Government may make RBS update as early as Autumn Statement, as it considers what Brexit vote means for offloading stake October 6, 2016 The government entity that controls the taxpayers' stake in RBS is still weighing whether to sell down its holding. It could make an announcement as early as the Autumn Statement. Last year UKFI sold down its stake in RBS from 78 per cent to 73 per cent for £2.1bn, which represented a £1bn loss for taxpayers who bailed out [...]
FCA complaints are still dominated by PPI mis-selling October 6, 2016 The number of complaints lodged against financial services firms nudged down in the first six months of 2016 according to statistics released by the Financial Conduct Authority (FCA). The total number of complaints dropped by 2.6 per cent compared with the final six months of 2015. Barclays topped the list and received over a quarter of a million objections. Top five [...]
Citi says it’s “time to buy” European banks October 6, 2016 Citi analysts have said it is time to buy Europe's beleaguered banks. In their analysis across 285 global sector and regional combinations, European banks are among the worst performing over the past decade, Citi said, adding that buying them would be "the world's most contrarian trade". Read more: ECB sees no risk of banking crisis in the Eurozone, [...]
Deutsche Bank confirms 1,000 German jobs to get the chop October 6, 2016 Deutsche Bank has confirmed that 1,000 jobs are to be cut in Germany. The jobs are part of the 9,000 role reductions worldwide which were previously announced as part of the bank's Strategy 2020. The bank also agreed 3,000 jobs would be cut in June as part of a restructuring, so today's announcement brings the total role [...]
Digital doors officially open at Atom Bank October 6, 2016 Brits who wish to give mobile banking a whirl have another option on the table from today, as Atom Bank has officially opened to all customers. The bank, which is built exclusively for mobile, initially launched in "invitation only" mode but the app could only be used by those who had expressed interest previously and [...]
Deutsche Bank share price lifted by IMF support October 6, 2016 Deutsche Bank's share price has risen today, lifted by comments from the International Monetary Fund (IMF) suggesting the lender is too big to be allowed to fail. Shares are currently trading up 1.2 per cent at €12.22 in Frankfurt. The German giant's share price has taken a number of twists and turns in recent days, as investors, [...]
Equivalence can’t trump passporting, warns boss of bank trade body October 5, 2016 Many of the alternatives to passporting would not allow the financial sector to continue business as usual, the chief executive of the British Bankers' Association has warned. Writing in his monthly newsletter, Anthony Browne noted that the passporting rules have "been a key factor in enabling the UK to grow as the financial capital of Europe". [...]
Now the IMF has called on Deutsche Bank to do more to reassure investors October 5, 2016 Officials from the International Monetary Fund (IMF) have today called on troubled German lender Deutsche Bank to do more to reassure investors. Speaking at a press conference today, Peter Dattels, deputy director of the monetary and capital markets department at the IMF, said Deutsche Bank needed to "continue to adjust to convince investors that its business model is viable going [...]
ECB sees no risk of banking crisis in the Eurozone, official says October 5, 2016 The European Central Bank (ECB) sees no risk of a banking crisis in the Eurozone despite some "individual cases" of lenders in trouble, senior ECB supervisor Ignazio Angeloni said today. Banking shares have been volatile across the single currency area this year, especially in recent weeks, as Deutsche Bank awaits confirmation of a multi-million-dollar fine [...]
Long overdue report on RBS turnaround unit finally lands on watchdog’s desk October 5, 2016 The City watchdog has revealed it has received a long-awaited final report into RBS' old business turnaround unit. The Financial Conduct Authority (FCA) had initially been expected to publish review outcomes into RBS' now defunct Global Restructuring Group (GRG) by the end of 2015. However, the report, which is being compiled by "independent skilled persons" Promontory Financial Group [...]