Deutsche Bank has implemented a hiring freeze October 13, 2016 Shares in Deutsche Bank tumbled this morning, after reports suggested the troubled lender has implemented a hiring freeze. Bloomberg reported chief executive John Cryan had emailed divisional chief operating officers ordering them to stop hiring with immediate effect. That caused shares in Deutsche to fall almost 2.9 per cent to €12.03. The freeze will affect all areas of the [...]
Wells Fargo boss stands down and is replaced by chief operating officer October 12, 2016 The embattled boss of Wells Fargo, John Stumpf has quit his post, effective immediately. The reins at the US' third largest bank have been handed onto Tim Sloan, the company’s president and chief operating officer. Sloan will hold onto his role as president. Stumpf had been under increasing pressure to resign in the wake of an investigation into claims that its employees [...]
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]
Secure Trust Bank share price finishes slightly up during first day on main market October 12, 2016 Shares in Secure Trust Bank finished slightly up today, marking a positive end to its first day of trading on London's main market. The challenger bank, which listed on the London Stock Exchange's AIM market in November 2011, announced plans to shift from the junior market last month. The company has not raised any funds or issued [...]
Businesses phone action group to seek representation in action against controversial RBS division October 12, 2016 An action group set up solely to facilitate suing Royal Bank of Scotland (RBS) has received a large uptick in calls from businesses who wish to be represented in the wake of recent leaked reports into the actions of the bank's controversial restructuring division. RGL Management Limited (RGL) said that following the release of the "Dash for Cash" report by BuzzFeed [...]
Germany wants Deutsche Bank DoJ fine wrapped up ASAP, as lender reaches settlement with SEC on another issue October 12, 2016 Deutsche Bank's investors are not the only ones who want a swift settlement on the US Department of Justice fine, as German officials have today spoken out calling for a deal to be done. The German lender is currently facing a potential penalty of $14bn (£11.5bn) for mis-selling mortgage-backed securities. Many had hoped chief executive John [...]
The Bank of International Settlements (BIS) reports on progress of Basel III implementation October 12, 2016 Key banking reforms to ensure that financial institutions are appropriately capitalised are on track to be finalised according to a European supervisory committee. The Bank of International Settlements' (BIS) oversight committee on finalising Basel III said that reforms implemented so far had "introduced a comprehensive and wide-ranging strengthening of global bank standards". Read more: EU passes barrage of banking regulation [...]
BoE deputy governor: London’s financial services firms could go to New York October 12, 2016 A top official at the Bank of England has warned New York could poach some of London's financial services firms if the UK does not secure a good Brexit deal. Jon Cunliffe, deputy governor with responsibility for financial stability, said while the threat from European financial hubs like Frankfurt, Paris or Amsterdam was unlikely to [...]
Bank and its money laundering reporting officer fined for failing to take heed of warnings October 12, 2016 A Bangladesh state-owned bank has been slapped with a multi-million pound fine by the Financial Conduct Authority (FCA) for "serious and systematic" anti-money laundering failings at its UK arm. The banking regulator fined Sonali Bank £3.3m, prevented it from accepting new deposits for five and a half months and imposed a penalty of £17,900 on the bank's former money laundering reporting [...]
TSB to slash rates on Classic Plus account from next year October 12, 2016 TSB has confirmed it is cutting the interest rate on one of its top accounts. From 4 January next year, the challenger's Classic Plus account will offer a three per cent rate on balances up to £1,500, which is less generous compared with the five per cent rate on balances up to £2,000 currently offered. In [...]