Flash crash trader loses challenge against extradition to the US at the High Court October 14, 2016 Navinder Sarao, the trader accused by US authorities of contributing to a 2010 flash crash, cannot appeal a ruling that he must be extradited to the US to face charges carrying a maximum sentence of 380 years. At the High Court today, Lord Justice Gross said it was "clear" the court must turn down his application. [...]
Deutsche Bank could cut another 10,000 jobs October 14, 2016 Deutsche Bank could be preparing to cut another 10,000 jobs in a massive cost-saving drive. According to a Reuters report, the German lender's finance boss, Marcus Schenck, told staff in September the bank will need to "cut another 10,000 staff" on top of the 9,000 job losses announced by chief executive John Cryan last October. Read more: Deutsche [...]
JP Morgan Chase beats expectations as it begins Wall Street bank reporting session October 14, 2016 JP Morgan Chase beat expectations in its third quarter results on Friday morning. The figures The bank reported revenue of $25.5bn (£20.8bn), ahead of analyst expectations of $24bn. The turnover figure was up 8.4 per cent. Earnings, meanwhile, came in at $1.58 per share. This was ahead of the $1.39 per share that analysts were [...]
Yorkshire Building Society has announced its new chief executive October 14, 2016 Yorkshire Building Society has appointed Mike Regnier, its chief customer officer, as its new chief executive. Regnier joined Yorkshire Building Society in 2014 and will move into the top job at the lender on 1 January next year. Read more: High street building society to close branches Chirs Pilling, the current chief executive, said in June [...]
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 [...]
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 [...]