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 [...]
Investment banking revenue slumps to post-crisis low with 28 per cent year-on-year fall in first quarter of 2016 April 1, 2016 Global investment banking revenue has dropped to a post-crisis low, new figures suggest. In the first quarter of 2016, global turnover slumped to $14.4bn (£10bn) – down 28 per cent on the $20bn recorded in the first quarter of 2015. According to Dealogic figures, this was the worst first quarter since 2009. Read more: Investment banks' earnings set to [...]
Co-operative Bank’s annual loss more than doubles to £610m in 2015 as conduct charges add up April 1, 2016 The Co-operative Bank's losses more than doubled in 2015 as the company dealt with conduct charges. The results have been released as the bank searches for its fourth chief executive since 2011. The figures The bank has reported pre-tax losses of £610.6m for last year, down from a loss of £264.2m in 2014. Read more: Co-op [...]
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 [...]