wealth manager drafts in TSB chairman to drive future business growth January 3, 2017 One of the key players who oversaw the TSB split from Lloyds Bank will take over as chairman of a City wealth manager with over 150 years of history. Will Samuel will add the role at Tilney Bestinvest to the same position he holds at TSB. Outgoing chair Mike Covell hailed the appointment after six years in the [...]
Banking supervisors still stuck on Basel III reforms, as key meeting on capital rules postponed January 3, 2017 A key meeting to sign off on impending changes to banking capital rules has been postponed, after it was revealed today that more time was needed to iron out the final details. The Group of Central Bank Governors and Heads of Supervision (GHOS), the organisation responsible for the oversight of the Basel Committee on Banking Supervision, had [...]
JP Morgan’s Dimon voices concerns on post-Brexit London, as Paris says it is wooing thousands of British bankers January 3, 2017 The boss of one of banking's best known names has hinted he is concerned about the fate of London as financial hub following the Brexit vote. Even before the UK headed to the polls in June, JP Morgan's Jamie Dimon warned that a Leave vote could leave the lender with "no choice" but to reorganise its business model, [...]
Former Deutsche Bank co-chief exec takes president role at broker Cantor Fitzgerald January 2, 2017 Former Deutsche Bank co-chief executive Anshu Jain has joined broker Cantor Fitzgerald as president. The job move was revealed today by Cantor’s chief executive and chairman, Howard Lutnick. Read more: Deutsche Bank's co-chiefs have resigned Jain and fellow co-chief executive Juergen Fitschen resigned from Deutsche Bank in June 2015 amid growing pressure from investors over [...]
Deutsche Bank share price up as merger and bailout rumours shot down January 2, 2017 Shares in Deutsche Bank are trading up today after the German banking giant's chairman silenced murmurs of mergers and bailouts. The share price for the country's biggest bank had a turbulent 2016, particularly after it was revealed in September that the US Department of Justice was considering slapping the lender with a fine of as [...]
Over half of consumers expect to still be paying off Christmas shopping this time next year December 28, 2016 Nearly nine out of 10 people in the UK will wake up with a post-festive spending hangover in 2017, according to price comparison service uSwitch. Britons are heading into the new year with an average credit card debt of £636 after consumers put £11bn on plastic to fund Christmas. In a survey of 1,261 adults, uSwitch estimate [...]
Monte dei Paschi bailout: Under certain conditions, Italian state aid can be signed off by EU authorities December 23, 2016 The Italian bailout of lender Monte dei Paschi may not be in breach of EU state aid rules, officials have confirmed. Overnight the Italian Prime Minister Paolo Gentiloni confirmed the lender – the oldest surviving bank in the world – had to go cap in hand to the government saying it needed to dip into €20bn (£17bn) of [...]