‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Credit Suisse and Italian authorities agree to settle after offshore transfer investigation October 21, 2016 Credit Suisse has paid €110m (£98m) to settle allegations by Italian prosecutors that it helped clients divert undisclosed funds to offshore bank accounts. Italian authorities believed that the Swiss bank had helped some 13,000 clients transfer up to €14bn abroad using certain insurance products. An investigation has been running since 2014 and under Italian law today's settlement does not constitute an [...]
Deutsche Bank’s share price just rose above its pre-panic level October 21, 2016 What a difference a month (and a bit) makes. This morning shares in Deutsche Bank finally rose back to the level they were at before the lender was threatened with a massive $14bn (£11.4bn) fine by the US Department of Justice (DoJ) and everyone lost their heads. Good news for chief executive John Cryan. Shares in the lender hit [...]
JP Morgan and Morgan Stanley call for transition period to protect banks post-Brexit October 20, 2016 Two senior staffers of major investment banks have today called on the UK to secure a transition period for industry post-Brexit. Speaking at a British Bankers' Association conference, Sir Win Bischoff, chairman of JP Morgan Securities, remarked it would be "advantageous to have a transition period beyond the two-year period" the UK would have before it [...]
French ambassador says London’s financial crown is now fair game for Paris October 20, 2016 France might not be totally thrilled about Brexit but that's not going to stop Paris swooping in on London's financial crown, bankers were warned today. Speaking at a British Bankers' Association conference, her Excellency Sylvie Bermann, French ambassador to the United Kingdom of Great Britain and Northern Ireland, noted France "didn't want the UK to leave because we [...]
Politics of Brexit at odds with banks’ business needs, banking conference told October 20, 2016 The politics of Brexit is doing little to help banks keep calm and carry on, several key figures have said today. Speaking at the British Bankers' Association's (BBA) International Banking Conference, Lord Mandelson, Labour politician and now chairman at advisory group Global Counsel, remarked that banks need some sort of certainty on what government was planning for [...]
French banks in for a bumpy ride, but they’re still better than the ones in Germany and Italy October 20, 2016 French banks are weathering the negative interest rate storm better than their Eurozone rivals, thanks to healthier balance sheets and more sustainable business models. France’s three leading banks – Societe Generale, BNP Paribas and Credit Agricole – have outperformed the continent-wide Euro Stoxx banking index over the past year, and even with economic growth set [...]
Mark Garnier joins Philip Hammond in reassuring the City it’s still important in the Brexit negotiations October 20, 2016 Mark Garnier, parliamentary under secretary of state for international trade, has today reiterated reassurances from other politicians that the financial services sector is important to government as it gears up for Brexit negotiations. Garnier told the audience at a British Bankers' Association (BBA) conference that "government fully appreciates the implication" concepts such as a hard Brexit could have for the industry, adding: [...]
BBA chief calls for clarity for banks on Brexit to prevent “worst case scenario” planning October 20, 2016 The head of a leading City trade group has called on government to provide more clarity on its Brexit thinking for the sake of the future of the banking sector. Speaking at the British Bankers' Association's International Banking Conference, chief executive Anthony Browne said "banks need as much clarity as possible" so they could carry out plans [...]
Monte dei Paschi di Siena shares soar after board confirms it is pushing ahead with rescue plan October 19, 2016 Shares in Italian lender Monte dei Paschi di Siena soared today after its board confirmed it was still pushing ahead with rescue plans to bolster its capital and ditch some of its soured loans. In a statement released after the market closed last night, the bank noted its board had met to discuss the plans in more [...]
Peer to peer lending grows for yet another quarter October 19, 2016 Peer to peer lenders have grown their books by over £2bn since the start of 2016, with cumulative lending now topping £6.5bn. In the last quarter alone, peer to peer lenders have provided £700m of new funding according to the figures, which are prepared by the Peer to Peer Finance Association (P2PFA). Read more: Global expansion [...]