Deutsche Bank shares plunge to new record low in fresh morning turmoil September 30, 2016 Deutsche Bank shares have crashed another eight per cent this morning as the German stock markets opened for trading. The lender was plunged into fresh turmoil last night as a string of key clients said they were cutting back on the amount of assets they store with the lender, raising fears some in the market [...]
Royal Bank of Scotland reveals plans for new structure to comply with UK ring-fencing requirements September 30, 2016 Royal Bank of Scotland Group (RBS) has set out its plans to restructure in order to comply with UK ring-fencing regulations. Legislation requiring the separation of essential banking services from investment banking services will take effect from 1 January 2019. RBS said today that in order to be compliant with its requirements, "we need to [...]
Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
The new sick man of Europe is the continent’s entire banking sector September 29, 2016 The “sick man of Europe” has been a popular phrase for describing countries in Europe beset by economic woes since the mid-nineteenth century. The UK, Italy, Germany, France and Greece, among others, have all borne this unwanted diagnosis at some point. But in 2016, this moniker can no longer be solely applied at a country level. [...]
The UK’s investment industry has more assets than France, Germany and Italy combined September 29, 2016 London’s position as Europe’s premier financial hub was laid bare again today with the latest statistics on the UK’s dominant fund management industry. The Investment Association (IA), which represents investment firms based in the UK, found there are more assets under management (AUM) in the UK than France, Germany and Italy combined, and nearly 100,000 jobs [...]
Watchdog reveals new plans for taping bankers’ calls as it announces potential tweaks to incoming red tape September 29, 2016 The City watchdog has today revealed proposals to bolster a critical piece of incoming red tape, including extended plans for taping bankers' phone calls. The Financial Conduct Authority (FCA) has published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive, which is due to come into force in January 2018, and is a [...]
This is how Deutsche Bank is getting in on the fintech scene, with the launch of a digital factory in Frankfurt September 29, 2016 After a string of bad news stories for Deutsche Bank, the German giant has today announced a new initiative to boost its digital edge. The bank's digital factory in Frankfurt will act as a centre for creating digital products for the lender, currently housing 400 software developers, IT specialists and financial experts from around the world. [...]
Treasury committee chairman seeking assurances from high street bank bosses on IT health September 29, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has written to the chief executives of two of the UK's biggest banks over recent IT failures. City A.M. understands Tyrie will publish letters to the bosses of Royal Bank of Scotland and HSBC tomorrow morning. Tyrie has also written to the heads of the financial regulators the Financial Conduct [...]
Commerzbank announces nearly 10,000 jobs up for the chop September 29, 2016 German lender Commerzbank has today announced it will be slashing just shy of 10,000 jobs, while also halting dividend payouts to cover the cost of the latest stages of its business overhaul. Around 9,600 full-time jobs will be shed from the bank over the course of the next four years, as it starts to close down [...]
The great Deutsche Bank sale begins as bailout rumours continue to swirl September 28, 2016 Deutsche Bank sold one of its less core businesses today, prompting speculation that more asset sales are on the cards at the troubled German lender as it faces the prospect of a multi-billion pound US fine. The bank agreed to sell British insurance business Abbey Life to Phoenix, which will bring in nearly £1bn in capital. [...]