The FCA is cracking down on peer-to-peer lending and crowdfunding (again) December 9, 2016 It seems like only yesterday the Financial Conduct Authority (FCA) was telling peer-to-peer lenders they must behave more like banks. Now the financial watchdog has proposed tough new rules, which will force crowdfunding and peer-to-peer lending platforms to comply with the same rules as major lenders on mortgage lending, restrict cross-platform investment and make them [...]
Spend $9 billion. Employ 40,000 technologists. What do you get? December 8, 2016 | City Talk Spend $9 billion. Employ 40,000 technologists. Then add one company with one giant vision. Behold JP Morgan Chase, a global tech operations phenomenon. Glasgow is one of its 13 hubs located throughout the world. Watch this short video on why the city was 'stringently selected' from 30 European rival locations. You'll be amazed at what goes on behind closed doors here…
Now UniCredit has shed its interest in this Polish bank, as Italian banks scramble to safeguard themselves post-referendum December 8, 2016 Shares in UniCredit rose today after the Italian lender revealed it was ditching its stake in Polish Bank Pekao. Polish state organisations Powszechny Zaklad Ubezpieczen and Polish Development Fund have snapped up 33 per cent of the stake in Pekao from UniCredit for €2.4bn (£2bn), with the sale expected to complete in mid-2017, while UniCredit will list equity-linked [...]
Quiz: Do you have the A-Level maths skills needed to understand your bank? December 8, 2016 If you've ever fretted about your finances, you can breath a sigh of relief – from APRs to ISAs and every acronym in between, understanding bank statements requires an A-Level knowledge of maths, it turns out. Jargon terms are making it impossible for most people to judge whether they are getting a good deal from their bank. More [...]
Major UK banks are in advanced talks to move to Paris, the head of the French financial regulator reckons December 8, 2016 Some of the UK's largest lenders are in "advanced" talks to move to Paris, the head of France's financial regulator has said. In a move which could lead to scores of UK-based banking roles moving to the French capital, Benoit de Juvigny told the BBC's Newsnight "large international banks" were already in the process of doing due [...]
Plan B for Italian banks is like Fight Club: You don’t talk about it (except in Italy) December 8, 2016 Back in 2010, as the Greek crisis began, I was up in the mountains of Davos interviewing Joaquin Almunia, the then EU economics commissioner. Eight times I asked him: does the EU have a Plan B if Greece’s banks fail? After fudging an answer on the first four attempts, saying Plan A was surely going [...]
London still top destination for future hedgies December 8, 2016 London is set to remain a hedge fund hotspot in coming years after 21 of 50 up-and-coming hedge fund managers in Europe were found to be based in the UK capital. The research – from the Hedge Fund Journal (HFJ) in partnership with accountancy giant EY – features fresh names in the sector, most of [...]
Metro Bank’s new partnership proves the Post Office’s importance December 7, 2016 One of Britain's newer financial institutions has team up with one of Britain's oldest and revered high street networks. Metro Bank today announced its business customers will be able to use the Post Office's 11,600 branches to deposit cash and cheques as well as obtain change. The tie-up will help the challenger to keep up with increasing [...]
Numis boss glosses over sterling’s demise after posting record revenue growth December 7, 2016 Stockbroker Numis raked in the cash after posting its best ever revenue growth over the last year. Despite 2016's shock events one of Numis’ two co-chief executives said he was feeling positive about next year. “We’re expecting M&A activity to pick up next year, after a relatively flat period,” Ross Mitchinson, co-chief executive, told City A.M., adding, “Brexit [...]
The UK City watchdog’s so good at fintech it’s going to teach Hong Kong December 7, 2016 The UK's forward thinking City regulator is exporting its fintech expertise, partnering with authorities in Hong Kong to foster innovation in finance. The Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) to share its knowledge and promote innovation between the two countries. It's the latest example of the UK collaborating with other [...]