And so it begins: JP Morgan Chase kicks off US bank results with a slight slump in profits, but a rise in revenues July 14, 2016 Net income at JP Morgan Chase has slumped slightly year-on-year, but comfortably beat analysts' expectations, the banking giant reported today. The figures The company reported net income of $6.2bn (£4.6bn) for its second quarter of the financial year, down one per cent compared with $6.3bn the year before but up 12 per cent on $5.5bn in the last quarter. However, the [...]
Investment banking revenues across Europe have hit a 14-year low in 2016 July 13, 2016 European investment banking (IB) revenues have plunged to a 14-year low, new figures show. In total, IB turnover has come to $8.2bn (£6.2bn) so far this year, to 12 July, according to Dealogic. This is down 22 per cent on the same period in 2015 and is at its lowest year-to-date level since 2002. The figures emerged [...]
Harrods Bank has become the first UK lender to sell gold online – and it’s launched an own-brand bullion bar July 13, 2016 Harrods is looking to cash in on the rush to safe-haven assets, such as gold, by launching an online service for selling gold bullion bars. The online service is the first of its kind from a UK bank, and will sell bars from 1g up a 12.5kg, as well as an own-brand Harrods Bank bar. The lender already sells [...]
Brexit fallout: Currency market bloodbath was a boon for broker Icap July 13, 2016 The market turmoil that followed Britain's shock decision to leave the European Union was a boon for broker Icap – but that wasn't enough to offset the wider difficulties facing its electronic trading division. The firm, which will soon be called Nex Group, said today that currency trading volume jumped to $200bn on 24 June. It came after [...]
Payday lender Wonga to name new chief executive July 12, 2016 Payday lender Wonga is set to name a new group chief executive this week. Tara Kneafsey, currently head of Wonga’s UK consumer loans business, will take control of the wider business, a statement is expected to say today. Kneafsey joined the short-term lender in 2014 from RSA Insurance where she was a colleague of Wonga’s [...]
Citibank moves to scrap certain Venezuelan accounts July 12, 2016 Citibank is shutting down certain accounts in Venezuela, much to the chagrin of the country's president. In a speech yesterday, President Nicolas Maduro slammed the move, which would see his government's foreign currency accounts closed within a month. "With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela's accounts," Maduro [...]
Blockchain guru Blythe Masters named Santander adviser July 12, 2016 Santander has put blockchain guru Blythe Masters in charge of advising the bank on the fledgling technology. The former JP Morgan executive has sprung to fame in the world of blockchain with her startup Digital Asset Holdings, which has raised $60m (£46m) from the likes of Santander, JP Morgan and Goldman Sachs, among others. Read more: The government has quietly [...]
Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Italy’s banking sector told it needs to play by the rules July 11, 2016 Italy's banking sector needs to play by the rules, the Eurogroup's president said ahead of a meeting of eurozone finance ministers. Italy's banks, which were already bogged down by around €360bn (£307bn) in non-performing loans between them, were dealt a particularly harsh blow when the UK's vote to leave the EU sent their share prices tumbling. [...]
Swift’s beefing up its security after fraud troubles July 11, 2016 The global bank messaging system which was targeted in a multi-million dollar hack of the Bangladesh central bank has beefed up its cyber security in the wake of the fraudulent attack. Swift, which oversees the international transfers of major financial institutions, has called in support from specialists BAE Systems and Fox-IT to increase its ability to respond to [...]