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 [...]
Monte dei Paschi di Siena shares rise by double figures as investors await news of rescue plan October 24, 2016 The share price for embattled Italian lender Monte dei Paschi di Siena has rocketed by double digits this morning, as investors wait to hear more about the bank's bailout deal. Shares had risen 23.3 per cent to €0.33 by just before 3pm London time, the highest price they have traded at in over two months. The bank's share [...]
Luxembourg reckons City firms are about to head there in their droves – here’s our guide to banking there October 24, 2016 Could your job be about to take you further into the depths of the European Union? After the British Bankers' Association said yesterday that City bosses are on the brink of leaving the UK, the head of a Luxembourg finance body has suggested they're breaking down his door. Yesterday British Bankers' Association boss Anthony Browne told The Guardian [...]
Royal Bank of Canada finance chief to retire and will be replaced by former PwC accountant October 24, 2016 One of Royal Bank of Canada's (RBC) executive stalwarts will retire at the end of January the bank announced this morning. Janice Fukakusa, who has been with RBC since 1985, will retire from her dual-posts of chief financial officer officer and chief administrative officer, with former beancounter Rod Bolger scheduled take over in lender's top finance job. Read more: RBC deal takes Banque SYZ into Switzerland's [...]
Dogs still rule at Metro Bank as it eyes profitability October 23, 2016 Think of us as a retailer, Metro Bank founder, Vernon Hill tells Billy Bambrough Metro Bank founder and chairman Vernon Hill seems to be having as much fun at the opening of the bank’s 43rd branch as he did at the first one six years ago. The first new lender to appear on the British [...]
There is no way to stop banks moving post-Brexit vote, Institute of Directors tells City A.M. October 23, 2016 There is nothing that can realistically be done to prevent banks shifting some of their business outside of the UK following the Brexit vote, a leading lobby group has said. Allie Renison, head of Europe and trade policy at the Institute of Directors, told City A.M. it was "inevitable you were going to have some operations [...]