Thousands of City jobs at risk as US banks issue Brexit relocation warning September 24, 2016 Thousands of City jobs are at risk after a string of US investment banks reportedly warned Prime Minister Theresa May that they could preemptively move their operations out of the UK. The bank bosses are said to have delivered the warning at a round-table with the Prime Minister and a host of key US investors in New York [...]
Court orders disgraced former Societe Generale trader Jerome Kerviel to pay €1m in damages September 23, 2016 A French appeals court on Friday ordered former Societe Generale trader Jerome Kerviel pay €1m (£866,000) in damages to the bank following losses he made that totalled €4.9bn. Kerviel was initially ordered to repay the whole sum, but subsequent rulings had struck down that decision. In June, a public prosecutor said the bank "had left the door open" [...]
Co-operative Group posts increased revenue but profit dips in first half of the year September 23, 2016 The Co-operative Group reported an increase in revenue but decline in profits for the 26 weeks to 2 July this morning. The figures Revenue was up 2.2 per cent on a like-for-like basis to £4.7bn from £4.6bn in the same period of last year. Operating profit dropped to £72m from £95m, while pre-tax profit was down to £17m from [...]
Wells Fargo CEO quits role as adviser to Federal Reserve September 23, 2016 The head of Wells Fargo has stepped down from his role as an adviser to the US Federal Reserve amid the ongoing scandal over its creation of unauthorised bank accounts. Chief executive John Stumpf resigned his position on the advisory council of the San Francisco Fed, which consists of banking chiefs and is designed to guide policymakers, [...]
Consumer interest group calls on watchdogs to tackle bank transfer scams September 23, 2016 A consumer interest group has today turned up the pressure on financial watchdogs by launching a super complaint into bank transfer scams. Research from Which? has found three out of five (60 per cent) of people don't realise there is no consumer protection from their bank if they are fraudulently tricked into making a bank transfer. Meanwhile, [...]
More staff than ever are working on fintech at the City regulator September 22, 2016 The City regulator's team of staff working with fintech startups has grown tenfold in the last two years, it's been revealed, as it increasingly looks at the implications of technology on finance. The Financial Conduct Authority's (FCA) Project Innovate scheme, which kicked off in 2014, now has more than 20 staff focused on the crossover [...]
Brexit fears overshadow latest Lloyd’s of London results September 22, 2016 Insurance behemoth Lloyd's of London has issued another stark warning over the fallout from the UK's vote to leave the EU as its underwriting profits slipped in the first six months of the year. Update: Lloyd's of London's chairman has told City A.M. it will announce whether it will relocate following the Brexit vote The [...]
Postal Savings Bank of China in world’s biggest IPO in two years September 21, 2016 China's sixth-largest lender by assets has raised $7.4bn (£5.6bn) in the world’s biggest initial public offering since Chinese ecommerce retailer Alibaba’s 2014 float. The state-owned Postal Savings Bank of China (PSBC) was priced at the lower end of expectations in Hong Kong and was heavily reliant on cornerstone investors – big buyers that get priority [...]
Co-op Group set to announce 25 per cent hit on value of bank stake September 21, 2016 The Co-operative Group has taken a 25 per cent hit to the value of its stake in Co-op Bank, the company is expected to announce this week. As part of its half-year results on Friday, the group is poised to put a £145m value on its 20 per cent stake in the lender, down from £185m. The [...]
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 [...]