The City of London will prosper in or out of the European Union June 15, 2016 A friend tells me why he is voting Remain. “My wife works for a French bank and they would pull out of London if we left the EU.” That’s fair enough. Assuming the French bank set up in London to access the EU, then it’s logical to assume it would leave after Brexit. But a [...]
Standard Chartered boss speaks out about anger over “cancer” of bad behaviour June 14, 2016 Standard Chartered's chief executive has attacked the "cancer" of weak controls at the bank, which he says is the reason for misconduct among senior staff. Bill Winters gave an "angry" talk to Standard Chartered's 1,500 high-ranking managers since taking the helm a year ago and has sent staff memos slamming inordinate expenses and inappropriate financial [...]
Goldman Sachs accused in court hearing of using gifts of prostitutes and Moroccan getaways to win Libyan business June 13, 2016 Goldman Sachs has been accused of lavishing Libyan officials with gifts such as prostitutes and trips to locations like Morocco in a bid to secure business in a court hearing today. In a case that opened at the high court in London today, the Libyan Investment Authority (LIA) is taking legal action against Goldman Sachs on allegations that the [...]
Brexit bank headache, 7 years of limbo: What Europe said on Brexit today June 12, 2016 Top leaders in Europe's finance world have spoken out on the Brexit debate on Sunday, with warnings of a headache for German banks and seven years of "limbo" in negotiations. German banks would be hit if Britain voted to leave the European Union, the head of the country's financial watchdog has warned. The heavy exposure of [...]
Don’t bank on an Uber moment… yet June 10, 2016 It’s an interesting time to be working with most of the world’s largest banks. If economic instability, skills gaps and a tsunami of regulation weren’t enough, they now face stern warnings from respected ex-colleagues about the future of the industry. Step forward Anthony Jenkins, the ex-Barclays banker who reiterated last week that banks are facing their ‘Uber moment’. That’s [...]
Terra Firma’s Guy Hands drops EMI lawsuit against Citigroup June 10, 2016 Guy Hands has backed down in his lawsuit with Citigroup today. Hands, who brought his case to the High Court in London earlier this week, had been suing the bank for £1.5bn worth of damages over his private equity firm Terra Firma's failed takeover of music group EMI. Hands claimed that Citigroup had misled him throughout the bidding process [...]
Is fintech the new black? Lower trust in disruptors gives banks reason to cheer June 10, 2016 Digital innovation – and more specifically the impact of fintech – is currently the most intensely debated topic in the financial services sector. Two years ago hardly anyone outside the industry had heard of fintech. Now it’s the hottest investment class globally for VCs. PwC recently produced a report claiming that over 20 per cent [...]
British Bankers’ Association set to merge with rival trade associations June 9, 2016 British Bankers' Association (BBA), the trade body that was heavily criticised for its role as the administrator of the Libor interest rate benchmark, is expected to be merged with its rival associations. According to Sky News, BBA members are reportedly set to vote in favour of plans to merge the banking trade bodies to form a [...]
Accused ex-Barclays banker likely kept in the dark about any supposed Libor conspiracy by boss, court told June 9, 2016 An ex-Barclays submitter currently standing trial accused of Libor-rigging offences was likely kept in the dark about the full extent of any fixing activity by his boss, a court was told today. Jonathan Mathew, along with former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, has been charged with conspiracy to defraud on allegations [...]
HSBC sale of Brazil business given the thumbs up by Brazilian competition watchdog June 9, 2016 HSBC's sale of its Brazil business took one step closer to reality last night, after the deal was approved by Brazil's competition agency. The banking giant intends to sell its entire business in Brazil – which consists of HSBC Bank Brasil S.A – Banco Multiplo and HSBC Servicos e Participacoes Ltda – to Banco Bradesco, the fourth largest bank in [...]