The French PM is already wooing Brexit-battered City firms July 2, 2016 France is already thinking about how to nab the City's best bankers after Britain voted to leave the European Union. Prime Minister Manuel Valls said on Saturday he is thinking about how to re-jig France's tax system to attract international firms which may be thinking of leaving London. Read more: When will Article 50 be triggered? Probably [...]
EU gives thumbs up to government guarantees for Italian bank support scheme June 30, 2016 The European Commission has extended a lifeline to Italy's struggling banks, by granting a guarantee scheme. The scheme will allow Italy to use government guarantees to create a precautionary liquidity support programme for banks in need, although it only applies to institutions which are solvent and will only be valid until the end of the year. According [...]
HSBC won’t be moving its HQ away from London post-Brexit June 30, 2016 HSBC has confirmed for the first time since last week's referendum that the UK vote to quit the European Union will not lead to the bank moving its headquarters from London. Speaking at a conference organised by lobby group The City UK, HSBC's chairman Douglas Flint repeated comments from February this year that the referendum result would not trigger another [...]
Singapore bank UOB suspends London property loans following Brexit vote June 30, 2016 Singaporean bank UOB has become the city state's first lender to suspend loans for London properties citing uncertainty caused by the result of last week's EU referendum. "We will temporarily stop receiving foreign property loan applications for London properties," a UOB spokeswoman said in an email. "As the aftermath of the UK referendum is still [...]
Deutsche Bank and Santander fail US banking stress tests June 30, 2016 Santander and Deutsche Bank have failed the US Federal Reserve's stress tests, in another blow to the global banking sector. The central bank's comprehensive capital analysis and review programme, which measures how well lenders would perform in a range of different scenarios, found the banks lacked necessary internal controls and were worried about their risk management [...]
Goldman Sachs not eyeing up Frankfurt post-Brexit vote June 29, 2016 Banking giant Goldman Sachs has today refuted claims that the wheels are in motion to move staff to Frankfurt, following the UK's decision last week to leave the EU. There has been a significant amount of speculation recently that Brexit could result in an exodus of bankers from London, with big names moving chunks of [...]
Get the candles ready: It’s the credit card’s 50th birthday since its introduction to the UK by Barclaycard June 29, 2016 A birthday card and a very large bunch of candles are due today for the credit card, which is celebrating its 50th anniversary of being introduced to the UK's wallets by Barclaycard. On 29 June 1966, Barclaycard launched the first credit card with a six-page business strategy, an investment of £20,000 and 30 employees in Northampton. [...]
Lloyds Banking Group to cut 640 jobs and close 23 branches June 29, 2016 Lloyds Banking Group is planning to cut around 640 jobs and close 23 branches as it moves to reduces its presence across the UK. The firm said it would make 525 net role reductions – it plans to create 115 new roles – within its retail and group operations. Lloyds also confirmed that it will close 23 [...]
China and US dominate the top 10 in banking world rankings, as UK gets pushed down the league table June 29, 2016 China and the US are the leaders of the banking world, with banks from these two countries dominating a list of the top 10 banks worldwide published today. China's banks secured four out of the five top slots of the The Banker's 2016 Top 1,000 Banks list, with ICBC keeping hold of its number one slot from [...]
UK slides down world ranking of banks, with only HSBC within the top 10 for core capital June 29, 2016 The gloss has come off the UK's banking sector a little bit today, as research revealed that the country's banks had performed poorly compared with their overseas counterparts. The UK ranked only seventh in a league table compiled by trade magazine The Banker of countries by total pre-tax profits, after banks' combined profits dipped by [...]