Barclays boss: London will continue to be the “financial lungs” of Europe post-Brexit January 19, 2017 The boss of one of the UK's biggest banks has today come out fighting for the City's post-Brexit status, likening London to an essential organ for the continent's financial health. "I don't believe that the European finances system, our centre, will leave the City of London," Jes Staley, chief executive of Barclays told the BBC in [...]
Clydesdale and Yorkshire Bank to shut a third of its branches and cull around 400 jobs January 19, 2017 Clydesdale and Yorkshire Bank is to shut the doors of 79 branches, resulting in over 400 job losses. The closures, which were announced yesterday, mean the challenger bank is effectively reducing its branch network by a third. The branch closures were tentatively announced by the bank last September, as the company planned to bring its network [...]
Goldman Sachs is considering halving its London workforce January 19, 2017 Goldman Sachs is considering cutting the number of staff in London to 3,000 after Brexit, it has been reported – effectively halving its workforce in the UK. German newspaper Handelsblatt reported that the US banking giant is mulling moving 1,000 jobs to Frankfurt as part of the plans, while other key operations would move to New [...]
Lloyds Banking Group takes the top spot on Stonewall’s top 100 LGBT employers as banking and legal dominate the list January 19, 2017 Lloyds Banking Group has taken the top spot of Stonewall's top 100 LGBT employers list. Banking and legal dominated the list of the charity's most inclusive employers. Lloyds, which came second to MI5 last year, launched a new colleague volunteering programme and formed official partnership with lesbian, gay, bi and trans (LGBT) charities. Law firm [...]
Top bankers from Goldman Sachs and JP Morgan touch down in Davos for Brexit showdown with Prime Minister Theresa May January 19, 2017 Prime Minister Theresa May has jetted out to Davos for crunch talks with top bankers following a landmark speech this week in which she set out her vision for Brexit. May will meet chief executives from banks such as Goldman Sachs and JP Morgan a day after two other bosses – HSBC’s Stuart Gulliver and UBS [...]
JP Morgan Chase to fork out $55m to settle mortgage discrimination claims January 18, 2017 JP Morgan Chase has agreed to pay $55m (£44.9m) to put to bed claims that it charged borrowers from minority backgrounds more for mortgages. The US Justice Department alleged the banking giant willfully went against the US Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009, and showed "reckless disregard" for the rights of [...]
The name’s bond: Citigroup fourth quarter results lifted thanks to fixed income division January 18, 2017 Citigroup has reaped the rewards of the bond market trading boost following the election of Donald Trump, alongside its US rivals such as Goldman Sachs. The bank's net income for the fourth quarter of 2016 came in at $3.6bn (£2.69bn) as compared to $3.3bn the year before – a rise of nine per cent. Read more: [...]
Now it’s Credit Suisse’s turn to sign off on its Department of Justice fine for $5.3bn January 18, 2017 Credit Suisse has finalised its agreement to settle for $5.3bn (£4.3bn) with the US Department of Justice (DoJ) for mis-selling mortgage-backed securities in the lead-up to the financial crisis. The bank agreed to the settlement in principle last month, but the deal was effectively rubber-stamped today. The Swiss bank's payment is divided between a $2.5bn cash penalty and [...]
Why are the world’s eyes on this innovative fintech startup? January 18, 2017 | City Talk Imagine an app that puts all your finances in one place: your current and savings accounts, credits cards, mortgage and other personal accounts – all in the palm of your hand. Quickly and easily. Money Dashboard’s app does just that – its financial data platform has attracted 100,000 users since its launch in 2010. The fintech [...]
Deutsche Bank slashes bonuses for a quarter of its staff following $7.2bn settlement with US regulator January 18, 2017 One in four Deutsche Bank staff will receive no individual bonus for 2016, the firm said yesterday, leaving many of its bankers fearing a significant hit to their pay. The German giant's bonuses are usually determined by an employee's success, or failure, in hitting a range of targets. But after a tumultuous year, the bank has [...]