Bundesbank chief Jens Weidmann claims London banks will consider Frankfurt after hard Brexit September 19, 2016 The head of the German Bundesbank has said Frankfurt will open its arms to any banks or businesses that decide to leave London in the wake of the EU referendum. Jens Weidmann also warned that if the UK leaves the EU's Single Market – the so-called "hard Brexit" option gaining traction in parts of the Conservative Party [...]
Eight years after the collapse of Lehman Brothers, FutureBrand’s Tom Adams says that perceptions of banks’ brands are improving September 19, 2016 Eight years after the collapse of Lehman Brothers, FutureBrand’s global head of strategy Tom Adams reflects on how the public perceives financial services organisations. In 2014, when his global brand consultancy first began polling professionals in 17 countries to see how they perceived the firms in PwC’s list of global top 100 companies by market capitalisation, [...]
Central banks have been “overburdened for far too long” by markets, says Bank for International Settlements September 18, 2016 Recent financial market events have demonstrated how dependent they have become on central banks, the Bank for International Settlements (BIS) has said. And central banks have been “overburdened for far too long”, said Claudio Borio, head of BIS’ monetary and economic department. “Developments in the period under review have highlighted once more just how dependent on central [...]
Jayne-Anne Gadhia: Three things you didn’t know about the chief executive of Virgin Money September 18, 2016 Previously dubbed the “first lady of UK finance” and one of City A.M.’s Power 100 Women, Virgin Money chief executive Jayne-Anne Gadhia has been at the group’s helm since 2007. She led the charge last year when Virgin Money launched its £1.25bn flotation and tried her hand at guest editing City A.M. for a day [...]
Head of Germany’s central bank warns EU against further integration after Brexit September 18, 2016 The head of Germany’s central bank has warned the EU against pushing for further integration after the UK’s Brexit vote. Jens Weidmann, the president of Deutsche Bundesbank, said this approach “no longer resonates with the public”. In a meeting with media organisations including the Guardian, Weidmann said: “For many of its citizens, Europe has indeed [...]
Premier listing: Fund manager plots London Stock Exchange flotation September 18, 2016 Fund management company Premier Asset Management is considering a float on the London Stock Exchange this year. Keefe, Bruyette & Woods and Numis are advising the firm on the possible initial public offering (IPO). The flotation discussions come nine years after Guildford-based Premier was taken private by Electra Partners. Read more: Another London Stock Exchange strike: Hollywood [...]
Shares in European lenders finish lower after Deutsche Bank is asked to pay $14bn over mortgage-backed securities claims September 16, 2016 Shares in British banks finished at the bottom of the FTSE 100 after Deutsche Bank after it admitted it had been asked to pay a massive $14bn (£10.6bn) fine by the US Department of Justice (DoJ). Shares in the lender were down 8.5 per cent at €11.99, its worst day of trading since the day after the Brexit vote, after it said in [...]
Bank of England sets 2020 deadline to overhaul interbank payment system September 16, 2016 The Bank of England has said it will aim to overhaul the UK's interbank payment system by 2020 to create a new service that is "resilient but flexible". Future users will pay for the revamp of the "next generation" Real-Time Gross Settlement (RTGS) service through a temporary increase in charges, the bank's executive director Andrew Hauser [...]
Five things we learned about Mark Carney when schoolchildren grilled him on live TV September 16, 2016 Bank of England governor Mark Carney is used to being grilled by journalists, but today he faced questions from schoolchildren and they didn't pull their punches. The children were putting the Canadian on the spot as part of a Q&A session hosted on the BBC. Jay, 13, went straight for the jugular, asking Carney: "Who is easier to work [...]
It’s eight years since the Lehman Brothers collapse. What’s changed? September 15, 2016 Eight years ago today US banking giant Lehman Brothers filed for bankruptcy. This was an unprecedented event in the modern financial world and it sent shock waves through global markets. We're still recovering from some of them. The bank's collapse has now entered the vocabulary as a term for when an industry has a potentially catastrophic moment. It is used again. And again. And again. And again (maybe it [...]