Not just a UK problem: European banking sector rocked by Brexit vote June 27, 2016 London is not the only city feeling the burn in the banking industry, as many other European cities are experiencing some fallout from the referendum result. Shares in Deutsche Bank and Credit Suisse slid to their lowest level ever earlier today, before closing down 6.2 per cent and 9.2 per cent respectively. Societe Generale closed down 8.4 per [...]
Financial services are more important than ever to the UK after Brexit – and we must fight to avoid permanent injury June 27, 2016 The British public has chosen to leave the EU. As a result, we are now more rather than less reliant on the major players in the UK economy, in particular financial services. The industry has been bracing itself for short-term economic and market volatility in reaction to this outcome. It’s going to be testing, but [...]
What you need to know about passporting June 27, 2016 Passporting, something previously little heard of by those outside the financial services industry, seems to have been a big source of panic post-Brexit vote. Sadiq Khan told City A.M. over the weekend that a loss of the provisions would be "a disaster", while London-headquartered HSBC warned back in February that it would consider moving as many as 1,000 [...]
Challenging times for challenger banks as shares plunge after Brexit June 27, 2016 Challenger banks are finding Brexit life challenging, their share prices suggest. While the likes of Barclays and Royal Bank of Scotland (RBS) have experienced falls of more than 18 per cent on Monday, some challenger banks have fared even worse. [custom id="161"] Shortly after 3pm on Monday, Shawbrook Group's shares were down 26 per cent [...]
Market mayhem: US stocks plunge at the open, dragged down by financials as Goldman Sachs’ share price falls to three year lows June 27, 2016 US stocks have tripped at the open, following mounting loses across Europe as the reality of last week's Brexit vote sets in. The major US markets have extended a sharp sell off from Friday as investors worry over the global implications of the UK's vote to leave the European Union, despite the best efforts of senior [...]
Hold onto your hats: Banks in for a bumpy ride following the Brexit vote June 26, 2016 The banking sector is most likely bracing itself for a beating following last Friday's EU referendum result. The UK's decision to leave the EU places the passporting rules – which essentially allow UK banks to operate throughout the European Economic Area without restrictions – in doubt, which could ultimately result in fewer bankers on the streets [...]
City watchdog tells finance sector it’s business as usual for regulation post-referendum until government says otherwise June 24, 2016 The City watchdog has told the financial sector it should carry on complying with regulation as usual, until government decides otherwise. The Financial Conduct Authority (FCA) has today acknowledged that the decision to leave the EU has "significant implications for the UK", particularly given the sheer amount of financial regulation in the UK that originates [...]
JP Morgan’s chief executive Jamie Dimon has wasted no time in telling staff what will happen at the bank now the UK has voted for Brexit June 24, 2016 Jamie Dimon, chairman and chief executive of JP Morgan, is wasting no time in reassuring staff and investors that the bank isn't about to abandon its UK operations in a post-Brexit world. In a memo sent to staff this morning following the UK's unexpected vote to leave the European Union, Dimon said the US-based bank "will maintain a large presence in London, Bournemouth and [...]
How the big banks are reacting to Brexit: Thousands of UK jobs feared to be at risk June 24, 2016 Thousands of banking jobs across London are at risk after the UK voted for Brexit yesterday. JP Morgan, HSBC, and Citibank have warned jobs would be moved in the event of a Leave vote. And other big banks are also understood to be considering shifting jobs from the UK depending on how Brexit negotiations pan out. [custom id="161"] [...]
Banking stocks have fallen sharply at the open in London June 24, 2016 Banking shares have tanked in London following the 8am market open. A vote for the UK to leave the European Union last night, largely catching the financial markets off-guard, has led to panic selling across Europe. Lloyds shares opened down 29 per cent, while Barclays is 30 per cent lower, RBS has lost 34 per [...]