London Stock Exchange boss warns moving euro clearing away from UK could cost banks $77bn November 1, 2016 The chief executive of the London Stock Exchange Group has warned that moving euro-denominated clearing away from the UK could cost banks $77bn (£63bn) in additional collateral. Xavier Rolet said that moving clearing from London to other financial centres would impose a “prohibitive cost on European banks”. Read more: Warning over moving euro clearing from London [...]
Chairman and non-executive director to leave challenger bank OneSavings November 1, 2016 The chairman and a non-executive director of OneSavings Bank have resigned, the lender announced today. Chairman Mike Fairey will step down from his position at the 2017 annual general meeting, while non-exec Dr David Morgan will leave at the end of the year. Read more: OneSavings Bank boss explains why his business is safe as [...]
The bank referral scheme is one thing – but the government must ensure small firms know what they’re getting into November 1, 2016 When George Osborne announced the bank referral scheme two years ago, he aimed to “bring new lenders much closer to the small businesses they serve.” It was an admirable goal, and one that’s nearer to becoming a reality with today’s launch of the new service to introduce small and medium-sized firms which are rejected for [...]
Standard Chartered gets a tongue-lashing from its boss as share price plummets November 1, 2016 Shares in emerging markets lender Standard Chartered plummeted over six per cent this morning after its chief exec called his company out for a performance that was "not yet acceptable". The figures Third quarter revenues were slightly down at $3.5bn from $3.6bn in the year before and identical to the second quarter. Operating profits were [...]
Antony Jenkins’ fintech startup has revealed its first banking client November 1, 2016 The former boss of Barclays Antony Jenkins has revealed his new fintech startup's first client – and it's a well known name. 10x Future Technologies will build a digital banking platform for Virgin Money, the challenger bank founded by Richard Branson and boasting millions of customers. It will work on creating a digital platform for the bank [...]
HSBC calling? Dame Clara Furse steps down from Bank of England’s Financial Policy Committee November 1, 2016 Dame Clara Furse has stepped down from the Bank of England's Financial Policy Committee (FPC), fuelling speculation that she's being lined up for a top job at HSBC. “It’s been an enormous privilege to work with the governor, other FPC colleagues and Bank staff on developing the UK’s macro-prudential policy in its early years," said Furse. "I [...]
Lending leaps at Virgin Money but it’s cautious over Brexit November 1, 2016 Challenger bank Virgin Money shrugged off post-Brexit vote volatility, increasing mortgage and credit card lending – although it warned it was exercising caution. The figures Gross mortgage lending rose 19 per cent to £6.5bn in the nine months to the end of September, putting its total mortgage balances at £28.9bn. That pushed Virgin's share of total mortgage lending up to 3.6 [...]
UK’s financial services sector goes from strength to strength as City trade surplus jumps to a record high November 1, 2016 The UK's financial services sector has boomed to its highest level of trade surplus yet, highlighting the importance of maintaining and developing the City's trade ties post-Brexit. The level of trade surplus in the financial sector jumped $283m (£185m) to reach $97bn (£63.4bn) in 2015, according to a TheCityUK report. The lobby group said the financial sector surplus is [...]
HSBC UK expected to name former London Stock Exchange boss as chair October 31, 2016 Dame Clara Furse is close to being named chair of HSBC UK, the new ring-fenced retail bank, it has emerged. The former chief executive of the London Stock Exchange Group could be appointed as early as tomorrow, Sky News first reported. As part of the move – which would be subject to regulatory approval – she would [...]
Green Investment Bank takes another step towards £2bn privatisation, with Macquarie in poll position October 31, 2016 The Green Investment Bank (GIB) has taken another step towards its £2bn privatisation today. Australian investment bank Macquarie is believed to be the government’s preferred bidder for GIB, beating competition from a consortium headed up by Sustainable Development Capital (SDC). Read more: Branson laments total sale of Green Investment Bank The GIB today announced the [...]