Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
The new sick man of Europe is the continent’s entire banking sector September 29, 2016 The “sick man of Europe” has been a popular phrase for describing countries in Europe beset by economic woes since the mid-nineteenth century. The UK, Italy, Germany, France and Greece, among others, have all borne this unwanted diagnosis at some point. But in 2016, this moniker can no longer be solely applied at a country level. [...]
The UK’s investment industry has more assets than France, Germany and Italy combined September 29, 2016 London’s position as Europe’s premier financial hub was laid bare again today with the latest statistics on the UK’s dominant fund management industry. The Investment Association (IA), which represents investment firms based in the UK, found there are more assets under management (AUM) in the UK than France, Germany and Italy combined, and nearly 100,000 jobs [...]
Watchdog reveals new plans for taping bankers’ calls as it announces potential tweaks to incoming red tape September 29, 2016 The City watchdog has today revealed proposals to bolster a critical piece of incoming red tape, including extended plans for taping bankers' phone calls. The Financial Conduct Authority (FCA) has published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive, which is due to come into force in January 2018, and is a [...]
This is how Deutsche Bank is getting in on the fintech scene, with the launch of a digital factory in Frankfurt September 29, 2016 After a string of bad news stories for Deutsche Bank, the German giant has today announced a new initiative to boost its digital edge. The bank's digital factory in Frankfurt will act as a centre for creating digital products for the lender, currently housing 400 software developers, IT specialists and financial experts from around the world. [...]
Treasury committee chairman seeking assurances from high street bank bosses on IT health September 29, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has written to the chief executives of two of the UK's biggest banks over recent IT failures. City A.M. understands Tyrie will publish letters to the bosses of Royal Bank of Scotland and HSBC tomorrow morning. Tyrie has also written to the heads of the financial regulators the Financial Conduct [...]
Commerzbank announces nearly 10,000 jobs up for the chop September 29, 2016 German lender Commerzbank has today announced it will be slashing just shy of 10,000 jobs, while also halting dividend payouts to cover the cost of the latest stages of its business overhaul. Around 9,600 full-time jobs will be shed from the bank over the course of the next four years, as it starts to close down [...]
The great Deutsche Bank sale begins as bailout rumours continue to swirl September 28, 2016 Deutsche Bank sold one of its less core businesses today, prompting speculation that more asset sales are on the cards at the troubled German lender as it faces the prospect of a multi-billion pound US fine. The bank agreed to sell British insurance business Abbey Life to Phoenix, which will bring in nearly £1bn in capital. [...]
The majority of banks plan to use blockchain in the next three years September 28, 2016 The majority of banks plan on using blockchain technology in the next three years, adopting it "dramatically faster than expected", but regulation was named as the biggest barrier by global institutions. Nearly two thirds expect to have blockchain solutions by 2019, while 15 per cent of the 200 banks surveyed by IBM and the Economist Intelligence Unit expect to have something up [...]
Now Credit Suisse chief Tidjane Thiam sounds alarm on European banks September 28, 2016 Credit Suisse boss Tidjane Thiam has today become the latest in a list of names to warn Europe's banks are not in a healthy state. His comments come as Deutsche Bank's share price is swinging widely as rumours circulate as to whether the German government would be prepared to bail out the lender. The German giant, which [...]