UK’s financial services sector goes from strength to strength as City trade surplus jumps to a record high November 1, 2016 The UK's financial services sector has boomed to its highest level of trade surplus yet, highlighting the importance of maintaining and developing the City's trade ties post-Brexit. The level of trade surplus in the financial sector jumped $283m (£185m) to reach $97bn (£63.4bn) in 2015, according to a TheCityUK report. The lobby group said the financial sector surplus is [...]
HSBC UK expected to name former London Stock Exchange boss as chair October 31, 2016 Dame Clara Furse is close to being named chair of HSBC UK, the new ring-fenced retail bank, it has emerged. The former chief executive of the London Stock Exchange Group could be appointed as early as tomorrow, Sky News first reported. As part of the move – which would be subject to regulatory approval – she would [...]
Green Investment Bank takes another step towards £2bn privatisation, with Macquarie in poll position October 31, 2016 The Green Investment Bank (GIB) has taken another step towards its £2bn privatisation today. Australian investment bank Macquarie is believed to be the government’s preferred bidder for GIB, beating competition from a consortium headed up by Sustainable Development Capital (SDC). Read more: Branson laments total sale of Green Investment Bank The GIB today announced the [...]
Jose Manuel Barroso’s Goldman Sachs role is ok with EU October 31, 2016 The EU has given the thumbs up to former European Commission president Jose Manuel Barroso's new role at Goldman Sachs. The EU's Ad Hoc Ethical Committee has issued a statement saying, while the move to the investment banking giant may not have been the wisest career choice Barroso could have made, it did not breach EU ethics rules. [...]
Language of love: France boosts efforts to woo London bankers October 31, 2016 France has increased its efforts to win over British businesses in the aftermath of the Brexit vote. Many have been worried some of the financial services giants in London may exit the capital as the UK departs from the EU, especially if the government fails to secure passporting rights, or a viable alternative, as part of [...]
Former Barclays boss Antony Jenkins launches fintech business October 31, 2016 Former Barclays boss Antony Jenkins has launched his new fintech business, 10x Future Technologies, which he thinks will "transform how banks operate". The platform will provide banks “with a new core digital banking platform” that Jenkins said would allow them to unify their range of complex data systems. Jenkins said 10x Future Technologies will give [...]
European banks struggle for profits in face of multiple headwinds October 31, 2016 European banks will continue to struggle for profitability in the face of multiple headwinds, including higher capital requirements, low interest rates and a weak economy, according to new research published today. The average return on equity across all banks in the EU stands at around three per cent, according to the report from consultancy giant [...]
RBS bosses have fingers crossed it will be cleared over small business unit activities October 30, 2016 Bosses at the Royal Bank of Scotland feel confident the City watchdog is about to clear it over allegations it pushed small businesses to breaking point for its own profits. RBS has long been accused of purposely pushing small businesses into its Global Restructuring Group (GRG), which let the lender to benefit from additional fees, [...]
HSBC in talks with Bank of England to free up £5bn in China, as regulators review capital policy October 30, 2016 HSBC is in talks with the Bank of England to discuss how it might be able to free up £5bn currently locked up in its Chinese business. The bank, which has a sizable amount of business in Asia, could use the money for activities such as funding new loans. The Sunday Times first reported HSBC had [...]
Banks don’t want to leave London post-Brexit, says City watchdog boss October 30, 2016 A mass exodus of bankers post-Brexit is unlikely, as many institutions simply don't want to leave London, the head of the City watchdog has said. There has been some concern banks may look to move out of the capital following the June's vote to leave the European Union, particularly if the UK fails to secure passporting rights [...]