Deutsche Bank chief economist calls for bailout of European banks, as Italy faces last ditch efforts to rescue troubled sector July 10, 2016 As uncertainty from the UK's referendum on EU membership continues to plague the banking sector, Deutsche Bank's chief economist is calling for a bailout of Europe's banks. In an interview with Welt am Sonntag, David Folkerts-Landau suggested that an injection of fresh capital was needed to help save banks, pegging the amount needed to recapitalise at €150bn (£128bn). "Europe is [...]
RBS’ share price has been hit so badly by Brexit that UK taxpayers are currently sitting on a loss of £29bn July 10, 2016 UK taxpayers are sitting on a huge loss on RBS stock, with the bank's share price plummeting by more than 40 per cent since the EU referendum. RBS shares closed last week at 168.8p, down by roughly a third on the 502p that Gordon Brown paid to save the bank in the 2008 crisis. It [...]
As the UK referendum fallout settles, US banks get ready to announce their earnings July 10, 2016 Wall Street investors are likely approaching the coming week apprehensively, as a number of big name banks are due to report their quarterly earnings. Banking giant JPMorgan Chase is due to announce its second set of quarterly results for the year before the bell on Thursday, while both Citigroup and Wells Fargo will both be issuing [...]
Now Tom Hayes’ crowdfunding campaign has broken the £25,000 mark July 10, 2016 A campaign to raise legal fees for former trader Tom Hayes has recently broken the £25,000 mark. At time of writing, the Fundrazr campaign for the former UBS and Citigroup trader had raised £26,705 – or 18 per cent – of its £150,000 target, with a number of four-figure donations coming in over the last week. [...]
Goldman Sachs hires former EU chief Jose Manuel Barroso July 8, 2016 Goldman Sachs has hired former EU boss Jose Manuel Barroso as non-executive chairman of its international business. Barroso served as president of the European Commission from 2004 to 2014, and as Prime Minister of Portugal from 2002 to 2004. He was first elected to the Portuguese Parliament in 1985, and then served as state secretary for home affairs, [...]
Three former ICAP brokers have US Libor charges dropped July 7, 2016 The US Department of Justice has dropped charges against three former ICAP brokers charged with Libor manipulation offences after they were acquitted in the UK. Darrell Read, Daniel Wilkinson and Colin Goodman, who were acquitted in the UK in January, had their charges dropped in a filing in the Manhattan federal court made public on Wednesday. [...]
Switzerland’s banks looking to build ties with Britain ahead of EU negotiations July 7, 2016 Switzerland's banking sector hopes to build a coalition with other international financial centres, including Britain, in order to help with negotiations around access to European Union markets. Banks based in Britain have been able to sell financial services freely across the EU under the bloc's "passporting" system, but this access could be lost after the vote to [...]
Barclays, Clydesdale, HSBC, Lloyds, Santander and Nationwide Building Society all downgraded by Standard & Poor’s over Brexit fears July 7, 2016 Six UK banks have been downgraded by Standard & Poor's (S&P) over concerns about risks arising out of the recent vote to leave the EU. Barclays, Clydesdale, HSBC, Lloyds, Santander UK and Nationwide Building Society have all seen their outlooks revised to negative by the ratings agency. S&P also revised its outlook on the Royal Bank of Scotland [...]
Four ex-Barclays bankers sentenced for roles in Libor rate-rigging scandal July 7, 2016 Four ex-Barclays bankers have today been given prison sentences totalling 17 years between them for their roles in the Libor-rigging scandal. Former bankers Jay Merchant, 45, Alex Pabon, 38, and Jonathan Mathew, 35, were sentenced to six and a half years, two years and nine months and four years respectively after having been found guilty of conspiracy to defraud. [...]
French government woos London bankers with tax proposals July 6, 2016 French may well be the language of love for London’s worried bankers, after France's Prime Minister yesterday promised more favourable tax terms for expats. Many in the financial sector have been concerned that London could lose its passporting rights – and, with them, rights to do business with the EU member states – as part of [...]