Brexit fallout: Currency market bloodbath was a boon for broker Icap July 13, 2016 The market turmoil that followed Britain's shock decision to leave the European Union was a boon for broker Icap – but that wasn't enough to offset the wider difficulties facing its electronic trading division. The firm, which will soon be called Nex Group, said today that currency trading volume jumped to $200bn on 24 June. It came after [...]
Payday lender Wonga to name new chief executive July 12, 2016 Payday lender Wonga is set to name a new group chief executive this week. Tara Kneafsey, currently head of Wonga’s UK consumer loans business, will take control of the wider business, a statement is expected to say today. Kneafsey joined the short-term lender in 2014 from RSA Insurance where she was a colleague of Wonga’s [...]
Citibank moves to scrap certain Venezuelan accounts July 12, 2016 Citibank is shutting down certain accounts in Venezuela, much to the chagrin of the country's president. In a speech yesterday, President Nicolas Maduro slammed the move, which would see his government's foreign currency accounts closed within a month. "With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela's accounts," Maduro [...]
Blockchain guru Blythe Masters named Santander adviser July 12, 2016 Santander has put blockchain guru Blythe Masters in charge of advising the bank on the fledgling technology. The former JP Morgan executive has sprung to fame in the world of blockchain with her startup Digital Asset Holdings, which has raised $60m (£46m) from the likes of Santander, JP Morgan and Goldman Sachs, among others. Read more: The government has quietly [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Italy’s banking sector told it needs to play by the rules July 11, 2016 Italy's banking sector needs to play by the rules, the Eurogroup's president said ahead of a meeting of eurozone finance ministers. Italy's banks, which were already bogged down by around €360bn (£307bn) in non-performing loans between them, were dealt a particularly harsh blow when the UK's vote to leave the EU sent their share prices tumbling. [...]
Swift’s beefing up its security after fraud troubles July 11, 2016 The global bank messaging system which was targeted in a multi-million dollar hack of the Bangladesh central bank has beefed up its cyber security in the wake of the fraudulent attack. Swift, which oversees the international transfers of major financial institutions, has called in support from specialists BAE Systems and Fox-IT to increase its ability to respond to [...]
SThree half-year profits sputter on banking hiring slowdown ahead of Brexit vote July 11, 2016 Less hiring in the banking sector in the run-up to the EU referendum has taken its toll on SThree's profits, the staffing company revealed in its interim results today. The figures The company, which is focused on finding staff to fill STEM roles, reported profits before tax of £12.8m for the half year to May, down seven per [...]
Deutsche Bank chief economist calls for bailout of European banks, as Italy faces last ditch efforts to rescue troubled sector July 10, 2016 As uncertainty from the UK's referendum on EU membership continues to plague the banking sector, Deutsche Bank's chief economist is calling for a bailout of Europe's banks. In an interview with Welt am Sonntag, David Folkerts-Landau suggested that an injection of fresh capital was needed to help save banks, pegging the amount needed to recapitalise at €150bn (£128bn). "Europe is [...]
RBS’ share price has been hit so badly by Brexit that UK taxpayers are currently sitting on a loss of £29bn July 10, 2016 UK taxpayers are sitting on a huge loss on RBS stock, with the bank's share price plummeting by more than 40 per cent since the EU referendum. RBS shares closed last week at 168.8p, down by roughly a third on the 502p that Gordon Brown paid to save the bank in the 2008 crisis. It [...]