Panmure Gordon boss boasts of first quarter profitability despite record loss for 2015 and Brexit headwinds March 31, 2016 Panmure Gordon’s chief executive has played down the company’s record £16.7m loss for 2015, while boasting of a return to profitability in the mid cap specialists first quarter. The broker warned though that market volatility and fears over the approaching European Union membership referendum could weigh on its performance. “Headwinds aside, we’re in good shape,” [...]
Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Bank of Cyprus could become a FTSE 250 company as it seeks London Stock Exchange listing in the second half of 2016 March 31, 2016 The Bank of Cyprus is planning to move its primary stock market listing to London in the second half of 2016, the bank has announced, following months of rumours it was mulling a move. The business, led by former RBS banker John Hourican, plans to ditch its listing on the Athens stock exchange but will maintain [...]
GE Capital and AIG jump on too small to be too big to fail bandwagon after MetLife win March 31, 2016 GE Capital has petitioned the US regulator to remove it from the list of financial institutions that are deemed too big to fail following a judge ruling in MetLife's favour yesterday. GE claims that reducing its balance sheet by half and scaling back its links to other firms mean it should no longer qualify for the tag [...]
Fintech growth and approaching “Uber moment” will see 30 per cent staff reduction in a decade across banks in Europe and United States, Citigroup report predicts March 31, 2016 The banking industry in Europe and the US is approaching an "automation tipping point" – or "Uber moment" – according to a new report by Citigroup. In a "digital disruption" note, Citi said the rise of fintech companies will mean these traditional banks reduce employee numbers by 30 per cent in the next decade. Read more: Fintech revolution? Banks will [...]
New Barclays/Opinium report finds millennials are most worried about being shown up by tech-savvy younger colleagues March 31, 2016 One in three workers between the ages of 18 and 34 are worried about being shown up by even younger colleagues, according to a new report out today from Barclays on digital skills. According to the report, including surveys conducted by Opinium,18-34 year-olds are the age group that is most worried about whether they are [...]
Bank of England stress tests: Berenberg warns Lloyds Banking Group could be hit hard by 2016 stress tests while Standard Chartered and HSBC could fare better than in recent years March 30, 2016 Lloyds Banking Group is "particularly vulnerable to larger stress test losses" in 2016 compared to Britain's other big banks, analysts at Berenberg have warned. The Bank published its plans yesterday for this year’s stress test of Britain’s biggest banks, saying it would test to see how lenders would fare in a scenario where global growth falls 1.9 [...]
Bank of England sets out UK bank stress test scenario and reveals plans to raise the countercyclical buffer rate for British banks in 2017 March 29, 2016 British banks, building societies and investment firms will need to build up their cash piles under new rules revealed today by the Bank of England. In a statement today, the Bank’s Financial Policy Committee (FPC) said that even though British banks have improved their “resilience” in spite of global and domestic headwinds, investors expect weaker [...]
Former Standard Life boss David Nish to join HSBC board March 23, 2016 Former Standard Life chief executive David Nish is to join the board of HSBC. Nish will join from 1 May, initially for a three-year term which, subject to re-election by shareholders in 2017, will expire at the conclusion of the 2020 AGM. He joins as an independent non-executive director, and will sit on the group audit committee. [...]
Credit Suisse’s share price rises as bank speeds up restructuring with 2,000 job cuts as global markets division is downsized March 23, 2016 Credit Suisse is accelerating its restructuring and cost-saving programme, with the confirmation that 2,000 jobs are being cut in its global markets division. The bank said the job cuts – which come on top of the 4,000 previously announced – would reduce costs in the troubled division from $6.6bn to $5.4bn by the end of 2018. So far 2,800 [...]