Moneycorp warns over uncertain year ahead as Brexit fears bite April 6, 2016 Moneycorp, the foreign exchange firm recently granted a banking licence in Gibraltar, has warned the outlook for 2016 is uncertain due to doubts surrounding a potential British exit from the European Union. A so-called Brexit could cause extreme currency volatility that firms are finding difficult to prepare for. Yesterday it was revealed Britain’s foreign currency reserves reached a [...]
HSBC and Credit Suisse bite back over Panama Papers claims April 5, 2016 Two big names from banking to have been caught up in the Panama Papers data breach came out fighting this morning, hitting back at allegations that they were using offshore structures to help their clients cheat the taxman. The information obtained by the International Consortium of Investigative Journalists (ICIJ) from a leak relating to Panama-headquartered law firm [...]
Barclays share price slides as it warns on investment banking performance in the first quarter April 5, 2016 The board of Barclays "does not expect as strong a performance from its investment banking operations" as it experienced in March last year, the bank has warned. In a statement this afternoon, the bank said while income in January and February this year were "broadly in line" with its performances last year, current market conditions [...]
The financial regulator is set to focus on technology and culture in the coming year, though only one new review will be brought in April 5, 2016 The use of technology and culture within banks are set to be the big focus for the UK's financial watchdog over the next 12 months, the Financial Conduct Authority (FCA) revealed today in its yearly business plan. The only new review that the FCA will kick off over the coming 12 months will look into pension [...]
Credit Suisse chief executive Tidjane Thiam says bank is on course to double profits in Asia in three years April 5, 2016 Credit Suisse is on track to double profits in Asia in three years, its chief executive Tidjane Thiam has said. Thiam added that Credit Suisse would continue to invest in Asia. "We're on course. We said that we would continue to invest in Asia. We think this is a great time to invest because a lot [...]
Global investment banking fees fall 29 per cent year on year to lowest first quarter since 2009 April 4, 2016 Global investment banking fees fell 29 per cent year on year in the first quarter of 2016, according to new figures. Global fees reached $16.2bn (£11.4bn) by the end of March this year – making it the lowest first quarter since 2009, according to Thomson Reuters figures out today. Read more: Investment banking revenue plummets to [...]
BoAML merchant services opens Europe branch to meet demand April 4, 2016 Bank of America Merrill Lynch has expanded its merchant services to Europe, looking to break into a market dominated by Worldpay and Barclaycard in the UK. BofA Merchant Services is targetting its exiting US customers who are looking for international payment services. “BofAML Merchant Services’ largest clients have complex global payments needs, and our presence [...]
Bankers prepare for job losses as optimism falls to lows not seen since the Eurozone sovereign debt crisis April 4, 2016 British bankers are bracing themselves for the largest round of job cuts since the height of the Eurozone sovereign debt crisis as banks struggle to find their way back to profitability and optimism over future earnings shrinks. Bankers fear the axe is set to fall mostly on bloated back office operations, IT departments and in [...]
Santander eyes job cuts to free up cash for digital expansion plans as online-only challengers prepare for launch April 3, 2016 High street challenger bank Santander UK is considering axing some senior staff to free up cash for its digital expansion plans. The bid to cut costs follows similar moves from the bank’s Spanish parent company to hollow out the ranks of senior managers. The Spanish lender is also planning to cut down its branch numbers [...]
Moneycorp hails milestone with banking licence, preparing the forex firm for further expansion April 3, 2016 Foreign exchange firm Moneycorp has had it’s application for a banking licence granted, which will be used to fuel expansion into European markets. The licence will allow Moneycorp to offer currency deposits from Gibraltar under the name Moneycorp Bank to customers trading foreign exchange. The bank doesn’t currently have plans to branch out into more traditional [...]