Equivalence can’t trump passporting, warns boss of bank trade body October 5, 2016 Many of the alternatives to passporting would not allow the financial sector to continue business as usual, the chief executive of the British Bankers' Association has warned. Writing in his monthly newsletter, Anthony Browne noted that the passporting rules have "been a key factor in enabling the UK to grow as the financial capital of Europe". [...]
Now the IMF has called on Deutsche Bank to do more to reassure investors October 5, 2016 Officials from the International Monetary Fund (IMF) have today called on troubled German lender Deutsche Bank to do more to reassure investors. Speaking at a press conference today, Peter Dattels, deputy director of the monetary and capital markets department at the IMF, said Deutsche Bank needed to "continue to adjust to convince investors that its business model is viable going [...]
ECB sees no risk of banking crisis in the Eurozone, official says October 5, 2016 The European Central Bank (ECB) sees no risk of a banking crisis in the Eurozone despite some "individual cases" of lenders in trouble, senior ECB supervisor Ignazio Angeloni said today. Banking shares have been volatile across the single currency area this year, especially in recent weeks, as Deutsche Bank awaits confirmation of a multi-million-dollar fine [...]
Long overdue report on RBS turnaround unit finally lands on watchdog’s desk October 5, 2016 The City watchdog has revealed it has received a long-awaited final report into RBS' old business turnaround unit. The Financial Conduct Authority (FCA) had initially been expected to publish review outcomes into RBS' now defunct Global Restructuring Group (GRG) by the end of 2015. However, the report, which is being compiled by "independent skilled persons" Promontory Financial Group [...]
Fitch piles on to Wells Fargo’s woes with outlook downgrade to negative October 5, 2016 Fitch added to Wells Fargo's worries late last night when it downgraded its ratings' outlook from stable to negative. The bank has recently been under the spotlight for all the wrong reasons, after it came to light that 2m accounts had been opened without customers' knowledge, with the lender's intense focus on cross-selling being to blame [...]
Starting gun fired to restart sale of billions of pounds of distressed mortgages October 4, 2016 The government is preparing to put a multi-billion pound portfolio of mortgages it manages on behalf of failed lender Bradford & Bingley back on the market. UK Asset Resolution (UKAR) – whose role is to flog mortgages written by doomed lenders that include Bradford & Bingley and Northern Rock – signalled an end to its Brexit break by circulating non-disclosure agreements to prospective buyers. Read [...]
The Bank of England should follow Dr Seuss’ example and publish simpler reports October 4, 2016 The Bank of England (BoE) needs to simplify its speeches and reports, a researcher at the institution has said – and he pointed to beloved childrens' author Dr Seuss as the perfect example for the Bank to follow. People writing in the financial industry put too many long words in long sentences, according to Jonathan Fullwood, from [...]
Deutsche Bank share price yo-yoing as investors await fine news October 4, 2016 Deutsche Bank's shares clipped a two-week high earlier this morning before dipping back down, as investors anxiously await news on a potential mega-settlement with the US Department of Justice (DoJ). The bank's shares are currently trading up 0.7 per cent at €11.64. However, at one point this morning, they reached €11.98, perhaps helped by JP Morgan boss Jamie Dimon [...]
How HSBC plans to save small businesses £13m a year October 4, 2016 HSBC has today announced it is reviewing banking tariffs for all UK business customers with turnovers of up to £2m, saving small firms across the country £13m a year in unnecessary charges. The review has been brought about by HSBC's Electronic Banking Tariff, which recently increased its turnover threshold from £500,000 to £2m. Around 190,000 HSBC [...]
Is Deutsche Bank the world’s greatest contrarian trade? October 3, 2016 Who'd invest in a German bank? A roller-coaster two weeks for Deutsche Bank, the country’s largest lender by assets, has only reinforced the volatile position the sector now finds itself in. It’s highly likely that the top dogs at Deutsche will sweet-talk US regulators into reducing their $14bn settlement, but the bank is by no means [...]