Morgan Stanley and Blackrock presidents warn Brexit will shrink London’s financial crown September 21, 2016 London's financial industry woke up this morning to a fresh warning that Brexit could cap the size of the sector in the City. Blackrock president Rob Kapito noted that multinationals with a UK presence would now be carefully considering their options relating to how much of their business they kept in the country. "I don't think [...]
How this challenger bank used the Brexit vote as an opportunity and broke even in less than a year September 21, 2016 New company founders are frequently told to plan to spend their first few years languishing in the red. Now one challenger bank has proved it is possible to buck the trend, and the recent Brexit vote may have given it a nudge in the right direction. OakNorth Bank today revealed it has broken even and inched into profitability, [...]
Banking shares bolster FTSE 100…except for RBS September 21, 2016 Banks' investors have a reason to celebrate this morning, as share prices among lenders are on the rise – with the exception of RBS. At time of writing, Barclays is the biggest riser of the FTSE 100, while shares in HSBC, Standard Chartered and Lloyds Banking Group are also up, after the Bank of Japan [...]
Why big banks have lost their way, according to the boss of Arbuthnot Latham September 20, 2016 Banking's biggest players have forgotten how to fine tune their wealth offerings, creating opportunities for some of the sector's smaller firms, according to the boss of one long-established private bank. Speaking to City A.M., Ian Henderson, chief executive of Arbuthnot Latham, said his bank's strategy was "around continuing to nibble away at customers either disenfranchised or unhappy with [...]
The price isn’t right: Santander talks to buy Williams & Glyn grind to a halt September 20, 2016 Santander has called it quits on talks to buy Williams & Glyn from Royal Bank of Scotland. Last month, it was revealed that Santander UK had put forward a bid to buy Williams & Glyn, which has a 300-strong branch network, although it was also reported at that time that the deal was tentative and [...]
This consulting firm has created an “editable” blockchain and people are puzzled September 20, 2016 Blockchain, heralded in part for keeping an immutable record of transactions, could soon become editable. Accenture has patented a prototype for making changes to it in "exceptional circumstances" to take into account errors recorded such as so-called fat finger moments, or, human error. “As we focus on new uses for blockchain technology beyond the realm of cryptocurrency, absolute immutability will become both [...]
Wells Fargo share price slides as chief exec gets a grilling from the Senate’s banking committee September 20, 2016 Wells Fargo's share price has started to slide as chief executive John Stumpf sits down for an uncomfortable chat with the US Senate's banking committee. The bank has come under fire in recent days after it was revealed its staff signed customers up for products without their consent. Earlier this month, Wells Fargo was hit with [...]
Bank of England’s Andrew Hauser: Don’t expect blockchain to revolutionise finance any time soon September 20, 2016 Much heralded blockchain technology will not create a revolutionary shake up in the financial sector anytime soon, a top Bank of England official has declared. The distributed ledger technology has a way to go to become to be as revolutionary as some are predicting, according to Andrew Hauser, the executive director of banking, payments and financial resilience [...]
Deutsche Bank share price dips as latest plans to reduce risk and bolster capital position revealed September 20, 2016 Shares in Deutsche Bank are trading down today after it was revealed the German giant was considering converting billions of dollars of corporate loans into marketable securities. If the deal goes through as planned, it will help the bank to boost its capital ratio as well as manage some of its risk. Although the plans have come to [...]
British business backer BBBI reports pre-tax profit of £40m as it gets behind 12,000 firms September 20, 2016 British Business Bank Investments (BBBI), the commercial arm of the government’s economic development lender, British Business Bank, today reports a pre-tax profit of £40m for the year to 31 March. BBBI, which invests in small business finance providers, will today also report annual income of £45.5m in the full year and a dividend of £32m to [...]