Monte dei Paschi shares close down 12 per cent on reports its private bailout efforts have flopped December 21, 2016 Shares in Monte dei Paschi di Siena plummeted today on multiple reports its private bailout attempt had met an end. Earlier on today, it was reported that the Italian parliament signed off on government proposals to inject €20bn into the banking sector, with Monte dei Paschi likely to be first in line for some help. Italy's oldest [...]
Goldman Sachs to pay $120m to settle probe into attempted rate-rigging December 21, 2016 Goldman Sachs has been ordered to pay $120m (£96.9m) today to settle a probe into attempts to fix a key benchmark rate. The US Commodity Futures Trading Commission (CFTC) claims the banking giant, on a number of occasions between January 2007 and March 2012, attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix (ISDAFIX) and [...]
RBS and Barclays among cartels of banks fined by Swiss watchdog for rate rigging December 21, 2016 The Swiss Competition Commission (Comco) has today fined a group of international banks 99m Swiss francs (£78m) over their involvement in four separate cartels, including some aimed at manipulating Libor. The largest element of the fine went to a group of four banks which Comco claims acted in a cartel to fix Euribor for various lengths of time [...]
Italian parliament approves €20bn bailout plan for banks, as Monte dei Paschi’s shares tank on liquidity warnings December 21, 2016 Italy's parliament has today signed off a government proposal for a potential €20bn (£16.8bn) bailout for the country's banks, according to various reports. Italy's banking sector has found itself in hot water in recent years, burdened by billions of euros in non-performing loans. First in line for a cash boost is likely to be the country's oldest [...]
Atom banks on consumers’ dis-appisfaction with traditional retail banks December 21, 2016 The launch of Atom bank earlier this year was a watershed for both the finance and technology sectors. It is the first British bank with no branches and no call centres as everything is done through an app on customers’ phones. Around 30,000 people have signed up for Atom so far. While these numbers by [...]
Expecting RBS profits is living in a fool’s paradise December 21, 2016 In just 10 days from now you will likely find yourself celebrating the end of 2016, and the start of a new year. If your headache the following morning isn’t bad enough, consider this – a decade earlier, on 1 January 2007, a share in the Royal Bank of Scotland was worth £55.80. Today, its [...]
Ex-Deutsche Bank trader accused of manipulating markets by Russian central bank December 20, 2016 A former employee of Deutsche Bank's Russian division was accused today of manipulating markets to pocket himself and three of his relatives a profit of 255m rubles (£3.4m) over a two and a half year period. Russia's central bank claims Yuri Khilov, while acting on behalf of Deutsche's London branch, carried out 300bn rubles worth of trades [...]
NatWest and RBS mobile banking apps hit by technical problems December 20, 2016 RBS and NatWest have assured customers that its mobile banking is now running as normal after after experiencing technical problems that left people unable to use the service.. RBS had been tweeting customers directly on Twitter saying it is aware of some issues and that it was working to fix them. NatWest, owned by RBS, also experienced [...]
Italy wants €20bn for bank bailouts as Monte dei Paschi struggles December 20, 2016 The Italian government is seeking parliamentary approval to borrow €20bn (£16.8bn) in order to prop up the country's struggling banks. The first institution in line for a bailout is likely to be the beleaguered Monte dei Paschi, which must get rid of a book of bad loans and raise €5bn in capital by the end [...]
Lloyds Banking Group snaps up Bank of America’s MBNA credit card firm for £1.9bn in first acquisition since financial crisis December 20, 2016 Lloyds Banking Group has beaten off other bidders to snap up Bank of America's UK credit card company MBNA for £1.9bn, in its first acquisition since it was bailed out by taxpayers in 2008. The UK lender emerged as the frontrunner to take over MBNA, which holds assets of £7bn, in late November. The takeover is a [...]