Starting gun fired to restart sale of billions of pounds of distressed mortgages October 4, 2016 The government is preparing to put a multi-billion pound portfolio of mortgages it manages on behalf of failed lender Bradford & Bingley back on the market. UK Asset Resolution (UKAR) – whose role is to flog mortgages written by doomed lenders that include Bradford & Bingley and Northern Rock – signalled an end to its Brexit break by circulating non-disclosure agreements to prospective buyers. Read [...]
The Bank of England should follow Dr Seuss’ example and publish simpler reports October 4, 2016 The Bank of England (BoE) needs to simplify its speeches and reports, a researcher at the institution has said – and he pointed to beloved childrens' author Dr Seuss as the perfect example for the Bank to follow. People writing in the financial industry put too many long words in long sentences, according to Jonathan Fullwood, from [...]
Deutsche Bank share price yo-yoing as investors await fine news October 4, 2016 Deutsche Bank's shares clipped a two-week high earlier this morning before dipping back down, as investors anxiously await news on a potential mega-settlement with the US Department of Justice (DoJ). The bank's shares are currently trading up 0.7 per cent at €11.64. However, at one point this morning, they reached €11.98, perhaps helped by JP Morgan boss Jamie Dimon [...]
How HSBC plans to save small businesses £13m a year October 4, 2016 HSBC has today announced it is reviewing banking tariffs for all UK business customers with turnovers of up to £2m, saving small firms across the country £13m a year in unnecessary charges. The review has been brought about by HSBC's Electronic Banking Tariff, which recently increased its turnover threshold from £500,000 to £2m. Around 190,000 HSBC [...]
Is Deutsche Bank the world’s greatest contrarian trade? October 3, 2016 Who'd invest in a German bank? A roller-coaster two weeks for Deutsche Bank, the country’s largest lender by assets, has only reinforced the volatile position the sector now finds itself in. It’s highly likely that the top dogs at Deutsche will sweet-talk US regulators into reducing their $14bn settlement, but the bank is by no means [...]
Small businesses to launch £1bn legal action against RBS in early 2017 October 3, 2016 Legal action on behalf of over 100 small businesses claiming RBS drove them into the ground for its own gain is set to launch early next year. RGL Management Limited was formed in March to coordinate action against the bank's now defunct turnaround division, Global Restructuring Group (GRG). It is now fully funded to issue a claim and has [...]
Everyone’s massively underestimating fintech in capital markets October 3, 2016 The application of fintech in capital markets is being vastly underestimated by both banks and startups as other areas of banking steal the spotlight – and funding – new research reveals. Venture capital cash is failing to flow into fintech specialising in capital markets, according to the new report from Boston Consulting Group, adding that only a minority of startups are working [...]
Clinton has Mylan and Wells Fargo in her sights with plans to target “bad corporate actors” October 3, 2016 US presidential candidate Hillary Clinton is set to go after "bad corporate actors", she's expected to say in a speech later. The Democratic hopeful plans to make it easier for consumers to take legal action against the likes of Wells Fargo and Mylan, who have recently both had run ins with regulators and corporate watchdogs. According [...]
Back down it goes: Deutsche Bank share price drops in US October 3, 2016 Deutsche Bank's US-listed shares have fallen three per cent, just hours after the market opened. Shares in the German bank plummeted last week, after various reports emerged doubting Chancellor Angela Merkel's appetite for state assistance, despite the lender facing a potential $14bn (£10.8bn) fine from the US Department of Justice (DoJ) for mis-selling mortgage-backed securities. However, [...]
ING announces largest restructuring since the height of the financial crisis with a refocus on technology October 3, 2016 Dutch banking group ING announced this morning that it plans to scrap 7,000 jobs as part of a near €1bn (£873m) restructuring. Cost savings of €900m by 2021 have been earmarked by ING, and the lay-offs represent approximately 12 per cent of the group's workforce. The job losses are the largest since its painful restructure at the height of the financial [...]