Leaked audio: Theresa May feared banks would leave the UK after Brexit October 26, 2016 Theresa May warned bankers before the referendum that she feared businesses would leave the UK if it voted to leave the European Union. A recording of a speech the then-home secretary gave to Goldman Sachs in May has been published by the Guardian, revealing she had numerous concerns about the impact that leaving the EU would [...]
Metro Bank eyes profits, as statutory losses shrink for third quarter October 26, 2016 Metro Bank is now a stone's throw from turning a quarterly accounting profit, but the boss of the challenger is more pleased about the bank's customer growth. The figures The up-and-coming lender announced statutory losses of £0.4m for the three months to September, a significant improvement on losses of £5.9m in the quarter before and £10.7m [...]
Challenger bank CYBG confirms Williams & Glyn takeover talks October 26, 2016 Challenger bank CYBG today confirmed that it has engaged in talks with Royal Bank of Scotland over the possibility of buying Williams & Glyn. RBS was instructed to sell the business as part of its £45bn state bailout deal, and was set a deadline of the end of 2017 – a date the bank warned it [...]
Clydesdale tables bid for RBS’ Williams & Glyn outfit October 25, 2016 Clydesdale has put in a bid to snap up Royal Bank of Scotland's Williams & Glyn outfit. RBS has been told to divest of its interest in the brand and its 300-strong branch network by the end of 2017 to comply with the terms of its £45bn state bailout deal, but there have been several concerns, including [...]
Bob Diamond’s Atlas Mara hit by currency swings October 25, 2016 Foreign exchange swings have wiped millions from the reported profits of Atlas Mara during the first nine months of the year alone, the company announced today. The figures The financial services company, which was co-founded by Bob Diamond and is focused on banking in Africa, reported in its unaudited results for the year to September that profit before tax [...]
Government to ditch £15.7bn worth of Bradford and Bingley mortgage assets October 25, 2016 The government confirmed today it has kicked off the process of selling £15.7bn worth of Bradford and Bingley mortgage assets. The sale, which will be conducted by UK Asset Resolution Limited (UKAR), will allow Bradford and Bingley to repay money it owes to the Financial Services Compensation Scheme, which will, in turn, repay a corresponding loan to the Treasury. [...]
Hammond says he will prioritise financial services in the upcoming Brexit talks October 25, 2016 Philip Hammond has again moved to reassure the City that the government will prioritise financial services in the upcoming Brexit discussions with the European Union. The chancellor told MPs in the Commons this morning that he understood the City's need to have continued access to the single market and to hire skilled people to work in [...]
Deutsche Bank share price dips on reports mega $14bn fine settlement has been delayed October 25, 2016 Deutsche Bank's shares dropped again today, as investors digest reports that the bank's settlement of a potential mega fine has been delayed. The German lender's share price is currently down 2.3 per cent at €13.00, having been on a rollercoaster ride ever since it was announced the US Department of Justice (DoJ) could hit it with a fine for as [...]
Montei dei Paschi to cut 2,600 jobs October 25, 2016 Italian bank Monte dei Paschi is planning to cut 2,600 jobs and close 500 branches as part of rescue plans aimed at building a "de-risked and well-capitalised bank". Monte dei Paschi will cut the number of branches to 1,500 by 2019, from the 2,000 it currently owns. Meanwhile, the job cuts are expected to reduce personnel [...]
Box-ticking watchdogs accused of allowing UK to sleepwalk into another financial crisis October 25, 2016 The UK risks stumbling into another financial crisis, a report out today warns, slamming the watchdogs for being more fixated with ticking boxes than bolstering important regulation. The report from Cass Business School for New City Agenda noted that, while the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) had responded to the 2008 [...]