Businesses phone action group to seek representation in action against controversial RBS division October 12, 2016 An action group set up solely to facilitate suing Royal Bank of Scotland (RBS) has received a large uptick in calls from businesses who wish to be represented in the wake of recent leaked reports into the actions of the bank's controversial restructuring division. RGL Management Limited (RGL) said that following the release of the "Dash for Cash" report by BuzzFeed [...]
Germany wants Deutsche Bank DoJ fine wrapped up ASAP, as lender reaches settlement with SEC on another issue October 12, 2016 Deutsche Bank's investors are not the only ones who want a swift settlement on the US Department of Justice fine, as German officials have today spoken out calling for a deal to be done. The German lender is currently facing a potential penalty of $14bn (£11.5bn) for mis-selling mortgage-backed securities. Many had hoped chief executive John [...]
The Bank of International Settlements (BIS) reports on progress of Basel III implementation October 12, 2016 Key banking reforms to ensure that financial institutions are appropriately capitalised are on track to be finalised according to a European supervisory committee. The Bank of International Settlements' (BIS) oversight committee on finalising Basel III said that reforms implemented so far had "introduced a comprehensive and wide-ranging strengthening of global bank standards". Read more: EU passes barrage of banking regulation [...]
BoE deputy governor: London’s financial services firms could go to New York October 12, 2016 A top official at the Bank of England has warned New York could poach some of London's financial services firms if the UK does not secure a good Brexit deal. Jon Cunliffe, deputy governor with responsibility for financial stability, said while the threat from European financial hubs like Frankfurt, Paris or Amsterdam was unlikely to [...]
Bank and its money laundering reporting officer fined for failing to take heed of warnings October 12, 2016 A Bangladesh state-owned bank has been slapped with a multi-million pound fine by the Financial Conduct Authority (FCA) for "serious and systematic" anti-money laundering failings at its UK arm. The banking regulator fined Sonali Bank £3.3m, prevented it from accepting new deposits for five and a half months and imposed a penalty of £17,900 on the bank's former money laundering reporting [...]
TSB to slash rates on Classic Plus account from next year October 12, 2016 TSB has confirmed it is cutting the interest rate on one of its top accounts. From 4 January next year, the challenger's Classic Plus account will offer a three per cent rate on balances up to £1,500, which is less generous compared with the five per cent rate on balances up to £2,000 currently offered. In [...]
Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]
Bank boards increasingly cautious about cyber security October 11, 2016 Banks are increasingly worried about cyber security, with the risk now ranking among the top worries for boards, research out today has found. Just less than half (48 per cent) of the banks asked as part of a worldwide survey by EY and the Institute of International Finance identified cyber security as one of the three most important risks [...]
EU financial transaction tax to be unveiled this year October 11, 2016 Plans for an EU financial transaction tax (FTT) could be published by Christmas after politicians in 10 Eurozone countries agreed to push ahead with plans. After a meeting in Luxembourg late last night, officials declared this morning they would start drafting the legislation which will allow them to place a levy on the trading of financial [...]
Brace yourself, Wall Street: These major banks have quarterly earnings out this week October 11, 2016 Wall Street investors are unlikely to have that Friday feeling this week, as several big banks are set to release results and the outlook is less upbeat than it could be. Wells Fargo, JP Morgan and Citigroup are all due to reveal earnings for their third quarter on Friday. Tim Ghriskey, chief investment officer at Solaris [...]