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 [...]
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 [...]