Banks now one of the biggest threats to the European Union, says former chancellor September 27, 2016 Europe's banks now pose one of the greatest threats to the future of the European Union, a former chancellor of the exchequer has said today. Speaking at the Institute of Directors (IoD) Annual Convention, Lord Lamont of Lerwick remarked: "There are many, many crises which are potentially very dangerous for the EU" before adding "the biggest threat to [...]
Analysts fear Deutsche Bank could become Europe’s Lehman Brothers September 27, 2016 The misery for Deutsche Bank continued this morning as shares continued to slide to fresh record lows. The German lender has seen its share price lose 30 per cent in the last three weeks and was hit by a new round of selling this morning, as shares dropped 3.3 per cent to €10.20 (£8.86). The latest slide [...]
As a beleaguered Deutsche Bank faces a $14bn fine, Angela Merkel has ruled out state aid, but could a bailout be on the cards? September 27, 2016 Recent discussion of possible European bank bailouts has focused on Italy. Saddled with €360bn of souring loans and enfeebled by a stagnant, over-regulated economy, a number of Italian lenders face a very real risk of insolvency. In July, the country’s third largest, Monte dei Paschi di Siena, failed a stress test set by the European Central [...]
Doom and gloom for European banks as Deutsche drags down sector September 26, 2016 Deutsche Bank cast an ominous shadow over the banking sector today, after fresh doubts over the German giant's capital position emerged, prompting investors to take flight across the sector. Investors panicked that government patience for bailouts had run dry and Deutsche Bank's share price closed down 7.5 per cent at €10.55, its lowest level since [...]
Why it’s been a very bad year to be Deutsche Bank September 26, 2016 Deutsche Bank shares plunged to a new record low today, dropping 7.5 per cent to close at €10.55, prompted by reports in Focus magazine over the weekend that German Chancellor Angela Merkel has ruled out state assistance for the bank. However, this is far from the first piece of bad news to have hit the [...]
UK’s small businesses waste one day a year taking cash to the bank September 26, 2016 UK SMEs spend 26 hours a year travelling to make cash deposits, research out today has found. Total average time spent making deposits has led to the loss of 93m hours across all UK SMEs, with one fifth (18 per cent) having to shut up shop during trading hours to do so, placing pressures on [...]
Deutsche Bank’s share price sank to a record low today on bailout concerns September 26, 2016 Shares in Deutsche Bank have dropped by over six per cent in today's trading, to a record low of €10.67, and analysts have warned that the bank could even descend "into the realms of penny stocks". The stock's dramatic dip – to its lowest level since 1992, according to Bloomberg – may have been prompted by a recent [...]
Is China’s toxic debt pile the greatest threat the global economy faces? September 26, 2016 Mike Jakeman, global analyst at the Economist Intelligence Unit, says Yes. The Chinese government has already performed one economic miracle – in the 30 years from 1980, it pulled almost 700m people out of extreme poverty. Now it requires another – to wean its fattened economy off a diet of public investment and onto helpings of household [...]
Banks warned over fintech payment firms September 26, 2016 The world's biggest banks risk losing control of digital payments to small fintech startups and global tech giants, the Boston Consulting Group (BCG) has warned. Banks have been told they have to “maximize security, minimise complexity, and add value beyond pure payments” if they want to survive in transactional banking. The BCG has slammed banks’ poor [...]
People still trust brick-and-mortar branches more than digital banks September 26, 2016 Digital banking has surged in popularity over the last few years, but research out today also shows many still won't trust a lender without a brick-and-mortar presence. Just less than half (48 per cent) of UK banking customers would not be comfortable sorting out their finances solely online or by mobile, while a third (33 [...]