New European financial services commissioner reminds everybody that Italian banks’ woes pre-date Brexit vote July 6, 2016 The issues with Italy's banking industry do not stem solely from the Brexit vote, the new European financial services commissioner said today. Speaking in front of the European Parliament's committee on economic and monetary affairs, Valdis Dombrovskis remarked that many of the problems that Italy's banks were currently struggling with were in place long before the UK's decision to leave [...]
Royal Bank of Scotland chair hints Brexit turmoil will delay government sale July 6, 2016 The boss of Royal Bank of Scotland (RBS) has predicted it will be some time before the government can start to sell off its shares in the bank. Sir Howard Davies, chairman of the lender, which is 73 per cent taxpayer-owned, told the BBC it was “realistic” to think the government will have delayed its plans [...]
Henderson becomes fourth firm to close commercial property fund July 6, 2016 Henderson Global Investors has suspended trading in its commercial property funds, the latest in a series of closures as companies combat investor panic. The company said it has temporarily suspended all trading in the Henderson UK Property PAIF and the Henderson UK Property PAIF Feeder Fund to "safeguard the interests of all investors". "Despite a strong underlying portfolio, the [...]
Fraud squad calls for retrial for two ex-Barclays traders for Libor-rigging offences July 6, 2016 The fraud squad has today announced it is seeking a retrial for two ex-Barclays traders accused of Libor-rigging offences. Stylianos Contogoulas, 44, and Ryan Reich, 34, have been charged with conspiracy to defraud in relation to manipulating US-dollar linked Libor between June 2005 and September 2007. The pair previously stood trial for the offence, but [...]
Sterling falls to a 31-year low while gold jumps amid ongoing Brexit concerns July 6, 2016 The British pound fell to fresh 31-year lows against the dollar and multi-year lows against a host of other currencies this morning. After closing two per cent lower at $1.3022 yesterday, it hurtled to break through the $1.30 barrier again this morning for the first time since 1985. It hit a new low of $1.2798, though [...]
France tells Swiss UBS to hand over tax details, but bank pushes for legal clarity July 5, 2016 UBS has been ordered to hand over tax information to the French authorities, the bank revealed today. A statement from UBS revealed that it had received a disclosure order from the Swiss Federal Tax Administration, on behalf of the tax authorities in France, concerning accounts of both current and former French domiciled clients, based on data from 2006 [...]
Why the Brexit vote could be the undoing of Italy’s banks, and why that’s really bad news for the rest of Europe July 5, 2016 Last month's Brexit vote has battered the banking sector in general but it could be a particularly dangerous trigger for the industry in Italy. Italian banks were already struggling with an eye-watering €360bn (£307bn) in non-performing loans between them, while shares in Unicredit, Banca Monte dei Paschi di Siena, Banco Popolare and Intesa Sanpaolo all slumped by around [...]
It’s a grim day to be a challenger bank, with shares taking a nosedive following bad Brexit vote news July 5, 2016 A slew of trading suspensions for property funds along with some stern words from the Bank of England has made this a bad day to be a challenger bank. Shares in many UK challengers, including Shawbrook, OneSavings and Virgin Money, all slid after Aviva became the second property fund to suspend trading in just as many days. M&G [...]
Post-Brexit passporting questions hang over fintech too July 5, 2016 The question of passporting hangs over fintech startups as well as banking in a post-Brexit world. Half of fintech firms in the UK stand to lose access to the European market handed to them by passporting. A snap survey of around 100 members of industry body Innovate Finance following the referendum result found half are authorised [...]
Libor three – Who’s who? July 4, 2016 After a trial lasting just short of three months, three ex-Barclays bankers have been found guilty of Libor-rigging related offences. The jury was, however, unable to arrive at a decision for the other two before being discharged. But who were the men in the docks? Jonathan Mathew (Source: Getty) Jonathan Mathew, 35 Verdict: Guilty, 11-1 majority [...]