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 [...]
Monte dei Paschi suspends bond, stock and derivatives trading after Italian government gives green light to bailout December 23, 2016 Trading in Monte dei Paschi shares, derivatives and bonds has been suspended today after it was confirmed the bank has requested state aid from the Italian government. Paolo Gentiloni, the new Italian prime minister, announced in the early hours of this morning that the country will dip into a €20bn (£16bn) fund to help the world's oldest bank. [...]
Deutsche Bank and Credit Suisse share prices rise after multi-billion pound settlements with US Department of Justice December 23, 2016 Deutsche Bank and Credit Suisse's share prices have risen this morning after the two lenders agreed to multi-billion dollar settlements with the US Department of Justice (DoJ). Deutsche Bank announced it had reached a $7.2bn (£5.8bn) agreement in principle with the US authorities early this morning over the sale and pooling of mortgage-backed securities in the run-up [...]
US sues Barclays bank and two former executives for mortgage securities fraud December 23, 2016 The US department of justice has sued Barclays and two former executives on civil charges of fraud relating to the sale of mortgage-backed securities during the run-up to the 2008-9 financial crisis. Several major US banks, including JP Morgan Chase and Bank of America have already paid millions of dollars to settle similar claims. Deutsche Bank [...]
Monte dei Paschi’s board is expected to approve state aid request after capital increase failed December 22, 2016 Monte dei Paschi di Siena announced today its plan to raise €5bn (£4.2bn) of capital by the end of the year had failed. The bank's board is now expected to approve a request for state aid when it meets later today. Italian parliament yesterday agreed to a bailout package of €20bn (£16.9bn) bailout for the country's banks. The [...]