London banks are falling for Frankfurt, according to this German official November 14, 2016 Financial firms are eyeing up their opportunities in Frankfurt following the summer's Brexit vote, an official from Germany's finance ministry has said today. There have been numerous reports of banks tidying up their contingency planning, as businesses consider whether they need to move some of their operations out of London to make sure they can continue [...]
US boutique banks Perella Weinberg and Tudor, Pickering, Holt and Co announce merger November 14, 2016 Two high-profile US boutique investment banks, Perella Weinberg and Tudor, Pickering, Holt and Co (TPH), have agreed a merger. Perella, the lead adviser to Deutsche Boerse for its £21bn merger with the London Stock Exchange, said the deal is expected to close this year. Read more: LSE and Deutsche Boerse: Behind the deal The combined [...]
Metro Bank has agreed to offer cash accounts to clients of St James’s Place November 14, 2016 One of Britain’s up and coming banks today announced a tie-up with the country’s largest wealth manager. Challenger Metro Bank will offer cash accounts to customers of St James’s Place as well as providing a City branch for the wealth manager’s clients. Read more: Metro Bank allows customers to choose Mx prefix instead of Mr or [...]
Large numbers of Britain’s care homes expect to go bust in the next three years November 14, 2016 Banks who have lent to care homes could fail to recoup their debts as large numbers are expected to go bust over the next three years. The double-whammy of local government budget cuts and the introduction of the national living wage has put the care home sector under significant pressure in recent years. Read more: Number of [...]
Most fintech employees don’t value diversity in the workplace November 14, 2016 Fintech might be shaking up the financial industry with disruptive innovation, but new research suggests it hasn’t been so ahead of the crowd on diversity in the workplace. In fact fintech employees place the lowest value on diversity in the workplace of all financial services workers, according to recruitment firm Astbury Marsden. The survey of [...]
Spanner in the works for HSBC chairman search, as Henri de Castries eyes French government role November 13, 2016 HSBC may have to reconsider its options for who it wants to replace chairman Douglas Flint, as a top candidate eyes up a post in politics. It has been speculated for some time that Henri de Castries, who joined the bank's board as a non-executive director this March, is the front runner for the role. However, the Sunday [...]
Bankers urge Hammond to push for transition periods ahead of Autumn Statement November 13, 2016 Bankers are calling on the chancellor to push to secure important rights post-Brexit ahead of his first Autumn Statement later this month. The British Bankers' Association (BBA) has used its Autumn Statement submission to urge Philip Hammond to provide further clarity on transition periods and a more transparent negotiating timetable. "The outcome of the referendum vote has generated [...]
RBS chairman calls for transitional Brexit deal for banks November 13, 2016 The chairman of RBS, Sir Howard Davies, has backed calls for a transitional deal with Europe when Britain leaves the union, warning of the risk to banks if they swiftly lost access to the single market and passporting rights. "I think it is damaging if we don't get a transitional deal, because I think you will then see banks [...]
Lloyds Bank to cut 665 jobs and close further 49 branches November 11, 2016 Lloyds Banking Group said yesterday it will cut another 665 jobs and shut down 49 branches as part of a three-year restructure of the business aimed at cutting costs. The business will create 145 new roles across the business, but will lay off staff in retail, commercial banking, insurance and consumer finance, the bank said [...]
Donald Trump signals plans to dismantle Dodd-Frank November 10, 2016 Donald Trump's team has signalled its intention to tear up a key piece of banking regulation. "The Dodd-Frank economy does not work for working people," a statement on the new president-elect's website read. "Bureaucratic red tape and Washington mandates are not the answer. "The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act [...]