A bank is close to replacing Waitrose as the main sponsor of English cricket June 17, 2016 Waitrose is set to be replaced as the main sponsor of English cricket by Royal Bank of Scotland (RBS) offshoot Natwest, reports have suggested. The supermarket announced in February that 2016 will be its last year as the main partner of the England and Wales Cricket Board (ECB). Today Sky News reported RBS was in advanced [...]
Bank of England becomes first central bank to launch a fintech accelerator June 17, 2016 The Bank of England has launched a fintech accelerator today to help startups with a plan to shake up central banking get the support and backing of Threadneedle Street. The Old Lady is the first central bank in the world to create such a programme, as it opens its doors to fintech firms working on [...]
Lloyds wins £1bn bondholder battle in the UK’s highest court June 17, 2016 Shares in Lloyds Banking Group bounced after a court ruled the bank won't have to pay extra money to buy back thousands of bondholders' investments, following a seven-year legal battle. Lloyds shares were up 5.7 per cent at 64.8p per share this morning, after it emerged the decision, published earlier this week, will save Lloyds around £1bn. [...]
HSBC shares rise as it agrees $1.6bn settlement with Household International shareholders June 17, 2016 HSBC has reached a settlement with shareholders after a dispute over its acquisition of Household International, back in 2003. The company said it will pay just under $1.6bn (£1.1bn) to shareholders after a class action lawsuit filed in 2002. HSBC bought the company for $14.2bn back in 2003, in an effort to increase its share of [...]
Barclays brands financier Amanda Staveley’s $1bn claim as “misconceived” June 16, 2016 Barclays has branded a lawsuit brought by Amanda Staveley, a financier who helped the bank avoid a taxpayer bailout in 2008, as "fundamentally misconceived". In a 44-page court document filed by the bank, Barclays denied allegations made by Staveley's firm PCP Capital Partners over a fundraising that took place amid 2008's financial crisis. At the time, Stavely's firm was advising Abu Dhabi’s Sheikh Mansour bin Zayed [...]
SocGen is set to expand its St James’s Square office by 8,000 square feet June 16, 2016 French banking giant Société Générale is about to double the size of its St James’s Square office. The bank, which is headquartered in Paris but operates major offices across London, is also moving ahead with plans to move into a new larger Canary Wharf office in 2019. The St James's office houses SocGen's private-banking arm and currently covers 8,000 square feet. [...]
European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
Fintech and blockchain top Mark Carney’s Mansion House agenda June 16, 2016 London's status as the world leading centre for fintech is set to be cemented on Thursday when it tops the agenda of the governor of the Bank of England at a prestigious City event. Mark Carney will centre a major speech on the subject of fintech and blockchain technology at the annual Mansion House dinner, his first to address the disruptive sector in [...]
Brexit is a massive opportunity for Britain’s world-beating financial services industry June 16, 2016 So what will a vote to leave on 23 June mean for our financial services? Simply put, it will be business as usual but with a massive opportunity to leave behind the EU’s “one size fits all” regulation and develop our world-leading industry under a strict and independent Bank of England. Never again should the UK taxpayer [...]
Financial sector faces toughest competition in nearly a decade June 16, 2016 Banks are facing their toughest squeeze on profitability in nearly two years as fierce competition in the financial services industry puts pressure on bottom lines. The latest quarterly survey of the sector from the CBI and PwC found that more firms are feeling pessimistic than optimistic about the outlook for the industry for the second quarter [...]